All Forum Posts by: Mike Smith

Quote from @Kerlous Tadres:

If you're not planning to buy more rentals and you're across the country, hiring a property manager makes a lot of sense. Your cash is flowing well, and $250–$300/month for peace of mind, tenant management, maintenance coordination, and legal compliance is a solid trade-off. You're not throwing money away you're buying time, protection, and less stress.

That said, make sure to interview a couple managers, ask about all fees (not just the monthly cut), and make sure they have experience with rentals like yours. It’s still your asset, so getting the right PM matters.

 Yes that hard part, finding a company you can trust. Is there another forum section to post in here if anyone has experience working with a PM in northern New Jersey?

Thanks

The tenants would be paying their own utilities, etc. My main concern is just having someone available if needed to stop there for repairs, etc. Also being able to handle the eviction process if that is ever needed. 

I guess if it's within the budget it's probably best to have a PM to give me a peace of mind.

Quote from @Patrick Drury:

@Mike Smith
I think you answered your own question. You're out of state with no knowledge of previously managing real estate. Self-managing in that situation is a recipe for disaster in my opinion. I would recommend interviewing some property managers 

Yes I understand.  I'm pretty of top of things but this is also my first rental. I have the local plumber lined up as well as warranty on AC and heating unit which gets serviced once per year. Any contractor repairs I have a buddy in town or can get referred to by my realtor. All exterior issues the association takes care of. The place overall is in pretty good condition. 

Hi

My Dad passed away recently and I inherited his townhouse. This will be my first rental and I dont have any plans to take on any others. I am across the country and new to all of this so I'm not sure what to expect. Id be cash flowing around $1800/mo so paying $250-$300/mo for a property manager is within the budget. But im also not one to just throw money away.

A property manager would give me a piece of mind I guess you can say. Does anyone have experience manager out of state rentals and have any advice?

Hi. I am new to all this and looking for opinions.

I inherited my mom's townhouse who just passed away. It's worth about $350k with $95k left on the mortgage which will be paid off in 10 years. Im goin to say the rate she got it at is under 4%.

I'm going through the mortgage assumption process now and was wondering if a smarter decision would be to pay it off? I will be renting it for now and pocketing roughly $1300/mo. My plan is to move into it myself in a few years or later on down.

Ive always been big with cash on hand in case something goes wrong in life. Im a cash hoarder and am afriad to spend it. Between my 401k, savings, inherited IRA I have about $380k

Just looking for opinions from people who are more experienced in investing, moving money around, etc. I'm taking this tough time in my life and would like to reposition myself and get set up for retirement in 20 years.