Training a Property Manager
I have heard bad stories about property managers, which is also attested to by this post:
http://www.biggerpockets.com/forums/48/topics/1539...
It seems that there are many good, hard-working individuals that could do property management. I have 1 rental and am considering purchasing a second one within the next week and I have no desire to continue self-managing. What's to prevent me from advertising for and hiring an individual with no experience in property management, and then training him? I have not decided about screening/finding tenants, as I have a lot of experience in this and may continue to do this. I would also have rent sent to me directly (or my company), so the property manager field all calls from tenants, troubleshoot problems, and I would find someone who is handy so she could do any small fixes in the units (I am not handy).
Has anyone done something like this? How would I determine a fair compensation? As I have invested a lot into improvements/maintenance I do not anticipate that there would be much for the property manager to do.