Landlord Problems

[burn_this_city]

This thread has inoculated me from any idea of buying a rental property. What a nightmare dealing with crappy tenants.

[DoubleF]

Originally Posted by burn_this_city

This thread has inoculated me from any idea of buying a rental property. What a nightmare dealing with crappy tenants.

I was going to self manage a rental property, but instead I went with a condo management company who collects a percentage of the rents collected (taking way too big of a bath on the value of condo to sell right away).

I consider it like car insurance. Yeah, it's money out of my pocket until something happens (if it even happens), then I'll be so glad, because having the guy dedicated to deal with the stuff for me would be worth several years fees and perhaps more.

[lazypucker]

From our experience, a management agent doesn't really do much for us. If the tenant is late for the rent, the agent won't beat down their doors to get money, they will just simply tell you to talk to the tenant and get the money ourselves. If the toilet is clogged, the agent will just call a plumber and charge you (with an added "service charge") without even attempt to investigate. They are just a messenger who doesn't add any value rather than take a percentage off your rental income....

[photon]

Yeah my experiences with management companies has been poor... I spend as much time managing the management company as I did managing the property.

One thing about the RTDRS, make sure they give you enough time for your side of things.. my one experience with them had the tenant monopolizing the hearing, I got 10 minutes at the end and I think they decided too much with the tenant as a result (I still didn't lose anything, the tenant owed me money that they never paid, but still)

[btimbit]

Originally Posted by burn_this_city

This thread has inoculated me from any idea of buying a rental property. What a nightmare dealing with crappy tenants.

Yeah it can be brutal. If it's a house rented to a family it's not bad, but renting a condo or a house to several people living as roommates, #### that

[8 Ball]

I personally wouldn’t recommend buying revenue property, especially a house, if you are not at all “handy”. Collecting rent is bad enough, but repairs/maintenance can get really expensive fast if you have to rely on others to perform the work.

[Ahuch]

Originally Posted by DoubleF

I was going to self manage a rental property, but instead I went with a condo management company who collects a percentage of the rents collected (taking way too big of a bath on the value of condo to sell right away).

I consider it like car insurance. Yeah, it's money out of my pocket until something happens (if it even happens), then I'll be so glad, because having the guy dedicated to deal with the stuff for me would be worth several years fees and perhaps more.

Probably half the new condo rentals on the market right now, I would sell the condo if I wasn't so underwater on mine as well.

I am self managing it however and so far so good, but anything can happen...

[burnin_vernon]

Originally Posted by lazypucker

From our experience, a management agent doesn't really do much for us. If the tenant is late for the rent, the agent won't beat down their doors to get money, they will just simply tell you to talk to the tenant and get the money ourselves. If the toilet is clogged, the agent will just call a plumber and charge you (with an added "service charge") without even attempt to investigate. They are just a messenger who doesn't add any value rather than take a percentage off your rental income....

Would you use one if you lived out of town?

I'm about to rent out my house and will be too far away to attend problems. I'm not crazy about spending $250 month on a PM for the little amount that they do, but there must be situations where I'd have to have one.

On another note,how much would you offer a friend to do the same job for you?

[bizaro86]

Originally Posted by burnin_vernon

Would you use one if you lived out of town?

I'm about to rent out my house and will be too far away to attend problems. I'm not crazy about spending $250 month on a PM for the little amount that they do, but there must be situations where I'd have to have one.

On another note,how much would you offer a friend to do the same job for you?

I manage a rental house for a relative for 10% of their rent, which works out to $129/month. I don't know what the "professional" rate is, but I wouldn't do it for less than that even as a favour. It's a hard service to price, because there have been months where I haven't had to do anything except forward an etransfer. But when I got a new tenant I probably earned $3/hour that month.

[OMG!WTF!]

Any conclusion yet? Did the bums leave town?