Too often this question or many like it will arise form a new investor. Managing your own property can be time consuming and frustrating but it certainly can be done. In making that statement though there are several things that need to be considered: Are you up on "Fair Housing" laws, do you work with a great Real Esate Attorney that specializes in Tenant/Landlord law? Do you have a paperwork system in place that will keep track of all tenant/landlord communications and the money trail? What lease are you using?
I read a very interesting article just yesterday in The Landlord Times" and simply put the most siginificant mistake made by new owners/landlords is not keeping up on the necessary paperwork that is required to have the courts stand behind you in an eviction process. This isn't a mistake that just new owners/landlords make but is also the biggest mistake that most property Mgmt companies make as well.
Attending a class to learn many of these itmes can be very helpful to the new and the seasoned investor. DCB Property Managemnt puts on just such a class and their is no cost to you to attend it is also a great opportunity to meet many other people in the same field and share ideas. Classes are held every 3rd Wed of each month so take advantage of what we have learned and are willing to share.
You made the investment be sure it is working in your favor.
Cathy Burkhart
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