I routinely send out a 3-panel brochure to out-of-area property owners with homes in desirable rental areas.
I've been sending them to owners in CO who have self-managed 3 rental units * a single family home and 2 townhouses for over 10 years * LONG DISTANCE.
This is fairly easy to do with townhomes with HOAs that maintain the exterior and yards; however, maintaining a single family home long distance is a real challenge.
The owners are in the last stage of a GRIZZLY eviction * ongoing for 12 months because the residents have been paying "something" and the original eviction writ expires in June * so they are coming from CO to handle the final move-out of their 10 year tenant.
As a courtesy, I drove by the property over the weekend. They have discussed new carpet and paint; however, my drive-by survey noted a large amount of tree work that ALSO needs to be done.....ballpark is that they will be spending between $12,000 to $15,000 to bring the property up to area rental standards.
During our telephone conversations last week, the subtext was that they had been too "forgiving" with the residents not paying the rent and that they should have removed her a year ago when the original eviction was moving forward.
By self-managing, they have missed regular rental increases in order to keep a SUBpar resident in their home. Had they increased the rent and keep it at or slightly below the ongoing rental market and risked a vacancy or two, they would have had the time to keep the property upgraded and their REhab costs would have been LESS and their income would have been MORE!
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