Hi all, I bought a townhouse/condo in Salt Lake City, Utah and I am planning on doing long-term rental with it.

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.

I am planning on mainly looking for properties in Maryland and in Florida.Excited to be here!

If a specific property has been identified, contact the planning department the property is located in and speak with a representative regarding vacation rental usages, when possible obtain the feedback in writing.

We have shaken the trees as much as possible but from the Board of Commissioners, Director of Public Works, Manager of Building Dept to the assigned plan examiner, they have closed ranks on us and given us the boilerplate response of "you're in line, wait your turn."

Budget is $200,000 and I plan to put down 20% that is a gift from my mother.I talked to a mortgage broker with Edge Home Finance and submitted an application for pre-approval.

Are you planning to evict your tenant?

We are exciting to join BP and are hoping this is the start to being financially free so we can prioritize our time with family!

You may also simply say we did it once, it worked out well for us financially, and now we just want the freedom of not having so much capital tied up in one place.

My plan is to make it rentable and really just give him the profit minus vacancy and my expenses from the HELOC I am taking to make the repairs.