You know you made a bad choice when you start mass texting for a property manager.
This morning, I woke to a text, it listed just about every property management company in Tucson. It reads, “Looking for someone to take on my property – so far – no takers – I live out of state and the first one that calls – you’re hired – here’s the address…home needs work – renters trashed it and moved out without letting anyone know.”
My first reaction, this person probably bought the property sight unseen – just as quickly as he’d sign on any property management company – and then rented it to the first person that called.
A little research confirmed that reaction. Did this home owner have a reason to be this desperate? On paper – you bet. Terrible rental area – it screamed “trouble” all over it. From the online photos – it also needed a complete renovation – not “needs work”. My thoughts – a property manager taking this on would be chasing down the tenants for rent 365 days a year, it’s not an appealing rental property – the one car garage is bigger than the whole house, it had “police line do not cross tape” in one of the photos. And more.
So why did this person buy it in the first place, I wonder?!! Ahh, yes, the price. It was cheaper than dirt – and there’s a lot of free dirt in Tucson.
Here are some thoughts about investing in real estate – as well as investing in a property manager – well, maybe it’s just one big thought that encompasses a lot of little ones:
Do your research, check the comps and competition, be selective, don’t just pick the first one that comes along– and never go based just on price(or fees).
(PS - the picture is not the home the person text about - it's just a photo taken a while back of another Tucson home.)
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .