Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
4 posts • Page 1 of 1
Sorry, no recommendations, but this is what I did:
1) Interview three (or as many as it takes) managers as it takes to find one you think you can trust, has reasonable fees and willing to go beyond the norm. You will find one, just like finding a realtor, lender, or any other service professional. Interview until you find a comfort level.
2) Dictate your own credit score criteria. I found out that my standards were higher than ALL of the managers I interviewed with, so I simply set the minimum score and would not let them rent to anyone under. I also made them send me their employment histories, salaries, etc. If they didn't agree, they were disqualified.
3) I asked and received a discount in year one and allowed subsequent yearly increases until the managements "normal" fee was reached.
Five years later, I feel like my manager keeps upkeep costs down and I have only had ONE renter. That very first one has stayed for 5 years and I do a COL CPI increase on the rent each year. I feel like I got lucky, but I also screened my candidates and did some upfront work. I sleep well. If this renter ever moves, the house will go up for sale. I have already achieved the gain needed.