So I have my first duplex not In the greatest neighborhood in San Antonio. But I feel comfortable with it. When I originally did my own comps, I thought I found it to be in 1k range. I reached out to a property management company who said they wouldn’t take me on bc they did their research and found the rents in the area is 700 max and they won’t take anyone with less than a 1000.
The mortgage is looking to be about 1000/ a month.
I know even if I have to pay the difference in mortgage, I’m paying myself. My question is, what to do about a property management? Do I try to train someone myself? I travel for work so me being the landlord is kind out of the question.
@Jesse Ramirez Why is it that you traveling makes it impossible for you to manage the unit yourself? I traveled for work when I started renting my first unit. I did everything from my phone right up until I held an open house for people to come to see the unit. But that was one day for 4 hours and I got to set the day. After it was rented I would drive by from time to time to look at it I wen inside twice a year to inspect it. Called repairmen when needed and renewed the lease. Now that is not to say it might not be more involved than that for you on your particular unit but if you screen well and teach your tenants how to pay you without you having to go collect rent then I see no reason why you cannot manage it from your phone and go visit when you are in town. I have other units that are 1.5 hours away from me and I have management for that one because it is just a bit too far for me to be able to swing by.
If this is your first time how do you suppose you would train someone if you have never done it?
@Jesse Ramirez how many PMs have you looked into? I would make sure to screen my PM, and you can only do that if you have looked at several of them.
@Brian Phelt is this something you could help with?
It sounds like you just reached out to one PM? I hope that's not true. If so, reach out to more. Who to reach out to? Drive around the neighborhood and see if you see multiple units to rent from the same PM. That PM obviously is not scared of the neighborhood and might actually pretty good with that clientele.
Assuming both sides are empty, since you can't base your rent on an already occupied side?