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Updated over 4 years ago on . Most recent reply
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Managing rentals out of state without a PM?
Right now I have to drive out occasionally for inspection if a neighbor complains, or there is a maintenance issue, etc. It's super rare. With an occupied unit I can usually just have the tenant handle letting a contractor in to do work. Of course when there is turnover I either need a PM or I need to travel there and post up at the house until I find a tenant. So the cost to me would be a flight and rental car, as I would just camp out at the house.
I'm planning on eventually relocating including my rentals in a few years, but as some of my rentals are seasoning equity wise and coming up for capex/repairs, I want to sell and repurchase some out of state before I relocate. But I worry what that would look like as a DIY landlord. I don't like the idea of using a PM due to the cost for very little actual work.
So what is the feasibility of me managing remotely for 1-2 years? What are the issues other than those mentioned?
There there is the option of hiring a PM just to fill the unit ($$$$) then I take over the management remote, which would largely just be getting contractors to go do work for repairs as needed and the tenant can let them in. Once a year I take a vacation there to check on things (hence why I want to buy in Vegas and Tampa...This is basically what they talk about in THIS article on BP:
https://www.biggerpockets.com/member-blogs/11360/88478-how-to-easily-manage-rental-properties-from-out-of-state
Most Popular Reply
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Well, I understand saving money, however, I'd ask a few questions on a plan to handle:
1) Tenant has clogged toilet overflowing at 1000PM
2) It's vacant and someone wants a tour tomorrow
3) You have a crap tenant, how do you give notice/FED
4) They institute rent control and you have new rules to follow
5) How do you do service of notice
6) They have too many people in the unit
I think I'd hire one just to learn the new market, but you can do mgmt from a distance.