Posted by Gregory in Dallas on March 13, 2000 at 02:52:57:
You’re right about that!! You must be firm!! Especially with new residnets.
Ownership and Management - Posted by Steve-NYC
Posted by Steve-NYC on March 08, 2000 at 14:19:37:
Hello to everyone…
I’m a newbie with a few basic questions:
a. Are there any reputable internet sites that allow one to investigate ownership of a property…
b. How common is it for investors of rentals to have their property managed? I hear a lot of arguments against renting, especially for beginners and I’m trying to explore the pro’s and con’s of having a property professionally managed.
Thank you,
-Steve
Re: Ownership and Management - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 08, 2000 at 16:54:33:
PROS:
No headaches, late night phone calls, dealing with tenants etc.
Less of your time involved.
CONS
Less money (the mgmt co takes their cut)
Typically you get paid in arrears. (What this means is that the first month you get zero).
Less control.
Less information.
You still have to manage the management company.
Personally, I would recommend that you manage your own units if at all possible, especially when starting out. I got tired of the hassle a few years back (and honestly, I wasn’t as smart at managing them as I am now) so I turned a couple of buildings over to a property management company. Unbeknownst to me (doh!) they really mismanaged them in the 1st few months. By the time I found out about it, that manager was fired so it would have been closing the barn door after the horse to fire the company. They are doing a decent job now. (Contrary to popular opinion, there ARE decent, reputable, honest property management firsm out there). Still, I think I will take back management just because I feel like I am out of the loop.
Cheers,
Mark
Re: Ownership and Management - Posted by Senator
Posted by Senator on March 08, 2000 at 14:33:04:
Steve,
I have 3 properties, so I’m not an expert, but I have been managing my own properties. I’ve found it to be a great learning experience. Also, I’ve heard that alot of prop. managers can’t be trusted.
I recommend to take the time to read as much as possible about property management to find a style that fits you. Whatever style you choose, you must always be firm!
Good luck,
Senator…Alabama