I decided with my very first property that I did not want to manage the property. Instead, I manage the property managers. I have multiple properties in three states, but I only have to manage five property managers.
At some point, you may decide that your time is more valuable than the cost of a professional property manager.
I have multiple units I manage myself along with a full time job and a young family - its a chore and a half.......I dont know that I could keep it up indefinitely. I am actually putting two duplexes on the market this week......there isnt too much overage to fund a property manager and it would require out of pocket funds if I were to do that.
Some landlord/tenant laws change the rules when dealing with cash.
I would read the above postings as suggestions. I give discounts to my tenants for autodeposits by the 1st and for cash deposits. I put my banking right on the leases for them. Even people who only deal in cash will mail a money order OR take cash to your bank if you ask them to upfront.
Cash is an accountants nightmare. Funny somebody thought it was about hiding money from the IRS. Not in the landlording business, imho.
I know large commercial brokerages publish this data for the MF, but I have not seen it for the SFR market.
you might try Marcus & millichap or CBRE.
Getting at least 1%/month here isnt uncommon at all in Des Moines, Iowa for single families
MF=Multi-family (5+ units)
Thanks guys, any other hot areas?
I decided with my very first property that I did not want to manage the property. Instead, I manage the property managers. I have multiple properties in three states, but I only have to manage five property managers.
At some point, you may decide that your time is more valuable than the cost of a professional property manager.
I have multiple units I manage myself along with a full time job and a young family - its a chore and a half.......I dont know that I could keep it up indefinitely. I am actually putting two duplexes on the market this week......there isnt too much overage to fund a property manager and it would require out of pocket funds if I were to do that.
Interesting. I hope somebody answers that one.
Some landlord/tenant laws change the rules when dealing with cash.
I would read the above postings as suggestions. I give discounts to my tenants for autodeposits by the 1st and for cash deposits. I put my banking right on the leases for them. Even people who only deal in cash will mail a money order OR take cash to your bank if you ask them to upfront.
Cash is an accountants nightmare. Funny somebody thought it was about hiding money from the IRS. Not in the landlording business, imho.
then they changed it to "In God we trust".
[ Edited by d_random on Date 08/12/2007 ]
Good info fiberkat, thanks for sharing!
Are these all single family houses?[ Edited by d_random on Date 09/25/2007 ]
Fiberkat I am in Atlanta and I own 2 rental properties. do you cash flow on all your properties? What areas of town are they in?
Mine are in downtown Atlanta. I cash flow about 250 on both properties. Just curious if you are finding good cash flow in the ATL market
[ Edited by NewKidInTown3 on Date 11/11/2007 ]