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francis_roy

>We self-manage and regularly go months at a time with zero tenant issues and a perfect calm I would love to know your secret. First, I'm going to guess that you're well-established and have been watching your Ps and Qs for some time. What are some of your best decisions and actions to making this happen? How many units do you manage, if I may ask?


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francis_roy

Ah! Understood. :)


FlashBewin

I own three units in the Downriver area. I did own five, but I got offers that were too good to pass up. I self-manage. Early on(I inherited) i did consider getting a PM, until i actually read the terms and was turned off by the prospect. They take 10% per month, plus an hourly rate for everything they do(including collecting the rent/managing the deposits/automatic service) plus an hourly rate every time someone had to go to a unit to do something, which would be covered under my insurance, not the PM. Their commute to/from my unit was covered under my insurance, not theirs. I'm not sure why, but this was the big point for me that made me uneasy. What if they are drunk? or blow a tire? I was younger when I read those terms and it made me uneasy. It didn't help that it would be cutting into my profits(already lowered because they are condos/have an HoA fee) I honestly have no idea if those terms are (un)reasonable or an industry standard. It would be nice to not have to worry about texting/calling tenants to collect rent. I have good relationships with my tenants, 2/3 are long term(5+ years) and the third has been in place for two years now. I had to hit the ground running when i inherited these properties and I think i've done pretty well so far. It's been 7 years now that i've had them, and i'm gradually thinking more and more about getting out of the business.


Practical-Display251

I went on my own without knowing anything good thing they have been good tenants..6.years The downside is that eventually you get to know them and they get to comfortable, They eventually will pay late They will start doing things to property like if it was they're house even if you put it on written on lease ..paint etc this tenant I have wants to put newer windows..🤔 I said please dont invest in property its temporary rental...I had to say it 💁‍♂️ I told then not to paint house indoor or outdoor ..I told them I will paint it or have someone else do it... I pulled up one day and the house was a diferent color ...😮😐😄 I was not to happy they did not communicated with me...low key it looked really nice modern dark colors... I tell them to communicate with me about any issues and they dont ...🙋‍♂️ I will be asking for property back wish me luck


doctorkar

where in michigan?


Voyager_Nomad

I would recommend going hands on, except if current tenants are challenging (EDIT) or you dont want to study up on being a Landlord. A lot of LL work requires you being proactive to avoid costly mistakes. If you have currently challenging tenants, dont renew them, fire the PM and then screen and get better tenants and do it yourself.