If you own rental properties, or if you’re thinking about buying one with a hard money loan, you’re probably wondering when you should consider hiring management help, a handyman or other assistance – and you’re not alone.
When Should You Hire a Property Manager?
If you’re more of a hands-off property owner who doesn’t want to advertise your rental units, run background and credit checks, or hire someone to fix every little issue that comes up, you’re probably going to want to hire a property manager.
Most property managers charge about 10 percent of the monthly rent to handle all these things for you, and depending on your market, may charge a fee (sometimes a percentage of the rent, again) to find and vet possible tenants.
When Should You Hire a Handyman?
If you have multiple properties to manage, having an on-call handyman may be a good idea. However, if you’re dealing with one or two properties and you have the time (and inclination) to work with a contractor who will put you on his or her schedule, you may not need to hire someone part- or full-time.
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. 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.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.