Ohio Property Management - more hands on approach
Sometimes investing out of state is the only way to get decent cashflow. I suppose a lot of out of state investors want to be hands off. Now, what happens if you have a property manager, but you would like to be more hands on? If you don't wanna to just get a 1099 at the end of the year?
When I do purchase out of state, I'm gonna have to hire a property manager. There is no other way around it. Let's say that the property manager finds a qualified tenant and decides to rent to them. Personally, since it's my money thats invested into the property, I would like to review every tenant application personally and work with the property manager on choosing the best qualified tenant. If I can't meet them, at least I wanna be able to review them. Sometimes if you wanna do something right you gotta do it yourself. Obviously as an owner you're gonna be more vigilant than a property manager who has another 500 properties to look after. How does it work from the property managers perspective?
Personally I would like to:
-Review every tenant application and make the ultimate decision on who to rent to (I had tenants who were well qualified but couldn't come up with a deposit on time. Big red flag... )
-Have to approve every single repair request, no matter how small (for example if a tenant damages the closet door for the 3rd time in two months, obviously I'm not gonna keep having somebody come out, keep fixing it, and charging me)
Are there property managers out there in the Cleveland, Ohio area that are willing to work with owners like that? It may be a silly question, but I never dealt with a property manager before.
As I said before. I don't want to be completely hands off. I like to maintain control of my rentals AND tenants. Personally visiting the property at least once a year for an inspection to be included. Just as if there is a major fix that has to be done to the property. If I can fix something myself over the weekend for $300, obviously I'm gonna come out and do it myself, instead of paying a contractor who may wish to charge me $3000 for the same job. NJ to OH may be a trip but it isn't THAT far. I can drive those 7 hours straight non stop, plus I like driving :)
Your insight and experiences are greatly appreciated. I'd love to hear from out of state investors and property managers alike.