Online property management

[Ashish Wa]

Hello folks

I'll be closing on my first rental. The property is about 50 miles away so not possible to self manage. I am thinking if there is any online property management that does showings and responds to any maintainence requests? It's a new construction so hopefully nothing major but you never know. Cashflow is super tight so can't afford a local PM. Is hemlane or Mynd good?

[Nathan Gesner]

Discount manager = discount services. 

Even full-price managers are hit-or-miss when it comes to the quality of services. Read these forums and you'll find property management is one of the most hated professions. Do you honestly think you'll get good service from a cheaper PM?

I would do some research and learn how to manage yourself. You can handle showings with a lock box or open house. You can drive one hour a month to drive by and ensure the place is still standing, or ask your tenant to send photos. You can drive to inspect or perform basic handyman maintenance. All you really need are some reliable contractors to respond to maintenance issues, particularly emergencies. The rest you can handle from an hour away.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.