Self-Managing Landlords on their Properties

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Chris Mullinax:

What scenario would you NEED to hire a property management company ASAP?


You drive by to look at your property for the first time in six years. There are four cars in a driveway meant for two, three more on the street, and another one on blocks on the front lawn. The grass is completely dead and the beautiful tree you placed your father's ashes under is now laying across the neighbor's fence. The garage door has been removed and replaced with a poorly built wall and a wood stove vent sticking out the front. The upstairs windows are broken out, replaced with plywood, and there are smoke stains around them. The sign in the front lawn says, "2 for 1 special! Call Maria and Jenny at 555-867-5309".

That's just one scenario where you would call a Property Manager ASAP.

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  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    4y

    If I were arrested, crippled etc. or if my wife said she ain't doing it! We have properties within an easy hours drive that we manage. Anything farther away we have always had a PM. 

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Chris Mullinax:

    What scenario would you NEED to hire a property management company ASAP?


    You drive by to look at your property for the first time in six years. There are four cars in a driveway meant for two, three more on the street, and another one on blocks on the front lawn. The grass is completely dead and the beautiful tree you placed your father's ashes under is now laying across the neighbor's fence. The garage door has been removed and replaced with a poorly built wall and a wood stove vent sticking out the front. The upstairs windows are broken out, replaced with plywood, and there are smoke stains around them. The sign in the front lawn says, "2 for 1 special! Call Maria and Jenny at 555-867-5309".

    That's just one scenario where you would call a Property Manager ASAP.

    The DIY Landlord Book4.7248 Reviews
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    5Reply
  • Frank Zhang
    Real Estate Agent · Daytona Beach, FL · Member since 2019 · 37 posts · 15 votes
    4y

    Any property that requires more than a handful of hours per month to manage. Your time is valuable and can be better spent elsewhere. You'll still need to manage your property manager but it is worth the freedom to focus on the areas important to you

    0Reply
  • Jenny Bayon
    Property Manager · Member since 2021 · 24 posts · 10 votes
    4y
    Quote from @Nathan Gesner:
    Quote from @Chris Mullinax:

    What scenario would you NEED to hire a property management company ASAP?


    You drive by to look at your property for the first time in six years. There are four cars in a driveway meant for two, three more on the street, and another one on blocks on the front lawn. The grass is completely dead and the beautiful tree you placed your father's ashes under is now laying across the neighbor's fence. The garage door has been removed and replaced with a poorly built wall and a wood stove vent sticking out the front. The upstairs windows are broken out, replaced with plywood, and there are smoke stains around them. The sign in the front lawn says, "2 for 1 special! Call Maria and Jenny at 555-867-5309".

    That's just one scenario where you would call a Property Manager ASAP.


     Ha; but also a tear or two! That description pretty much sums up the situation we inherited with our family's real estate portfolio. We are on our third eviction for situations like you described. The struggle is real! 

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Chris Mullinax

    Here's the problem, most landlords with this attitude are looking at landlording through "rose-colored glasses"! 

    Hey everything's going great, so why would anyone ever need a PMC? 

    WIth that thought process, they should also be asking, "Why does anyone need insurance?"

    Anyways, here's some examples:

    1) Tired of out-of-area landlords who do NOT maintain their properties, many metro Detroit cities now require a legal agent for a landlord to live within 25 oor 50 miles of the rental property. A valid drivers license is required as proof of residency.

    2) You need some major repairs done that you don't want to get ripped off over, because you're not local and/or don't know a phillips from a flathead.

    3) You have no clue how to spot application fraud

    4) Professional tenant you failed to properly screen stops paying rent, referencing local laws you have no clue about.

    5) Tenants abandon your property and you don't find out until city contacts you that they shut off the water at the street because neighbor called about water leaking out of your house and running down the driveway (true story). 

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
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  • Adam Martin
    Rental Property Investor · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    You have 2 basic resources time and money.  When it gets to the point your time is worth more than the money it costs to hire a PM it is time for the switch.  

    2Reply
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