Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Newbie questions on Property Management Firms
Hi,
I am looking to start investing in rental properties in Orlando, and since I live in NY, I would probably need a property management company.
Given that I am new to this, I have a laundry list of newbie questions.
1. Should I expect (or should I even want) PM to take care of repairs between tenants?
2. If major repair is needed, should I ask PM to solicit quotes from 3rd party vendors so I can make the final decision instead of its own in-house crew?
3. What about the minor repairs? Should it follow the same convention as major repair?
4. What's usually considered major repair, and what's minor? Is it just the dollar amount?
5. If the property I purchase require some light rehab -- new carpet, paint, etc. Should I ask the PM to handle it or should I hire contractors myself to do it?
After reading a good number of threads here, it seems the first step in picking out a PM is always getting references.
If you have had luck getting a good PM, would you share a few tips that you believe, helped you getting that good PM?
Thank you in advance.