Rental mania

[billeyler]

I've suddenly discovered that two of my three rental properties just down the street are going to be vacant: the smaller one, on Friday and the large one a month from now.

No stress for me of course. Right.

Yesterday, I drove by the rentals to see what the yard was looking like after all the rain. Even though I pay a monthly yard maintenance fee, it can be many weeks before someone comes and actually mows the lawn or whacks the weeds.

I spotted a "For Lease" sign. My first thought was "Who is moving????" I went home to contact the PM, but got involved in cooking dinner and FORGOT about it. Senility creepeth up.

On the way to work, I did remember this time, and emailed the PM asking what's up. Turns out the 4-year tenant in the small front apartment had given notice nearly a month ago and is supposed to move out on the 31st. Hmmm. I asked if I could do a walk through after they're out so I can see what needs repaired and cleaned. The PM has been VERY bad about anything like that.

So that was all arranged for Friday or Saturday, depending.

Then 15 minutes later, I got a call from the PM again. Paul, my tenant (and our former chorus director) of NINE years just gave notice to move out in a month.

(sound of owner falling on floor).

Ack!

Comments

[sfleatherbear.livejournal.com]

Good luck on filling the apartments. At least you're local. I've been fortunate to keep my tenant in Long Beach since 2002. He's currently on a four year lease that goes until summer 2010. Renting it long distance without a property manager would be a pain.

[billeyler.livejournal.com]

Having a PM has been both bad and good. If I were retired, I'd take it back on again. The best part (theoretically) is that they do all the FINDING of new tenants, which is awful for me to do.

One good thing is that the school term is about to begin and the 3 units are 4 blocks from the university. I know the smaller unit is going to go quickly (if they haven't overpriced it), but the big one (where Jim Bailey and I lived from 1983 to 1992) may be a harder sell, unless people like roomies. It's 1300 square feet 2 or 3 bedrooms, but only 1 bath.

[bendoutdoors.livejournal.com]

Property Mangers here in Bend SUCK! I contacted three different property managers to find a home for us to rent during our remodel. I'd call them about specific properties on their respective websites. Rarely would they return my calls. And some of the properties are still for rent. The websites also listed email address to get more information. I sent emails and got no replies. I don't get it (literally and figuratively *grin*). I finally gave up on them and found a place listed on Craigslist. I sure hope your PM is more responsive.

[rfrench.livejournal.com]

I feel for you! We're lucky that everything is rented right now, but it certainly isn't always true.

[billeyler.livejournal.com]

Sometimes they aren't, although the PM 'agent' that I work with directly is VERY responsive to me. I first got hooked into this PM because one of the co-owners is a former square dancer that was a long-time friend. I turned over the properties to the PM in June 2003. I've had issues with them over the past five years, but turns out they are one of the more affordable ones here in ABQ! (10% fee, funds turnover in 3 weeks)

[mrdreamjeans.livejournal.com]

Hope you are able to replace them with quality tenants in timely fashion! All the best!

[pdxchuck.livejournal.com]

It is good you had tenants that long. However, two going vacant at once? I've been there. Hang in there! Nice that they are near the university. Also, as with any employee, PMs can be bad, good or outstanding. Do you know of others in ABQ that, through word of mouth, have a gem of a PM? I used to have a PM that turned into quite the aggravating experience. So when back in San Francisco several years ago I started asking around and lucked across our current PM.

[billeyler.livejournal.com]

A couple of years ago, I went PM shopping. I was looking for someone that was "hungry" and not one of the mega-PMs that have 1000s of units to deal with, mostly ones that they own. I have 3 units here as does Danny. We're small potatoes.

I found that the larger PMs charge a higher % and generally have much longer turnaround times in sending net funds to their clients. So I'm sticking with my current PM for awhile.