Quote:
Originally Posted by passthru
That is a sucky situation, but remember only one party can get screwed. It will be unfortunate if it's your tenants, but how bad will it be if it's you?
"we can't afford" - you can't be sad for too long..
Cynthetiq, how'd you find a property manager? I've wondered how that works and how much of a cut they take.
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Around here, most of the large real estate firms have a property manager function. For a percentage of the rent, they will manage the property, including rent collection, maintenance contracts, advertising for new tenants, etc. The more properties you let them manage, the lower the percentage (but I think it can be fairly steep if you only have a single or few apartments/houses). They have the advantage of economies of scale because they manage a lot of properties, and get competitive bids for maintenance and such, and it gives them a steady cash flow.