Own investment houses? Many times they are good investments, but there are three things investors hear that will make them cringe in their boots:
1. Sir, this furnace has a cracked heat exchanger. And you never hear this mid-week, when its 70 degrees out, and have plenty of time to get estimates, quotes, and line up options. Nope-always on a weekend or 3 AM in freezing weather with tenants having nowhere to go.
2. Sir, I am afraid this rent check you are depositing is written from an account with no money. Great right? Your mortgage payment is due, and may already have written the check that now you will have to scramble to find money to cover your check.
3. Sir, I am from the city and your tenant called about the repairs that are not complete. And of course you intended to make the repairs, but you had to work over at your job and now the tenant is mad and complaining. So in addition to making repairs, you may lose a tenant.
So, will a professional property manager help in these situations? YES! A good manager has vendors that they already know who will install furnaces, at a discounted rate they have worked out in advance. Tenants are screened in advance, and while not a perfect policy, it weeds out a lot of the problem tenants. Finally, your manager probably has in-house maintenance team to take care of routine repairs and maintenance issues, keeping tenants happy.
So what are you waiting for? Hire a property manager and worry less and make more profit! Wasn't that the original plan?