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Never do this remotely. Far off management companies for far away properties will take you to the cleaners. Only buy and rent local properties. Ignore your frie
by scurvy 10y ago
Never do this remotely. Far off management companies for far away properties will take you to the cleaners. Only buy and rent local properties. Ignore your friends and coworkers talking about the screaming deals they are getting in the desert properties. Stay local and you'll do OK.
It's OK to use a management company to find a tenant, show the place, run credit, Etc. Don't use them after that though.
- dvtv75 10y agoAbout ten years ago, I read a news article about a management firm in Auckland, New Zealand, who collected rent, conducted monthly inspections, and had found the greatest tenant. SO, when the tenant moved out and the landlord decided to inspect the place himself, he was surprised to find a large amount of damage and a badly overgrown yard. It seems that the management firm had collected the rent (through automatic weekly debit), taken their percentage, and done nothing else. I'm afraid it was so long ago that I don't remember anything specific.
- scurvy 10y agoIt's usually much more subtle than that. Repair bills for this and that on a regular basis. Then a big ticket item like new fridge or plumbing repair. Later you'll find that the fridge wasn't actually replaced, the plumber is the manager's brother, and that the property management company goes out of business and resurfaces with a new name every 5-6 years.