Raleigh Property Mgmt recommendations (And Airbnb advice)

5 Replies

Hi Everybody,

My husband and I recently purchased a house in Raleigh that was intended for my recently widowed mother-in-law.  Unfortunately, she fell ill in November, and passed away on December 4th.  We would like to keep the house as a rental, but are not up to managing it at this time.  We are hoping to get some recommendations from all of you for the best local property management companies.  At the very least, we are interested in hiring them to find and place a tenant for us, and then we could take over from there if we want.

On a separate note, if we take on finding a tenant, and managing everything ourselves, then we would like recommendations on how to best perform the necessary background checks on prospective tenants.  We have had issues in the past with less than awesome tenants, and we do not want to repeat our mistakes.

One last thing ... we are interested in learning more about short term rentals (Airbnb), and the potential that this house might have in such a market.  The house is located on the 400 block of Jones Franklin Rd.  Any input about this would be greatly appreciated.

Thank you!

Liliana

Originally posted by @Liliana Ruano :

Hi Everybody,

My husband and I recently purchased a house in Raleigh that was intended for my recently widowed mother-in-law.  Unfortunately, she fell ill in November, and passed away on December 4th.  We would like to keep the house as a rental, but are not up to managing it at this time.  We are hoping to get some recommendations from all of you for the best local property management companies.  At the very least, we are interested in hiring them to find and place a tenant for us, and then we could take over from there if we want.

On a separate note, if we take on finding a tenant, and managing everything ourselves, then we would like recommendations on how to best perform the necessary background checks on prospective tenants.  We have had issues in the past with less than awesome tenants, and we do not want to repeat our mistakes.

One last thing ... we are interested in learning more about short term rentals (Airbnb), and the potential that this house might have in such a market.  The house is located on the 400 block of Jones Franklin Rd.  Any input about this would be greatly appreciated.

Thank you!

Liliana

Sorry for your loss!  Jones Franklin should make a decent student rental, if you want to go that way.  It is a little outside the "Wolfline" perimeter, but I like that area quite a bit (in fact I live close to it).  Do you have enough parking for 3 or 4 cars?  On-street parking is tough to impossible around there (none on Jones Franklin) and you do need parking to attract students.

I recommend @Dawn Brenengen as PM - she will "find a tenant only" for you, or do the whole PM service.  

I am sorry for your loss as well.  Make sure you have the personality for managing a property.  Even the most thorough background check doesn't 100% guarantee a trouble-free tenant.  Personally, I'm entirely too nice to do my own management.  I've tried and failed.  Be sure you can make the tough decisions when/if needed.  Can you evict a family with 3 kids, one who is special needs when the husband lost his job and they haven't paid in several months?  I can't.  Just know what you can and can't handle.  Good luck!

Thanks for the mention @Andrew S. .  I'm happy to talk to you a little more about the property and what your best avenue might be.  I don't know a ton about the local Air BnB market in the college area.  Most I know of are closer to downtown, and the local ordinances are still in flux about it, so I haven't had too many clients go that route.

Jody is right about the personality factor when managing your own rentals.  Even I am much nicer to the tenants in my own properties than I am for my clients'

Thank you all for your responses.  

@Andrew S. , there is enough parking for 4-5 cars, but it is only a 2-bedroom.  Also, renting to college students makes us nervous.  Maybe that concern is unfounded, but it is how we are feeling right now.  Care to change our minds?

@Jody Schnurrenberger , we have managed properties before, from a single house to a triplex where we lived in one unit.  Both my husband and I are nice people and we try to be nice landlords because we were renters once; however, my husband is way nicer than I am :P  I do like the idea of managing a property, but we have to be honest and realize that with both working full time, it would be difficult, considering other things we are trying to do like acquire more rentals, make improvements to our current home, etc.

@Dawn Brenengen , we would love to talk to talk to you about what would be best for our property.  I will contact you privately to set up a time to meet.

Originally posted by :

Thank you all for your responses.  

, there is enough parking for 4-5 cars, but it is only a 2-bedroom.  Also, renting to college students makes us nervous.  Maybe that concern is unfounded, but it is how we are feeling right now.  Care to change our mind? 

No, not really!  I have some college rentals in that part of town and have not had big problems, but if you are not comfortable with it then don't do it.  Anyway, if it is a 2 Bdr then it is not really suitable for that crowd 

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