Posted by Susan on January 25, 2000 at 10:24:09:
nt
Abesentee Landlord - Posted by C. Brad
Posted by C. Brad on January 24, 2000 at 19:59:00:
Is there one best method to acquire and maintain properties in two states? I jumped out into the real estate investment arena by buying two 4plex units in Miami, Fla and three triplex units in the Atlanta, GA metro area within the last 18 months. By the way, I live near Chicago, ILL. I will move to Atlanta within six months for good. MAN, I FEEL LIKE I AM DRINKING FROM A FIRE HOSE BECAUSE I HAVE HIRED AND FIRED SIX PROPERTY MANAGERS IN THE LAST 9 MONTHS.
SURELY THERE IS SOME WAY TO CONTROL THESE PROPERTIES? HELP!
My advice… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on January 25, 2000 at 17:36:16:
is to fire all the property managers. Get yourself an onsite manager ie a tenant/manager. Give them 1/2 rent… .or whatever you can negotiate. Remember, it is in THEIR best interest to keep the property running smoothly. They have to live there. Let them be your eyes and ears. The property management firms are never there anyway.
Cheers,
Mark
Re: Abesentee Landlord - Posted by msboston
Posted by msboston on January 25, 2000 at 02:25:48:
To Absentee Landlord:
As a professional property manager, I would advise that you hire a company to oversee your assets. What type of property managers have you hired and fired? Were they professional?
In hiring employees, you are an employer. Therefore, you must take the same steps any employer takes in hiring the best qualified for the position. Oh, by the way, how much were you paying? You get what you pay for.
msboston
Some definitely aren’t worth their salt… - Posted by SusanL
Posted by SusanL on January 26, 2000 at 13:24:40:
The duplex I purchased several years ago had a property management company handling it. They had a ?corner on the market? as far as rentals go. How? I will NEVER know. They were an abomination as far as professionals go!
The tenant I ?inherited? (Lupe and her 2 HUMONGOUS (!!) teenage daughters) paid their rent late to them EVERY month and the management company gladly pocketed their $24.00 late fee. Repairs were never done/no leases?
The first time I stopped by to collect my rent from her, she came running out, ?Oh but Senior Steve ALWAYS lets me pay late?. I said, ?Well, Senorita Susie, here, doesn?t do business that way?. ?.end of story?.Told her to either cough up the rent or start packin??
And that was the end of a beautiful friendship between Lupe and me! 
Sure can be an aggravation! - Posted by SusanL.–FL
Posted by SusanL.–FL on January 25, 2000 at 10:22:20:
I had to ‘ax’ mine then took over the management of the property myself. Fortunately, I was close enuf to the property to be able to do so; you’re not.
(Think mine got her license from a Cracker Jack box!)
My .02 on late pays - Posted by Mark (SDCA)
Posted by Mark (SDCA) on January 27, 2000 at 11:32:48:
OK… I admit they irritate me. I handle it like this:
- Onerous late penalties. 5-10% of gross.
- Frequent rent increases. A minimum of 1 per year (sometimes even 2), with a minimum of 10% bump each time. Oh, and yes… NO LEASES… Month to month only… If they really get annoying, they can meet my good friend and colleague, Senor 30 Day Notice.
In that case, Senor Mark says, “Pay late EVERY month.”
Too bad about you and Lupe. My condolences.
Mark