After work yesterday, I stopped by Radio Shack to pick up a security alarm battery. After "checking in" with my wife, I went to House #1 to do some last minute chores. The electric was on in every part of the house except the master bathroom. After checking the breaker box and seeing no problem, I realized it was probably a GFI breaker that tripped. So I went around to all the GFI outlets and reset the breaker. Wha-la - problem fixed. I then proceeded to vaccuum all the window sills and baseboards - little spiders had started making "cemetaries" around the place already. I then installed the security alarm battery, which needed some time to recharge. Afterwards, I went to Home Depot to pick up a lockset for the garage door. They showed them online for $18, but that included the switch that goes on the inside as well. I got one that only has the lock itself for $4. I get back to House #1, install the lock in a matter of a few minutes (I was surprised how easy it was), lock the place up, and head home. Of course, when I got home, I forgot that I wanted to check if the gas was turned on by the renters yet. Oh well. Maybe I'll swing by there tonight and see.
I'll go by my agent's office tonight to sign the lease. She finally got back with me and said if she's not there then she'll have the paperwork up front for me. I still need to know how things are going to flow the next few days, which she didn't answer. For instance: When does she want paid? When will the renters be in so that I can meet them? Will she be there to meet them? How are they going to get the key? And so on.
Also yesterday, I sent a few emails out to some local property management (PM) companies asking about their services. In the emails, I explained my situation (6-mo lease contract in place, renters moving in this weekend, specs of the property, etc.), so they would have a good indication of whether they could work with me or not. I only sent out three emails as I was spending the majority of my time yesterday restoring a system at work that got trashed due to spyware (supposedly). When I got home (after visiting House #1), I read my emails and got one response. The person said they charge 60% of the first month's rent to occupy the property, which will be waived since I already have a tenant lined up. After that, they charge 7-9% of the rent eachmonth for management, which is about inline to what I figured. The person also said they usually don't do leases for less than 12-months duratoin, but he would be willing to do mine (I guess since I already have someone). Originally, I had wanted to do my own PM for this property )and ONLY this property) to get experience, but I'm finding my free time is almost nonexistent right now, and I would need to line up some maintenance people in case of repairs. So, I thought hiring a PM company now will relieve me of the burden, plus I could hopefully develop a relationship with a company now for future properties.
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2 comments:
Does your lease specify that the tenants are responsible for the first x dollars of any repair? I usually use $25 to $50. That cuts down on a lot of unneccesary phone calls - it's cheaper for them to buy a plunger for a stopped toilet than to call you or your management company to get it fixed, for example.
This doesn't really apply to you since you are using a management company, but if you were handling the maintenance yourself, it's good to get a home warranty. Most will charge a flat rate of $25 for a service call. If you then make your renters pay $25 per call, you are out no money for the repairs.
Good points, Shaun - thanks!
I actually had a stipulation of "tenants pay for first $50 of repairs" and then took it out for some reason. For this particular lease, I did add the tenants are responsible for all light bulbs, smoke alarm batteries, and a few other things. I should have just left the $50 clause in.
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