 Low income properties (by Matt [NC]) Jul 16, 2008 6:48 PM
 Low income properties (by Shawn [SD]) Jul 16, 2008 6:57 PM
Low income properties (by Dejay [TX]) Jul 16, 2008 7:12 PM
Low income properties (by Dean [NC]) Jul 16, 2008 8:16 PM
Low income properties (by tyler [NC]) Jul 17, 2008 4:56 AM
Low income properties (by Barbara [VA]) Jul 17, 2008 9:02 AM
Low income properties (by rentman [VA]) Jul 18, 2008 3:26 PM
Low income properties (by RR [WA]) Jul 18, 2008 3:35 PM
Low income properties (by Matt [NC]) Posted on: Jul 16, 2008 6:48 PM
Message:
State Specific Question About: NORTH CAROLINA (NC)
I'm a new property owner/manager, and I think I might have bitten off more than I can chew with my first deal.
I got a great deal on a trio of properties, one of which I happily live in, but the other two are low income properties in downtown Raleigh. Managing them has been a bit of a hassle, with tenants trying to take advantage of my inexperience and the properties being very maintenance intensive.
I'm thinking about outsourcing the management responsibilities, but since none of these tenants could ever hope to pass a proper screening, nor could anyone who would live there, it's been impossible to find a management company to even quote me on their services.
Don't really wanna sell, the cash flow and locations are too good.
Guess I'm just looking for some advice.
--98.26.xxx.xx |
Low income properties (by Shawn [SD]) Posted on: Jul 16, 2008 6:57 PM
Message:
Read a couple books, read posts on this site, and give it another shot.
I would start with Landlording by Leigh Robinson and then any or all of Jeffrey Taylor's books.
A bad PM can take advantage of you just like a bad tenant. The easiest way to spot a bad PM is by knowing how to manage properties, so study up, and whether you manage yourself or hire out life will get easier for you. --66.17.xxx.xxx |
Low income properties (by Dejay [TX]) Posted on: Jul 16, 2008 7:12 PM
Message:
Decide what your rules are. Write them down. Hang them on the mirror were you will see them every day. Do not ever bend from these rules.
The landlord is in charge, the tenant is not.
You need to believe that. Then make sure the tenants understand that. You are allowed to be mean, they do not need to like you they need to respect you. Much like dealing with children. --76.196.x.xx |
Low income properties (by Dean [NC]) Posted on: Jul 16, 2008 8:16 PM
Message:
I did the same thing - bought 5 low income houses and had to learn the hard way how to manage them. As someone else said -it is just like kids - don't make empty threats -make your rules and don't ever bend. Don't be concerned with what your tentants think of you - they don't care if you're nice -this early period is a probationary time when they will see how much they can walk all over you- -just remember and make sure they understand...IT'S YOUR HOUSE AND YOUR RULES AND YOU ARE IN CHARGE!!! This may sound harsh but I speak from experience - being nice you're only going to screw yourself. I'd rather leave a house empty than let a tenant rule me these days.
good luck
Dean --69.132.x.xxx |
Low income properties (by tyler [NC]) Posted on: Jul 17, 2008 4:56 AM
Message:
good advice...., newbies get eatin alive by the lower income at times....
heres one tip: set a strict policy about starting evicitons and filing....dates are dates..., your just doing your job. This will train them when to pay and what.
you see..., you come for the $$..., and they go...we'll pay you next week don't file give me sometime..., you say ok...and hold off and walk away empty handed... they smile at your back knowing they bought another week which probably translates into at least one free month of rent off of ya...
PM firms have set dates and thier residents know it. think about it. --24.74.xx.xx |
Low income properties (by Barbara [VA]) Posted on: Jul 17, 2008 9:02 AM
Message:
I too started out with low income properties like your describing.
I know exactly what your feeling/talking about. The others have offered great advice. I agree...you must be firm and consisitant. And remember, most of what they will complain about was like that when they rented or caused by them. And you'll probably only notice it becomes an issue when rent is due. If it isn't a habitability issue don't stress out over it.
And remember, they all have an uncle/cousing/brother/friend/ or parakeet who is a lawyer. Those threats will most likely come from time to time. Also, their family members die quite frequently. Sometimes the same member dies multiple times in 1 year which is usually around a holiday. Don't take that as an excuse to be late on rent.
I can go on about your tenant pools antics. Keep coming back to this board and we'll help you sort them out. It does get easier.
THEY SMELL FEAR...Don't let them feed off yours and you'll findn in about a year it's easier. --96.225.xxx.xx |
Low income properties (by rentman [VA]) Posted on: Jul 18, 2008 3:26 PM
Message:
get thee to an association of ll now
and get the ll forms from this site. --71.48.xxx.xxx |
Low income properties (by RR [WA]) Posted on: Jul 18, 2008 3:35 PM
Message:
While there may be exceptions, my guess is that PM firms like to "cherry pick" and generally choose not to deal with lower-end properties since they can make easier money elsewhere. Besides, do you really want to hire someone who's goal is to do the least work for the most possible profit? Maybe you should only outsource certain parts of the biz. --199.3.xxx.xxx |
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