What to ask yourself to determine if you need help to manage your investment. Here are a few things that can help you make up your mind.
How close are you to your home? This is huge when thinking about repairs and emergency maintenance, regular home inspection and collections. Are you going to be able to carve the time out you need to deal with these issues?
Have you though about how much rent you should be asking. If you ask too little there could be $$$ left on the table ask too much and you could be sitting with a vacant property for months.
Accounting is another area that needs some thought. Record keeping of property costs and income at tax time is very important to make sure you are filing properly. A property management company will keep track of all of your costs and income. Most will send you monthly statements and will provide a 1099 at the end of the year.
Application and tenant approval is essential to finding good tenant for you home. Do you have the ability to do background checks on rental history, credit and confirm income to qualify your new tenant. Not doing this properly can cost you thousands of dollars in rent loss and damages,
Finally proper representation in court when you have to go is also essential. Property management companies have experience in court and will have an Attorney on retainer for some of the difficult problems that might arise.
If you have questions on any of these it might be in your best interest in talking with a property management company,
