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Rent It: For some people hiring a property manager to rent out their home may be a viable option to get the mortgage paid until the market returns and you can sell or until you are able to make the payment again. Owning income property can be a crazy experience, so I highly recommend not doing it yourself. Managing property is a full time job. I can not tell you how many times I have had a property owner come in complaining that their tenant has completely destroyed their property and asking me for advice. The best advice that I can give is to hire a property manager with the experience to ensure your property's well being. In reality though, property management is not rocket science. It is simply a service that some people perform well and others do not. While choosing a property manager make sure they are a full-time manager. Nothing will frustrate you faster than hiring a part-time real estate agent to manage your home and never be able to get a hold of them, and if you can't get a hold of them will your tenant be able to get a hold of them in an emergency? Also, make sure they have a proper accounting staff. Accounting is a big part of managing your home. You want to know that the rent will be easily received and that your proceeds will be quickly sent to you. Visit their office. Is their office well maintained and organized? If they can't even take care of their office how in the world will they be able to take care of your home. If your property is in Southern California (Inland Empire, Orange County, or Long Beach) and you would like a free property management consultation please give us a call at (951) 977-3190. The Down Side: Though rents in Southern California are typically better than many mortgage payments you may not be able to get enough income in rent to pay for your mortgage, the property manager's fees, and the costs necessary to maintain the property. Please contact a property manager at (951) 977-3190 to discuss your rental needs. |