All Forum Posts by: Paul Teske
Paul Teske has started 2 posts and replied 4 times.
Post: Using a Lockbox with a Key Instead of Personally Showing Property
- Posts 4
- Votes 2
Originally posted by @Tchaka Owen:
@Paul Teske - the best advice is that you hire an agent and let him/her handle it. Your situation is a very good example of when NOT to do it yourself. Unless a home is junky (ie, a true fixer upper), I will not use a standard lockbox, only electronic. I am a licensed agent so I have that advantage. For a non-agent like yourself who is that far away, hire a professional.
You're probably right. I just can't get comfortable with the idea of letting complete strangers in without any supervision.
Post: Using a Lockbox with a Key Instead of Personally Showing Property
- Posts 4
- Votes 2
Hey BP,
So my rental is about a 1 hour drive from where I live and work. I work full time during the day and can't keep asking for 2 hour blocks of time to go show the unit to prospective tenants. I've tried scheduling viewings after work, but people don't seem to be receptive to it. I guess house hunting is not at the top of the list for people who just got off work themselves. I'm available on weekends, but don't want to miss an opportunity to find a great tenant because I wasn't available to show the property.
I've got a few realtors in the family who suggested that I use a lockbox with the key inside. The idea is that after verifying their identity, I could just provide the code to the lockbox and people can show themselves around the unit without my presence and lock up once they leave. The only valuables inside are the appliances included with the unit.
I know this is common practice for realtors, but I wouldn't have anyone on-site to supervise. Obviously, there are many ways this could backfire. Thoughts?
Post: Good or bad idea? Property management firm for my own properties.
- Posts 4
- Votes 2
Originally posted by @Nathan Gesner:
... You're essentially setting up an LLC so you can collect rent under a different name?
Not solely for that purpose. My main goal is to separate the finances and project a more professional image. Down the road this company would take ownership of the properties, so it's also part of my longer term strategy.
Edit: The fundamental goal is to better separate the business from my personal life.
Post: Good or bad idea? Property management firm for my own properties.
- Posts 4
- Votes 2
Hey BP,
I'm considering starting a property management firm that will only deal with my own rental units. This company will not own the rentals, because I do not want to trigger the Payment Due on Sale clause in the mortgage; the properties will remain legally in my name for now. The primary goals are to keep the properties' books separate from my personal finances while also projecting a professional image that wouldn't be accomplished had everything been in my name. Other legal protections afforded by the LLC are a bonus, but I fully realize that I can be sued as long as the property is in my name. I wanted to ask anyone else who has done this how it worked out. Any pointers would be appreciated; I can't find much info about this.
This is in Florida. I will be drawing a salary (not commission), and will not manage properties that I do not own - therefore no need for a broker's license. I am fully aware of the extra paperwork and costs that come with LLC ownership. Forming the LLC is part of my long-term business strategy. Eventually, the LLC will also own the properties, but that's not an option at this moment.