Hi! Looking for anyone who self manages their out of state properties. Would you advise self managing your first STR that is out of state? Wondering if that will create more risk for myself doing that.
Rental Property Investor · Stewartsville, NJ · Member since 2016 · 418 posts · 280 votes
4y
We live in New Jersey and have two STRS in White Mountains of New Hampshire (7 hours north) and one STR in the Outer Banks of North Carolina (7 hours south). We rarely ever talk to anyone on the phone to our team. The entire operation is run by text and email.
The key is finding the right team. We have met face to face with every team member (handyman, cleaner, plumber, etc). Some of the best ways to find a good team is to see if there is a STR group for your market on Facebook, and connect with the other homeowners to see if they can provide recommendations.
Thank you both! @Lisa Graesser@John Underwood very re assuring! Do you see any potential risk not being super familiar with the area? I mean I know I can connect with people to help gain knowledge but just don’t want that to hurt the overall guest experience!
Thank you both! @Lisa Graesser@John Underwood very re assuring! Do you see any potential risk not being super familiar with the area? I mean I know I can connect with people to help gain knowledge but just don’t want that to hurt the overall guest experience!
You can check references and reviews online of cleaning companies.
You can ask for references on smaller outfits or Mom and Pops type individuals. I have always used an individual but if I was further away I would want a place that had multiple employees to mitigate risk of someone being sick or otherwise unavailable.
Investor · FL · Member since 2021 · 15 posts · 6 votes
4y
We lived overseas while renting out our house for seven years. Learnt a lot during that time :-). We stipulated clearly in the contract what types of repairs and fixes the tenant was responsible for (our first tenant acted as if they were renting an apartment in a managed complex and called us almost daily), and gave pre-approval for any owner repairs up to $300. Anything above that, they could collect some quotes or reach out to our list of people (plumbers, electrician, etc) and the vendor would submit the invoice to us for payment. One thing I would do differently moving forward is to include monthly cleaning. Because I had no way to see the property throughout the year, we had a lot to deal with during turnover that could have been avoided. So I would strongly recommend finding a good cleaning person who can clean regularly and report back to you on the condition of the house. You could also consider using some kind of home warranty program for basic repairs and fixes but it might not be worth it if your house is in good condition. I have a friend who had a property in Australia and told his tenant he would never raise his rent if the tenant never called him for repairs. The tenant was there for 10 years and never called him, but that is very risky and of course you lose out on possible market rent revenue- but it worked for him!
Rental Property Investor · Stewartsville, NJ · Member since 2016 · 418 posts · 280 votes
4y
We live in New Jersey and have two STRS in White Mountains of New Hampshire (7 hours north) and one STR in the Outer Banks of North Carolina (7 hours south). We rarely ever talk to anyone on the phone to our team. The entire operation is run by text and email.
The key is finding the right team. We have met face to face with every team member (handyman, cleaner, plumber, etc). Some of the best ways to find a good team is to see if there is a STR group for your market on Facebook, and connect with the other homeowners to see if they can provide recommendations.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
4y
Hey @Alicia Hall, we self manage our north Idaho lakehouse from about 360 miles away and it is pretty much cake. I agree with what everyone has said.
What I would also say is to make sure all your mechanical systems are well maintained. Get your furnace/AC/water heater etc. serviced on a regular basis. An ounce of prevention with worth a pound of cure...or a 2 star review!