Rental prop owners/prop management company

[Nate]

Those of you with rental properties, do you use a company to manage/monitor the property or do you do it yourself?

Anyone who has a property or two and could spare a 10-15 mi conversation would be appreciated.

['90Vert]

Sending PM

[Treasure Chest]

We did it ourselves. It wasn't cost effective to hire a property management firm.

[mk5.0]

First year I had a management company because I lived out of state. Now I manage it myself.

[juiceweezl]

I do it myself, but I live 15-20 mins away.

[Nate]

Yeah the property is 5 minutes from my job and 10 minutes from my mom's home (who will be the financial backer). She just wants me to manage it and just sit back and collect for the most part.

Do you all set up LLC's or how do you handle the income/taxes/payments?

['90Vert]

Yeah the property is 5 minutes from my job and 10 minutes from my mom's home (who will be the financial backer). She just wants me to manage it and just sit back and collect for the most part.

Do you all set up LLC's or how do you handle the income/taxes/payments?

Unless you have a very large net worth outside of real estate there is no need/benefit to LLC.

I have a simple DBA and I'd myself as manager. Some realize I'm owner, some never figure it out.

Hire a CPA for taxes. It's only a few hundred and worth every penny.

[Nate]

Unless you have a very large net worth outside of real estate there is no need/benefit to LLC.

I have a simple DBA and I'd myself as manager. Some realize I'm owner, some never figure it out.

Hire a CPA for taxes. It's only a few hundred and worth every penny.

Appreciate it! Ordered the book just now you PM'd me too.

[SMKR]

Those of you with rental properties, do you use a company to manage/monitor the property or do you do it yourself?

Anyone who has a property or two and could spare a 10-15 mi conversation would be appreciated.

I tried the "manage it myself" route and I ended up sourcing a good property management company and am very happy with the fee I pay them monthly to deal with the phone calls, issues, etc.

[lowfast]

We are in another state at the moment, so we use a PM to watch over the Dallas house and deal with the renters. First renters were tards and had to be evicted after one month, boy was I glad we had the PM to take care of it.

[dblack1]

You'd be better off under pricing the rent by 5%, taking your time to find a good tenant, learning how to screen the tenant properly, than to use a management company for one home that was easily accessible.

10% plus for that adds up to more than I'm willing to pay. The only issues you will have will be plumbing and AC, maybe a rare electrical. Find a good/honest guy in both those fields and you will be okay. Pay cash if you can, they will like you. Try to find a one man show if you can.

[dblack1]

We are in another state at the moment, so we use a PM to watch over the Dallas house and deal with the renters. First renters were tards and had to be evicted after one month, boy was I glad we had the PM to take care of it.

Yes and no. The PM rented to those tards.

To add to that, they don't make money if the house is empty. I'd personally rather spend a month finding a good tenant than a month not getting paid by a tenant.

[svauto-erotic855]

If you need someone to manage a property give this man a call; you will not regret it.

http://www.lionelaustin.com/