Page 4 - Van Wig & Associates Newsletter, Lakewood Edge ~ January 2020 Issue
P. 4

Q & A with the real estate expert
                            ASK ALLISON VAN WIG















































                                 SHOULD I HIRE A PROPERTY MANAGER



                                           TO OVERSEE MY RENTAL HOME?


                                Q      Dear Allison, I  in mind, though, that not all  the logical choice might be  abreast  of  laws  concerning  “passive income,” but they

                                       recently
                                                       a property managers are alike,  a  locally  owned  that  hires  a  landlord-tenant issues (in  rely on someone else’s active
                                                 got
                                       sweet job offer that  nor does any single firm meet  team of local residents who  case you want to avoid  outgo to make it happen. If
                                       would require me to  the needs of every kind of  know their community and,  lawsuits).      you think you can handle the
                                 relocate. My wife and I don’t  client. Some offer a full range  therefore, how best to  serve   The fee for property  necessary tasks on your own,
                                 mind moving, but we are  of services; others will merely  their clients.   management usually ranges  then by all means, have at it.
                                 reluctant  to  sell  our  home  run an ad and collect the rent.  They will help you set a  from 10 percent to 15  Chances are, you’ll end up
                                 (we were kind of hoping to   When you rent your home  fair price for rent, market  percent of gross rent. While  wishing you hadn’t.   n
                                 leave it to our children). One  to someone, your tenants  your property and vet the  that’s not unreasonable
                                 of my co-workers suggested  will expect you to do stuff  prospective tenants. They  on its face, don’t  be shy
                                 we hire a property manager  when  they  want  it  done.  often keep someone on hand  about  scrutinizing  the
                                 to rent it out; not only could  That could mean fixing a  who can drop by your house   contract.  Some  firms
                                 we keep the house while  broken glass cooktop or  when necessary, perhaps   will nickel-and-dime you
                                 someone else takes care of it,  snaking a basement drain  to  inspect  it  for  damage  or  with additional charges,
                                 but we can also make money  that doesn’t. If you move too  neglect, or to make sure the  such as for background
                                 without breaking a sweat.  far away to come running on  smoke and carbon monoxide  checks, credit card fees and
                                 That sounds good, but we  short notice, then you’ll need  detectors and water heater  professional photography for
                                 just  don’t  know  what  such  someone who can.  are in working order. Most  advertisements. The typical
                                 an arrangement would entail.  Many   residential property managers keep  12-month contract renews
                                              - Garrett W.  management  companies between $500 and $1,000  automatically,  although
                                                         operate on a national or  in a maintenance reserve   you might be permitted to
                                 A    Dear   Garrett,  I even international scale,  fund to handle emergency  renegotiate the terms.  (CA DRE #00985700) is the
                                                                                                                                         Allison Van Wig
                                                                                                            You can make a lot
                                       strongly recommend  but these are better suited  repairs. They also will track
                                        you hire a property  to  investors  with  several  your monthly earnings  of money from rental  Owner of Van Wig & Associates
                                 manager to look after what  properties or multi-family  and  expenditures,  provide  properties—if you deal in   you can call or email her at:
                                 is probably your most  dwellings than for individual  you with appropriate tax  volume. The average investor   562-882-1581 or
                                 significant investment. Keep  homeowners. In your case,  documents and keep you  earns  six  figures  a  year  in   Allison@superbroker.com


































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