Author Topic: questions I should ask a potential property manager  (Read 1584 times)

Mr Mark

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questions I should ask a potential property manager
« on: August 02, 2014, 04:43:24 PM »
Here's the situation. I need a property manager for a few potential sfh nearby, low income. I'm meeting with a local guy who is managing his own portfolio,  but it hasnt reached critical mass, he still has a part-time day job.

I'm looking to explore him taking on pm for a few properties in the same area as his. Sounds like a win win, as he's a generally competent, honest guy.

So, any advice, suggestions? Any questions I should ask him? Typical pm deal structures for low income?

any help appreciated!

Milspecstache

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Re: questions I should ask a potential property manager
« Reply #1 on: August 03, 2014, 05:10:43 AM »
My questions are probably too low in content for you but here were the things I asked my property manager 10 years ago when I was looking for one:

How do you find good tenants that won't destroy the place and will pay the rent faithfully?  (answer was mostly about credit reports and interviewing previous landlords...)
What do you do when they make fail to make a payment?  (answer was to immediately begin eviction process...  have watched this play out a few times, but never more than a month or so.  As soon as sheriff delivers the notice the tenant would always make payment)

Love my property manager.  We had one tenant that was always late with payment with some excuse or another.  So when renewal came around we raised the rent to force out that tenant and bring in a new one.  Nice way to move them along...

arebelspy

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Re: questions I should ask a potential property manager
« Reply #2 on: August 29, 2014, 10:50:51 AM »
If you do a search you'll find a few previous threads discussing this.  Here's one example: http://forum.mrmoneymustache.com/real-estate-and-landlording/selecting-a-rental-management-company/
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Mr Mark

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Re: questions I should ask a potential property manager
« Reply #3 on: August 29, 2014, 08:38:15 PM »
Deal in progress,  will let you know once its all done and dusted! ;-)

arebelspy

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Re: questions I should ask a potential property manager
« Reply #4 on: August 30, 2014, 09:49:02 AM »
Deal in progress,  will let you know once its all done and dusted! ;-)

Cool, looking forward to hearing about it!
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.