Real Estate Investor · Tallahassee, FL · Member since 2012 · 105 posts · 19 votes
Hello, Ladies and Gents
I am about to go on the military deployment for 1 year. However, I am leaving my 4 properties rented out on the leases to different tenants in same city.
I was thinking about the system that I need to setup long and hard. Now I want your sanity check.
Here is what I came out with:
Tenants will utilize Amazon Payment System to pay me using their credit cards.
My entrusted maintenance man will do a monthly round of in-person attendance with all the tenants to ensure that my homes are kept in good upkeep and tenants do follow the conditions of lease.
Couple of questions:
1. Given this system should I leave my maintenance guy with a limited power of attorney in order to conduct any evictions? I have decent tenants, but you never know.
Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
12y
Get a PM. Get a PM. Get a PM.
You can instruct your PM to only use your handy man for repairs, but seriously a PM will save you grief. Stuff you do not want to deal with while deployed.
Real Estate Investor · Fort Wayne, IN · Member since 2013 · 168 posts · 78 votes
12y
What's holding you back from hiring a property manager? They could coordinate with your maintenance man if there are any problems and would know all of the proper channels in a worst case scenario (eviction, finding and screening new tenants, large insurance claim, etc). Those are some of the things you could worry about and a PM would give you that peace of mind.
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
12y
@Yuriy Tymoshenko Funnily enough I deployed from Tally also, but over a couple of decades ago. I also have a trusted maint man and would much prefer to pay him than to pay a PM. However, I don't trust his family. Therefore I wouldn't give him even a limited power of attorney.
Your situation may be different, but you are not going to have a lot of recourse to resolve a situation and it may be an unholy mess by the time you return.
BTW and most importantly, thank you for your service!
Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
12y
Get a PM. Get a PM. Get a PM.
You can instruct your PM to only use your handy man for repairs, but seriously a PM will save you grief. Stuff you do not want to deal with while deployed.
Residential Real Estate Broker · Palo Alto, CA · Member since 2011 · 49 posts · 21 votes
12y
Check to make sure your handyman can legally do the tasks you might ask of him. In most states they can do repairs & maintenance, but not property management tasks that normally require a license, such as signing leases with tenants.
Start now and interview some local PM firms to find one you are comfortable. From personal experience , the last thing you want to deal with while depolyed is tenant / property headaches. What if one becomes vacant while you are gone ? who is going to handle the new tenaant adverstising / screening and placement.
if cost is preventing you from hiring a PM, imagine the costs if one or two propertiesbecome extended headaches
Investor · Milpitas, CA · Member since 2013 · 95 posts · 12 votes
12y
I would recommend www.sparkrent.com it's main stream, costs you only a dollar, and it doesn't involve any interaction by you. Further, amazon payments has a monthly limit of 1k send and receive free per month, so unless you rent each unit for 250 it won't work as planned.
I'm not sold on hiring a PM unless you need one. If you have leases coming up and expect churn over the year, yeah you need someone, however if these are all locked in for a while and stable your handyman might be enough. But it really depends on the situation.
Investor · San Diego, CA · Member since 2013 · 64 posts · 25 votes
12y
Good afternoon,
I myself use a property manager when I deploy. They take care of everything and being only the year you should be able to cancel after. I get the rent disbursement directly deposited to my bank accounts. Additionally the mortgages, if you have them, can be put on auto pay through the bank account.
Hope that helps.
Stay safe.
typically when you choose to use a PM company you will sign a contract with them and fill out W9 form for tax purposes and ACH form for direct deposit of rent monies into your bank account. The ACH form will identify your bank details so that the PM company can direct deposit to you.