Many people own property in an area where they do not reside. Whether it was purchased as an investment, or you moved permanently into a vacation home, does not make a difference. You are spending time in one place and the property is basically on its own.
There are many things that can go wrong in the property. Tenants can abuse it, appliances can break down, pipes can burst or someone can break in.
So what do you do? The best solution is to hire a property manager. A property manager will deal with all the problems that can arise. Yes, it will cost you, but when the property is going through a down time, you are not being paid any rent.
I am speaking from personal experience. I have a property in Virginia in which I used to live. I ended up marrying and moving out, but my Father moved in. He passed away and I thought a tenant that was “handy” would be great. They would do some work each month and deduct what they actually did could be deducted from the rent. It sounded like the perfect solution…….. NOT!
He ending up having a collapsed lung, and I have a soft heart and let him stay while he was out of work. After all, he had two little kids, what was I going to do, throw them out on the street?
I have had to learn a very difficult but useful lesson. YOUR PROBLEM IS NOT MY PROBLEM!
Not only did he NOT do any useful work in the house, they basically destroyed it! It looked like someone took a cola, shook it up and sprayed it all over the wall. There were several broken windows and there was trash everywhere. It cost me $400 just in trash removal.
The work that had to be done I will save for another time.