All Forum Posts by: Lorna Marchand

Hi Owen, 

The house is priced appropriately, there is just no one looking in this price range in Albuquerque. It's a function of the out migration of people and the reduction in professional jobs here. I can't lower the price without losing at least $50,000 and I've already lost $100,000 on another property I owned. We would be doing the marketing, showing, leasing, etc. while we're still here in town. Rent collection would be done electronically (via Quickbooks and an ACH payment service) so that would not be an issue. If a crime happened that would be up to the tenants to handle with the police and if tenants moved out or there were a serious incident we'd come back to town.  Really, he only issue is the repairs. Trust me, I'd love to cut ties and start retirement, but there will be no retirement if I lose additional money on this house!

Leland and Colleen....thanks, some good suggestions. I do think backup is essential, whether its a property manager or local contact person. Just not sure who that contact should be (a reliable handyman maybe?). I prefer the latter approach just because, in my past experience, PMs didn't earn their keep...they were expensive and I ended up approving the repairs anyway. 

Good evening. I've had my primary residence on the market in Albuquerque for almost a year with no luck. The housing market here has improved some since 2008 but not as robustly as in other states. I'm thinking about renting out my home since my husband and I will be retiring in April; we hope to move into our RV and travel. We would prefer not to hire a property manager. I've used them before with other properties and had terrible experience and I know I can market the property myself just as easily. The issue is repairs and maintenance. We may be occasionally unreachable by phone during our travels. I was thinking we could identify a handyman who will be a local contact person and who can respond to tenant calls and assess the need for repairs. Alternatively, I was thinking we could provide the tenants with a list of approved contractors (plumber, electrician, etc.) and let them call as needed. I would worry about tenants abusing this last option though. How have other landlords handled this situation?