All Forum Posts by: Michael Boyer

As I read this and the replies, the very best thing I could think of for you and your sister right now is actually a different angle. 

Rather than searching out a tenant, instead do an all out, exhaustive search for a property manager (look into credentials, experience, terms, etc and on this site and online about how to get the best the best one possible). I think you want a property manager that focuses on rental not sales (which may be what you had with a broker).

Each market is so unique and situation depends on the facts and circumstances. The very best person or property management firm in your area may be the best short term plan. They will know the exact price the market will bear and screen and select tenants for a living.

This could be a short term solution to reduce stress and get stability.

Then long term you and or your sister could get a chance to learn more about the property management and landlording process. I would start with simple book like Leigh Robinson's Landlording (about any recent edition, available very affordable used). Then expand out from there to other books.

Maybe every time I walk into a tired unit after a long tenancy, I wonder if I can renew it. Sometimes I wonder if I can....The rush from cleaning, painting, and repairing everything top to bottom and providing a good tenant a nice home never gets old for me. 

There is not one big breakthrough or reality television moment for me ( as mentioned)--just day in day out maintenance of property and maintenance of the tenant relationship (through good communications). I am more about work/life balance than empire building. I enjoy real estate and housing others.

The title may be a fun way to describe me and my landlording activity... 

While I enjoy the real estate reality genre, nothing in a my landlording career would interest a  reality TV producer (no drama, by design). It would be a pretty boring show--me cleaning units, making repairs, showing units, signing leases. I am a hands on, small time landlord doing about everything myself (but contracting out some skilled work)

I find housing people worthwhile (and even profitable), but nobody would want a television show about it (think of a camera zooming in on me cleaning carpets or painting walls for hours....snooze)...In fact, I think if you do things right, you can prevent much of the drama (no building disasters or angry tenant confrontations) the staple material that would keep viewers riveted.

My strengths would be in the day-to-day, nitty gritty details of small time landlording, especially for part-time landlord that holds down a day job. I have been doing all this for ten years: turning around and maintaining my units, screening and selecting tenants, moving them in and helping them move out.

I've have had between two and eight units and have six currently. I hope to chime in on the forum for practical insights for others and to get ideas myself. I even started sharing my experience with a wider audience as a real estate author.

Hi Mitch...

I will be brief (and focus on the management prong of your question) and talk about how I started landlording/real estate investing. First, I would absolutely manage it yourself as you are right there and the experience is invaluable. Second, I started with these books: Landlording (by Leigh Robinson) and Nolo Every Landlord's Legal Guide (though they make books on tax, tenant selection, and even management; disclosure I just authored one Nolo title, but was a reader for ten years prior).  There are many more out there--but if I had to read two or three as a crash course for running your rental, these would be my go to books.

Remember, the beauty of the multiplex is economy of scale, so when you mow your side of the lawn, mow their's, too. Same for cleaning gutters, etc. Plus, you have zero commute to fix anything. Bear in mind, being that close can make you very available, so set some good ground rules early on when you do your tenant onboarding process and really select carefully. 

Also, on the lease terms--look some at your market. I personally prefer starting with 6 or 12 month lease because it gets me people with a longer term orientation (and most of your work is in the turnarounds where you clean and prepare the unit, post the ad, do the showing, screen and select the tenant). So more turn over is more work. But that said, I often let the year lease go to month to month if the tenant prefers and have had tenants stay as long as 6 years on a month to month basis (incrementally raising the rent as appropriate to the market). That said, if you live in a seasonal resort town or everyone in your area is going month-to-month, then that is your answer right there...

Read voraciously (real estate books, websites like this one, and all the rental ads in our area, etc). You got this and can do it...

There is some wisdom here in troubleshooting your online application and, heck, for this situation, try waiving the fee to get the application. Also, keep in mind your application is the first line of defense, so it could be (like Dracula to a cross or light), the application is doing its job and turning people away--even though they love it.... due to their rental or credit history.  I think of it like fishing sometimes. You can change the bait around some (as mentioned above on showings or paper apps on the spot) but keep fishing and if you have a sound system, it will rent (although a price incentive can help it rent faster)...

In my ten years managing my rental properties, I have come to even dread a drive across town much less out of town or out of state. So I only own and buy property nearby. There is some good advice here in my opinion in that regards.... I could go on for pages of what could go wrong if you are absentee and far away (and trying to manage it from afar).Bear in mind you may have to go by frequently for any number of issues related to the tenants, the building, etc. (and should to be a diligent landlord).

Picture the worst weather and the worst possible time for you and imagine getting in the car to head over.....This is not an unheard of scenario...

I recommend a property nearby or on your daily commute to make oversight easier if you are hand on. If you are hiring a manager (as some mentioned here), then your options are more open... but if you are seldom going to see the place anyway, really run the numbers and include an management fee and appropriate vacancy rate (remember the manager may have less incentive than you)....compare your returns on that far away rental you have to worry over against an index fund or REIT may be a better investment.