Post: #1

I am preparing to move abroad but I own the apartment I live in here in the U.S and also have an apartment that I purchased that's being rented and which I pay a mortgage on.

Can people share tips on using the Internet to "automate" landlord duties?

I can see setting up automatic payments so that tenants are not mailing me checks. I can also see setting up automatic bill payments.

I guess I would also need to have handymen on call so that any repairs that are needed can be done. Maybe a lawyer as well in case a tenant is late or stops paying rent.

Anything else I'm missing? Maybe an Internet-based security camera (although the camera itself would probably get stolen if I installed it outside the building)?

Post: #2

It's quite easy to be an absentee landlord without having to pay for professional property management.

1. Online banking is your savior. You can pay all your bills, and verify that your tenants have made payments.

2. Give your tenants the direct number of your trusted handyman, and your email if they need to talk to you directly. Skype them if necessary. Have your handyman report back to you on the condition of the property and anything else. Don't worry about cameras. Don't tell your tenants you are leaving the country.

3. Most cities you can find a business that will file in rent court and represent you on your behalf. It is cheap because they are not lawyers and most "trials" are quickly ruled in favor of landlord.

4. Have somebody who can open and scan your mail. If you don't have anybody, there are businesses that will do it for you for a small monthly fee.

Post: #3

(10-16-2010 07:51 PM)gringoed Wrote:  It's quite easy to be an absentee landlord without having to pay for professional property management.

1. Online banking is your savior. You can pay all your bills, and verify that your tenants have made payments.

2. Give your tenants the direct number of your trusted handyman, and your email if they need to talk to you directly. Skype them if necessary. Have your handyman report back to you on the condition of the property and anything else. Don't worry about cameras. Don't tell your tenants you are leaving the country.

3. Most cities you can find a business that will file in rent court and represent you on your behalf. It is cheap because they are not lawyers and most "trials" are quickly ruled in favor of landlord.

4. Have somebody who can open and scan your mail. If you don't have anybody, there are businesses that will do it for you for a small monthly fee.

Thanks!

Do you have your clients pay by direct deposit or do they mail your check to someone who deposits them for you?

Also, who scans your mail? I found Earth Class Mail but I don't like having to forward my mail somewhere else...

Post: #4

I give my tenants pre-printed deposit slips which they can just hand to the teller with their payment and get a receipt.

As for mail, just find family or friends you can trust.

Post: #5

gringoed,

What do you think about the professional property management option? Do you have any experience with, or any opinions about these outfits? I would probably have to use their services if I did a long trip. My first thought is that they would be potentially costly since I imagine they would outsource any work that needed to be done, in addition to getting their 10% or whatever it is?

Post: #6

(10-18-2010 06:21 PM)Chaz Wrote:  gringoed,

What do you think about the professional property management option? Do you have any experience with, or any opinions about these outfits? I would probably have to use their services if I did a long trip. My first thought is that they would be potentially costly since I imagine they would outsource any work that needed to be done, in addition to getting their 10% or whatever it is?

Do your homework!!!!!! Property management companies can be pretty bad. Don't let them pick your tenants. That's too important to leave to the professionals

I'd personally choose one that's hungry with few clients. Make sure that they only get paid when you get paid. And if possible, have your own handyman that you trust and ask that they use him. 10% is standard.

If you have more than 5 or so properties, it's better to set up your own management system.

Post: #7

Thanks gringoed, I will be sure to research a lot of them if needed, to try to separate the wheat from the chaff. Can I ask what you meant by your last sentence? By setting up your own management system, do you mean as you described in the above posts? And by 5 or so "properties," do you mean 5+ units in a multi-unit building, or 5 separate structures (or both)? My situation involves the multiunits.

Post: #8

After 5 or so units the amount you would pay for professional property management is high enough that it's worth it to start hiring your own people, even if only part time. Property management isn't hard, even from abroad, so I think that hiring it out to an all-inclusive service should be a last resort option.

I think the exception is if you own a big commercial or apartment building (30+ units), especially if it's out of town. For these, you want to hire professional property management that is on site so you can get your mind and body away from it. When you have so many rental units so close, the shit can hit the fan if there isn't somebody there in charge.

If you have any more questions, PM me. Hope this helps!