Quote: (07-16-2018 08:52 AM)Cr33pin Wrote:
I hired a property manager. He gets 10%of the rent that comes in and a hourly rate for repairs.
After a few years he has everything down and my income is completely passive and I am completely location independent. An my life is "completely lit fam" as the kids would say
I know OP said he didn't wanna use a property manager, but honestly unless you have friends or family in town who are willing to let repairman in, deal with tenant issues, etc it would probably be wise to use a property manager if your going to be out of the country.
My first time I rented a house out I did it myself, I screened my tenant good and wound up lucking out and having a great tenant who stayed for 4 years, paid rent on time etc. I was local so while no issues came up I could take care of them. on the rare occasion I had to go over for a leaky faucet or broken dishwasher it was a bit of a headache replacing it.
Fast forward to this most recent time and used a property manager. I had a random vandalism incident where someone with schitzofrenia randomly picked my house to bust out all the windows and sliding doors on the downstairs level. I had a pipe freeze and break in the house. Had to have a dead tree removed. Some minor things that needed to be changed after a city inspection. This would have been a huge headache if I was managing it myself. Even being local would have been a huge shit show but if I was out of the country man would have been impossible to take care of in a prompt manner. Fortunately for me property manager handled everything I didn't have to lift a finger.
For me they charged $250 for finding and screening tenant which is actually pretty low. Many companies charge min 25% of monthly rent normally a full months of rent for finding tenant. Then 10% per month. I paid $250 for finding and screening tenant and 10% of monthly rent. My mortgage is $700 rent is $1400 so I have plenty of room and I write off the management fees. To me it's well worth it and I'm not even out of the country.