All Forum Posts by: Patrick Stevens

Wow!  Fantastic replies.  Excellent advice all around.  

I'll try to address some of it.

First, @Joe Moore , I agree that doing the property management work is an option.  This property is held in my self-directed retirement account, though.  It is a bit risky to do much of my own work on the property, including typical PM work, due to the IRS implications.  I could do it, but for the peace of mind, I am trusting in my hired PM.  Also, I have to say it is kind of nice not to have to worry about taking calls, scheduling repairs, finding tenants and all of that other work.  Worth 8%?  I don't know, but definitely nice.

Thanks to @Jasmine Bennett , @Tyler Bedle , @Lee Smith , here are the questions I am going to pose:

1. 1. Has the yearly inspection been happening?  How did it go?
2. 2.  Can I get yearly pictures of the property, taken during the inspection?  
3. 3.  Is there any maintenance work that you think is coming up, above and beyond the reserve amount?
4. 4. Can I see a copy of the current lease? (Inspect it for hidden fees that could be gouging the tenant)
5. 5. Can I get a list of requested and completed maintenance orders?
6. Thanks to @Reuben Stone   and @Bogdan Cirlig :
   
   1. a. Who performed the work?  (Then, I should call the vendors to verify.)
7. 6. Are there any updates to the property that I should be considering?
8. 7. What are your thoughts on the property?  Can I get some current market rental rates?

Also, @Steve Rozenberg , that is a great list of questions for the next PM I hire.  Thanks!

Hello!  This is my first post, since I haven't posted an intro yet.

I have a property in a Phoenix suburb that is managed by property management.  I interviewed 6 management companies to choose the one I did.

Now, the property seems to be doing great.  I've had it fully occupied by one tenant for the full 3 years I've owned it.  The PM is doing a good job as far as I can tell, and we have a good, positive relationship (mostly via email).

I have been assuming that the PM is doing a great job. I get the rental check each month and they are responsive when the HOA sends notices or other issues crop up.

What questions should I ask of the PM to make sure that the property is being managed well?

Thanks in advance for any advice!