Quote:
Originally Posted by Spunky
I would hire a property manager to check things out from time to time if you're out of province
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Property managers are one of the biggest jokes out there in the rental world and should be a last resort choice. They only care if the rent is paid, that is it. The will ignore condition of place, complaints, you name it as long as the rent is being paid. They also never actually visit the places, and the few that do just do a drive by.
There is a very damn good reason I do not do high end rentals and yes half million price tag would be high end even in my area of California. The reward is just not worth the risk. You will never be able to set a high enough deposit to offset the risk either. I did two higher end rentals before and sold them, I now only do lower end and will never touch another high end place unless the price tag equals out to it being many units at one location.
In the rental world credit checks also do not seem to help hardly at all. Every so often the background checks payoff but again they often do not really give you clear story. You just really need to develop your own renters sense and have a good application that asks the right questions.
Then again I would never be a vacant landlord again either. One of my prior high end places was out of town and it fucked me over hard and I could of caught some of the damage earlier if I was able to check it out more often.
Guess to sum it all up, there is more stable money and much less risk in lower end rentals.