Re: Who will do property management? - Posted by Bill Gatten
Posted by Bill Gatten on May 29, 1999 at 22:53:19:
The following advice is best for the current owner, but if he doesn’t know about it, you can wedge yourself in between the slices and do it yourself. If you don’t want it, I’ll take it.
Acquire the property on a 3rd Party Land Trust Conveyance, and let a resident beneficiary pay all the payments and costs, including handling all “management” responsiblities and expenses in exchange for the tax write-off and a percentage (perhaps) of the Future Appreciation, equity build-up (loan’s principal reduction) and all other incidents and benefits of homeownership.
I can own property in Hawaii or Idaho (or Texas) this way, while living in California and never have to worry about it, as long as the payments are coming in, and as long as I have someone there who can drive by it once a year or so to assure than it hasn’t fallen down. If a problem pops up, I can evict quickly (through a local eviction service) and replace the co-beneficiary with another, who will come in with another co-beneficiary contribution… which sum should be more than sufficient to cover any costs of eviction, advertisment, etc., and give me some spending cash.