All Forum Posts by: Deepak C.

@Deepak C.you can use Turbo tenant to find tenants, going through a PM company is going to be your best bet for management - most will want 8-10% of the rents.  If you are just wanting someone to go and check on your property periodically for walk throughs I would try and find an agent that is close to the location of the property.  Did you use an agent to purchase? Maybe go through them

@Aaron Wilkins I am not an attorney or CPA, but you asked.

Keep stuff in my name so I have more lending options and better rates, including credit unions. All banks require this even if you have an LLC. Then you place it back into your LLC. There is way too much exposure for you to keep assets in your personal name.

Have iron clad insurance for myself as a landlord. The goal of any insurance company is to minimize there losses. Even having a iron clad insurance policy, which you should have anyway, is not a guarantee that the insurance company will make you whole. If the property is in an LLC then that is all you can lose. They can't come after you personally.

Move my top assets like my home and paid off cars out of my name into a trust to further protect me.  Trust are privacy instruments and not asset protection.

Anyone see a glaring hole in this plan? Something I missed?  Speak with someone who knows what they are doing to properly protect your assets.  You will sleep better at night.

Good Investing...

Any property management company in San Diego is going to do the same thing a TX property management company is going to do. They have to make money on "managing the renovation" if that makes sense. 

I will say that I manage two units I own in Oklahoma from San Diego, and could easily manage more units remotely. I probably spend 4 hours per week on my rentals in OK. It will require some small set up but for a single unit self managing is possible and rather simple (even in CA) if you have the time for it. If you'd like any more info I am happy to chat! 

Hi Deepak, 

I know I’m a bit late to the conversation, but I wanted to provide some more information regarding hiring a property manager.

My best advice would be to start by checking out NARPM or using the Property Management Finder here on BiggerPockets. Both resources can help you find reputable property managers with proven track records.

Additionally, my team has put together a guide with tips on how to hire the best property manager. This guide covers everything from questions to ask during the interview process to key factors to consider when making your decision. You can find it here: How to Hire a Property Manager and here's the checklist

I hope you find this helpful, and feel free to reach out if you have any more questions or need further assistance.

-Steve

Property managers are paid a very small amount of money for their services. They will always use vendors that are more expensive but who respond quickly and do the job right the first time. 

I don't know why you'd need a property manager to manage a single rental in San Diego. There are solutions to let prospective tenants in for showings - smart locks, Tenant Turner. Vendors are all hired over the phone. 

Since you have some experience, try. And if it feels like too much ask for specific advice here or turn over to a Realtor or PM.

 Hi Deepak.

I would urge you to look at hiring a property manager since you are in a different state.  The laws in California are much different that Texas let alone how difficult it might be to coordinate efforts for your property.

I would check the database of narpm.org which is a great organization for residential property managers.

Good luck!

For an out-of-state owner, hiring a PM is essential. Especially in CA where there are so many new laws and regulations to keep up with. If I were interviewing PM's, my main questions would be:

1 - Do they owner rental property themselves? Without owning rental property personally, it is difficult to truly understand how to minimize costs and maximize your investment.

2 - Who do you deal with? Is the individual you meet the BD salesman who passes you off to some inexperienced PM that just started working there or are they involved in the day to day?

3 - What do all of their fees consist of? More often PM's will charge a lower monthly fee which looks attractive but have a bunch of "junk fees" for renewals, property inspections, maintenance mark ups, etc.

If your property is in San Diego, happy to connect.

What was your other option - self-managing it?