When you own an investment property, you have a big decision to make. Should you manage your own property or hire a property manager? Ultimately that decision will depend on a number of factors. Is it even feasible?
Managing Your Own Investment Properties
Property managers have several responsibilities. Here are the basic services offered by property managers that would become your responsibility if you manage your own investment properties:
- Respond to emergency and repair calls from tenants. (Remember, this could mean a call while you’re sleeping or in another meeting.)
- Co-ordinate repairman visits.
- Finding tenants to place in your rental units.
- Screening tenants for suitability, including checking credit.
- Carry out regular inspections.
- Handle evictions.
- Hunt down late rental payments.
- Collect monthly rent and deposit these payments into your account.
- Maintain the premises and grounds or hire contracted labor to maintain the premises and grounds.
If you are capable of these responsibilities and some others (like dealing with tenants who break rules relating to drugs, smoking, pets and loud noises), you can save money by avoiding the cost of a property manager. Additionally, the old saying is true. Good help is hard to find. No one will care as much about your investment properties as you do.
Ultimately, if you do hire a property manager or a property management company, be sure to check their references. If they currently manage properties, go visit. Are their services up to your standards?
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.