All Forum Posts by: Greg Friedman

I am a first time investor (out of state) about to purchase my first LTR property in the Atlanta area. Can anyone help recommend a property management company in the area?

Thanks!

 Thanks all for the continued great advice.

@Joe Scaparra you are pretty much spot on in your assumptions, though while I do not have any experience in real estate beyond purchasing primary residences, I am actively working on buying my first rental property (in another state). So I am trying to learn as much as I can and at the same time figured that renting my current home might be a good way to get some experience with a bit less risk given that I know the ins and outs of the home in terms of what is more likely to need replacing/fixing and I know the area to be able to source vendors. You definitely gave me something to think about though in terms of selling and reinvesting in something else. Part of my hesitation though about doing that is that I live in a pretty highly appreciating market and am locked in at a very low interest rate of 3%.

@Deirdre Lizio thanks for the tips on foreign taxation, however that should not be an issue for us as we are not actually planning to stay in one place but rather be digital nomads. So it is highly unlikely we would run into that issue since we would just be moving around on tourist visas and working remotely. 

@Warren Lizo your first point is actually one of the biggest reasons that I am not fully sold yet on renting our home. Definitely something to look into more.

@Nina V., great suggestion. If we do move forward I will 100% insist on that up front.

Thanks again for a lively discussion!

Thanks all for the great feedback! Where to start...

@Deirdre Lizio We are not sure yet about wanting to come back to the property or not, but I would say this is a realistic possibility so yes we would want to take that into consideration. I think it is a good point and one of my biggest worries, if not THE biggest worry is finding the right tenant. But I still wonder if a property manager is needed for that aspect. 

One other thing I didn't mention is that our timeline for moving is extremely flexible and we would not make our plans until after we have found a suitable tenant (even if that means staying with a friend or renting something short term locally), so at the moment I am a bit inclined to want to try things ourselves using some of the recommendations from @Nathan Gesner, @Chris Berry and others.

I also did a a rough analysis based on the two local PMs I have researched and the potential cost savings would be over $6,000 a year. Not a small chunk of change and is money I could put towards some of the unexpected issues that others have warned about.

@Daniel McDonald and @Chris Berry I love the idea of hiring a friend (we don't have family in the area) neighbor or relator to walk the property every so often to send updates. @Chris Berry do you mind sharing how much you pay your realtor for that service?

Lastly, since my biggest concern is finding a quality tenant I am still considering paying a realtor for the initial placement service, but is the going rate for that always one month rent? I'm anticipating renting the place for $4,500 to $5,000 so that is a hefty cost. Is there any precedent for realtors or other placement services charging a flat fee instead or half month rent?

Thanks again!

Hi everyone, this is my very first post on the forum. 

My wife and I live just outside of the Boston area and are thinking very strongly about renting out our primary residence and moving abroad. I’m wondering if it is worth it to hire a property manager or to save money and manage the property ourselves remotely. A property manager would charge 7% to 10% a month, plus I am assuming a mark up on any maintenance issues that they coordinate. 

On the other hand, our house has a brand new roof, brand new hot water heater and recently renovated kitchen with newer appliances. The only thing I would anticipate needing in terms of capital expenses in the next few years would be a new HVAC unit which is on the older side, but we have already budgeted for that and have a service contract with a company that manages our HVAC, water heater and oil tank.

Am I crazy for thinking that a property management company would be an unnecessary expense in my case? The only thing I can think of that may be harder to deal with if I am not local is routine maintenance issues, but I was thinking I can just ask around for some handy man referrals to have at the ready in case those smaller issues arise, while I would instruct our future tenants to contact our service provider for any emergency issues. 

Is there anything else I am missing that anyone would recommend a property manager for that would be hard to do myself? Posting the property and finding/screening tenants? Navigating lease agreements? Collecting rent?

Thanks in advance for any advice!