Replacing property managers

[Andrey F.]

I was - and kinda still am - a newbie landlord and didn't do enough due diligence when hiring my first property manager. They are making really costly mistakes, my tenants are unhappy, and I'm out thousands so far due to mis-communications, poor follow through, and neglect of maintenance requests. When I looked up the linkedins of the people I was dealing with, they were all fresh out of school and this was their first rodeo. In hindsight, I should have checked that before hiring them :(. 

I want to fire them asap, but want to make sure to do it without making more mistakes. I'm thinking of finding an experienced local manager first, vetting them as best I can, then working with them to transfer my tenants to their care. Does anyone know how to find them (I tried the obvious - Google - but haven't got any responses except one that charges 10%)? How do you vet them? What questions should I be asking them? 

Also, I'm in the SF East Bay and will be super thankful for anyone who might have a referral. 

 

[Paul Merriwether]

@Andrey F.  >> 

my job and upcoming kid will cause me to make mistakes with hiring bad carpenters, repair people, etc.<< 

When I bought my first home I was working nights. You are correct it's more difficult for you if on days. 

Get referrals from others as to good companies. Let me say this about Oakland rentals. The money isn't in rents. 

I never had positive cashflow ... the money is in appreciation over time. The money you've spent so far is all tax deductible

along with depreciation of the property. Use aggressive methods to depreciate everything. Use a future value calculator

to determine the value 5, 10 yr's from now and get EXCITED!!! You'll stress less. 

Learn from my mistake ... NEVER SELL that house!!!