New to the business, looking for advice on management.

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New to the business, looking for advice on management.

Kate King
Member since 2023 · 1 post · 0 votes

Hello!

We have 1 investment property with our first tenant moving in soon. I would love to hear some advice for a beginner in property management. The property is in Florida and I will be managing it from North Carolina. A couple of specific questions:

1. What is the easiest way to collect rent when you live out of state?

2. What do you wish you knew/thought of when you first started?

Thank you for any help!

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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y

1. hire a property manager.

2. hire a property manager. 

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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    1. hire a property manager.

    2. hire a property manager. 

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    @Kate King you've bought a rental and are ONLY NOW researching these issues?

    Given that backwards approach, have to agree with @Eliott Elias that you're better off hiring a Property Management Company, to avoid costly mistakes. You can learn from them, by "looking over their shoulder" for a year and then DIY managing if you're really set on it.

    Now, some helpful info:

    The most effective rent collection method is whatever works for the tenant - except picking up rent!

    We offer 4 different payment methods to our tenants:

    1. Online ACH via our PM software (no charge)
    2. Deposit @ our bank ($3 charge)
    3. Credit Card ($5 + cc fees)
    4. Mail ($10 charge)

    Notice we charge a fee for the less desirable options to encourage the behavior we want:)

    Please send us any feedback via email, as we do not use the DM feature here.
    Also, if you like our response, please don’t be shy about giving us a vote😊

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    0Reply
  • Laudy Florentino
    Property Manager · Miami, FL · Member since 2018 · 13 posts · 6 votes
    3y

    @Kate King are you all set with the Property Management Company?  You never disclosed where in Florida your property is located. I'm happy to serve as a resource in case you still need it.  PM me and we can chat.

    0Reply
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