I would search around but 10% is too high.

Its not unmanageable, if you are going to want to choose vendors for repairs etc and you are able to do that and do your day job you can do it yourself. We are sort of a hybrid model because RI requires us to have a PM. Our rental is about the same distance as yours. When we had one unit we managed everything in terms of repairs. The combination of student renters and a property that was not standardly built meant it saved us from unnecessary repairs because someone couldn't find the right switch to turn on the fan etc... Now I call on the PM more to handle night calls but we have multiple units. For major repairs you always approve them. It depends on your dad's personality what you might ask him to do, at minimum if you do it yourself ask your dad to do drive by's if you suspect an issue. Also since it is a former residence maybe a neighbor you trust you can give your number and they would call if they see something amiss. Other then that you could go by when you visit your dad and do inspections etc.

Hey @Drew Denham - I don't currently manage remotely, but plan to in the future. If you have the main contractors (HVAC, plumber and maybe electrician) plus a general contract, then there's very little need for you to be local. If something happens, the tenant notifies you - you call the contractor and have them contact the tenant for access - you mail the check after confirming with tenant that the problem is resolved. If they don't already, I'd also require the tenant to start paying electronically. That leaves you with the occasional drive-by to make sure the property hasn't burnt down or turned into a drug house (could ask your father to do this for you) and vacancies. 150 miles isn't too far, I would probably drive back to fill vacancies, but you could also lean on your father for help there too as it should be less than 1x per year.

I have never managed long distance. But I've heard of some people "managing it themselves" from a distance. Meaning the tenants still call you if there is a problem, even though you are far away, then you can call the local handyman/tradesmen etc... to fix the problem, if you have an existing relationship with any in the area it helps. As far as rent collection you could set up a direct deposit as an example. Others simply hire a PM and let them take a cut of the profits. Although I've heard its difficult to find a good PM. Like I said no personal experience, but this is what I've heard has been done.

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Updated over 5 years ago on 09/19/2019. Most recent reply

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Posts: 27
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Drew DenhamPoster

Grand Rapids, MI

General Landlording & Rental Properties

Asset management ??

Drew DenhamPoster

Grand Rapids, MI

Posted March 28, 2014 04:25

So i moved 150 miles from my residence and I'm renting it out starting May first. I could always ask my dad (who lives in the area) if he could go there if there are any problems with the tenant but I hate to but that burden on him. Asset managers in the area charge 10% (in this case 95$) and was just wondering how other landlords deal with rentals out of area? Thanks for the feedback!

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