Rental Property Investor · Flint, MI · Member since 2018 · 60 posts · 43 votes
We are currently shopping for our first rental property. How do I successfully find tenants? We live over an hour away from the area in which we are buying. So I am leaning toward finding a manager. The time and effort involved with screening and background checks seems difficult to handle so far away. How do I find a good property management company? What do they charge? Worth it?
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
7y
Property managers charge usually 8-10% plus sometimes the entire first months rent.
I would suggest finding your local landlord /rental owners association and go to the classes the put on re tenant landlord law. The cool thing about doing this is that PMs will be there to get their credits for continuing education.
Real Estate Broker · Portland, ME · Member since 2016 · 63 posts · 55 votes
7y
Hey Pamela, In my experience a good property manager is worth their weight in gold. It's a skillset that I don't have and won't buy a property that can't afford to pay them. I've heard, and believe, that most of the people who burn out on owning real estate are self managing. It takes me a little longer to find the right deal but it's been worth it every time. Someone with experience to mentor you through the tough parts helps you learn and not get fried. I started with my PM at 9% but have several properties with them so pay 7%.