So you are thinking of hiring a manager this time after the last fiasco? Maybe a manager will find a better tenant than you did?
With renting now at an all-time high, you may want or need to rent a house or apartment at some point soon. Are you a bad tenant or a good tenant? Good tenants can rent almost anywhere, while bad tenants are normally only able to rent bad property in bad areas.
So, selling this summer? If you are like many others across the country, you may live in a Homeowners Association (HOA). If so, you might consider these items before selling:
Excellent question and highly misunderstood! You would need to read the Declarations and Bylaws, a copy you can get from the title company, county recorder, or seller. But basically, most condos follow the same rules (but not always):
I had a potential client ask me that the other day and that is hard to understand and explain. So let me shed some light into the answer for not only me, but my industry in general.
Recently a condo owner returned from a week away to find that his condo was flooded, and their ceilings fell in, and lots of personal belongings were ruined. Why you wonder? Well his neighbor, who was no longer living in his unit, had an upstairs supply line to his toilet break and flood both units. Over $75,000 in damage to both units. So my question to you is this: Do you have your condo interior and belongings insured?
So many times people buy a home or get the idea to invest in real estate to make money because they see it on TV or read it in a magazine and want to get rich. Can you? Absolutely! But if you have never done this before, listen for just a few minutes:
I often here people say "I had an investment property but the tenants were bad so I sold" or "Why do my tenants leave every year?". So here is a thought for you:
Almost every day I get a call from someone who thinks that property managers have more power than we do...either referee or police power or able to give parenting lessons!
Selling perhaps? Let's hope not! Its usually a bad idea to sell an investment property, what with the depreciation recapture, the low appreciation rate of investment real estate, the vultures (investors) waiting to get your property at a low price, the hassle of showing occupied rental property.