Property Manager Shares Advice for Your First Rental Property - New Landlord Tips!
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- Опубліковано 17 тра 2024
- When you first buy a rental property, you become a business owner and a real estate investor. It's important to learn how to become a good landlord or hire a good rental property manager.
Today we're sitting down with Tyler Mehl with Belmont Shore Land Company to learn more about the ins and outs of managing a rental property in Southern California.
0:00 - Intro
0:55 - Is it necessary to hire a property manager?
2:53 - Is hiring a property manager entirely hands-off?
3:34 - Can I use a vendor or service of my choice?
4:11 - Does hiring a property manager take my liability away?
5:28 - Are there more or fewer vacancies nowadays?
6:52 - Have rental prices ever dropped?
9:53 - How to deal with tenant evictions?
11:52 - Are tenants still paying their rent?
12:44 - Where is the best place to advertise rental listings?
15:02 - How do you properly turn down an applicant?
15:48 - What questions to ask when interviewing applicants?
17:13 - What are the most common repair requests?
18:05 - How to make sure that plumbing is in good shape?
19:37 - What to do when tenants want to make repairs or renovations?
21:06 - What to do after purchasing a rental property?
24:06 - How to deal with a tenant doing Airbnb rentals?
25:26 - What are the different types of management fees?
27:52 - Why do property management companies have bad reviews?
30:12 - How to increase the rental value for tenants?
34:09 - Final Takeaways
#realestateinvesting
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Juan is a Licensed California Real Estate Broker that has acquired his Certified Commercial Investment Member (CCIM) designation and a Real Estate Investor who is dedicated to helping people build wealth and financial independence through real estate investing.
Juan specializes in selling multifamily apartment units as well as residential properties. He prides himself in locating value-added properties that maximize the client’s investment yields. Juan is a detail-oriented entrepreneur.
Today he handles everything from finding, funding, designing, managing, and selling investment properties. His diverse experience in commercial and multifamily real estate allows him to develop and navigate a wide range of projects.
BRE 01417642
www.SageREGroup.com
Follow me on social media:
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Facebook: / sageregroup
LinkedIn: / juanhuizar-sagerealestate
Hey Tyler, so great to see you on video. As a past tenant, I'll just say Tyler is incredibly truthful and helpful. He is who you see in this video. I do miss Long Beach. I wish you continued success Tyler!
Hey Maurice, Thanks for watching. Stop by the office next time you're in town!
My issue is vendors. Management companies, can not be trusted to find you the best deal when it comes to repairs.
Great discussion! Thanks guys!
Glad you enjoyed it!
I have a management company and pretty much every month i see new charges in portal. Ive asked them prior to charging us anymore to discuss it with us, but they don't. Today i woke up to them charging 450 for a ceiling fan i didn't authorize or get to choose. Is there anything i can do on owner side so at least it's not a monthly thing because I'm considering switching and i truly don't even know if I'm allowed to.
You can put a cap on automatic repairs over a certain price. Most contracts are month to month so you should be able to cancel with short notice.
Thoughts on section 8 properties in Ohio?
May I ask which jobs can one change after working as a senior property manager or officer with professional qualification for 20 years please?
So true that property managers tend to have poor reviews more because of tenants than owners. I'm sure having a good property manager goes a long way in keeping tenants though, so do you have suggestions for finding a good property management company? What are your thoughts on using software even if you have a small portfolio?
Depending on the area, we definitely have good referral partners when it comes to Property Management. Feel free to reach out to us.
Late fees does the property manager receive the late fees or the owner?
Thanks
It depends on the agreement that they have. But I've seen it where the Property Manager is the one that gets late fee as they are the ones that have to chase the rents down.
Repairs is probably the bigger downside of property managers, they hire anyone hey want and not necessarily the best deal for the owners. And they don’t exactly advocate how the repair came to be needed in the first place when not all of them are due to wear. 🤨
I found that they are willing to use your recommended repair people if this is something that you negotiate while signing the contract.