I am writing on behalf of my sister inlaw. She has a 3br/1.5ba in the West Central neighborhood of Spokane. She lives in CA and is an out of town investor. The current tenants just renews their lease, but in general, I think the property has been difficult to manage long distance. Do you Spokane investors think she should find a new management company? or, given the location, is the property better off being owned by someone local? Thank you for your help.
a good management company could make it worth it. I'm sure some PM's will chime in on that part. It honestly depends on her situation financially and long-term. Ask her honestly what she wants to do with the property or her plans long term and go from there.
With a great management company she should have no problems other than taking checks to the bank.
However, there is a lot to consider in a decision like this. Sounds like she might have some soul searching to do.
@Kristin Whitaker Thank you for your advice. Are you familiar with the West Central neighborhood? My sister in law said her properties in other neighborhoods are doing fine, but that this property is kind of a headache. I am not sure whether her problem is with her management company or that the neighborhood is too difficult to manage remotely. That said, are there some established property managers in town that have a good reputation? Maybe it would help to discuss this topic with them and possibly switch to someone who can better manage the property. Thanks again for your help.
My brother-in-law has a rental in that neighborhood. He doesn't have a license to manage for others but may be interested in buying a 2nd rental property there. If your sister finds she is interested in selling, I could forward details to him. Thanks!
@Blaise P. Yes, I have a rental property in West Central. There are some pockets that are great rental neighborhoods, and there are some areas that are really rough. She's probably in one of the rougher ones.
I self-manage, and as with any area have found that it comes down to tenant selection. I screen my tenants thoroughly, and have rehabbed the properties nicely enough to weed out the lowest income brackets.
There could be a lot of things going on. Bad neighborhood, terrible tenant screening, no drive-by checks to make sure upkeep is fair, etc. Unfortunately a great PM doesn't seem to exist in Spokane. I don't have experience with a great PM co enough to recommend, and have asked other real estate professionals and investors and no one raves about a company who gets everything done and takes care of their clients' properties like they were there own. I do know a few you should definitely stay away from however.
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