Out-of-state investing, who holds the keys.

Out-of-state investing, who holds the keys.

Isaac S.Pro Member
Northern, CA · Member since 2017 · 49 posts · 25 votes
Hello All of You Beautiful BP users. I'm happy to say after a year of cleaning my credit up and educating myself to a point where I'm comfortable to make my first knife I have closed on my first investment property as of yesterday and I am due to close on my second investment property early next week. I made it a point to convince myself I do not need to go out and see these properties. This was entirely done sight unseen. But, obviously I did have a realtor, attorney help me out with the process. That being said now that I have these properties... Who holds the keys? Obviously I will be using a property manager to rent these bad boys out but, there are few repairs I would like to get done. Who would be the best individual to leave my keys with or to interact with a general contractor or anybody doing repairs. Do property managers usually take on this role? Again obviously, I'll be communicating with several property managers in the next day or two to ask this very question that I thought I would throw it out to the BP Universe. I'm sure someone has gone through this situation before as I am very sure I'm not the first individual to invest. Out-of-state.
0Reply
33 views

Most Popular Reply

Investor and Real Estate Agent from Los Angeles · Los Angeles, CA · Member since 2017 · 41 posts · 28 votes
8y

My first thought would be to have a property manager put a lock box near the front door of the property. That way, the contractors and other workers you & the property management company trust can have easy access to do the renovations.

Congratulations on the new acquisition! Sounds like you're on your way to killing the game :)

See this reply in the discussion

7 Replies

Jump to latestLatest
  • Member since 2018 · 509 posts · 211 votes
    8y

    Not seeinG what you bought. You liked it so much you did it a2nd time. 

    If you want salutations tell us what you bought. 

  • Investor and Real Estate Agent from Los Angeles · Los Angeles, CA · Member since 2017 · 41 posts · 28 votes
    8y

    My first thought would be to have a property manager put a lock box near the front door of the property. That way, the contractors and other workers you & the property management company trust can have easy access to do the renovations.

    Congratulations on the new acquisition! Sounds like you're on your way to killing the game :)

  • Rental Property Investor · MD · Member since 2018 · 62 posts · 29 votes
    3y

    @Zach L. , would you have to pay the property manager for this phase of the rental. There is no tenant in place until repairs are done, so are the managers working for free with the expectation you will be using them moving forward?

  • Investor · Charleston, SC · Member since 2011 · 606 posts · 414 votes
    3y

    I usually put a lockbox on the door and then only give code to the agents, contracts and property managers I trust. Then periodically (every 1-2 weeks) I have the code changed by the property manager.   

  • Rental Property Investor · MD · Member since 2018 · 62 posts · 29 votes
    3y

    @Randy Rodenhouse ty.  What if I am out of state and not able to put a lock box on myself?

  • Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
    3y

    You should hire a property manager who will put the lockbox on the door for you. The PM company can arrange the repairs with trusted contractors. 

    The rental properties I own and managed by a property manager, I don't have the keys, and I don't want the keys.

    The properties I manage on behalf of the owners, I hold the keys.

  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    3y

    I'm not sure it's a positive to not see the first few deals that you do- there's so much lost opportunity for education there. I'd suggest you get out there and check them out and do the same for future purchases until you have a few under your belt and have really built an excellent and trustworthy team. 

    That said, once you have a quality property manager, they will handle everything for you once the deed records. Finding a quality PM can make the difference between your investment doing well or draining you of your will to live. I'd suggest you start by interviewing NARPM affiliates in your market. 

    Good luck!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.