Having A Property Manager is AWESOME!

I honestly don’t know how other long distance real estate investors handle work orders from their tenants.

I wrote a blog previously about how valuable having a property manager has been to my team.

Today, I received a text from my Property Manager. I’m thinking a bunch of things like is the tenant okay, was there storm damage from Hurricane Ida, etc.

Low and behold, it was about the stove. The stove wasn’t connected properly and a part burned out. Go figure!

No one was injured. The property is still standing. The stove has been repaired and I reimbursed her the amount that she paid for the part. Luckily, I purchased warranties on all the appliances I purchased or that may have hurt my feelings and my pockets. 😂

My advice to anyone who is considering buying long distance real estate rentals or just investing in rentals in your neighborhood, try looking into getting a property manager. The service they provide to you is worth the money.

I was DENIED one time.

Instructions letter

Did you know that as a Housing Choice Voucher Program vendor, you can request an increase every year on the rent amount?

Well if you didn’t know. I’m here to tell you that you can request an increase in payment.

I learned this from my property manager who also rents to people in this program and has much more experience with it than I do.

What she didn’t tell me or what I didn’t ask was how to go about doing it so when I sent the email requesting an increase it was DENIED.

It was denied because I didn’t list some information shown in the picture of this article and it wasn’t mailed in with a signature.

I ended up writing a letter on paper with the information they wanted and I got approved for my increase that I requested.

Everyone is happy especially me because now I feel I’m starting to receive an adequate amount for the amount of work that was put into that property.

Being A Section 8 Landord

When I decided to get into real estate in 2018, I was not expecting to be a Section 8 Landlord.  However, the day I met with my now Property Manager, she already had a tenant lined up.

After viewing the house that was still in renovation mode at the time the tenant liked it and we started signing the papers right away.

Today, I’m happy that I am a section 8 Landlord. I have not been affected by the pandemic.  I don’t have a mortgage on the property and I’ve been able to pay insurance, property taxes, and repairs with no issues since I’ve been receiving rent once a month.

A couple of months ago, I asked for an increase for the first time. It was approved and I’m so glad. Now, I’m going to be faced with a new challenge. With this increase, the tenant will have to pay me a portion of the rent. It’s not much, but it’s still something that I have yet to experience.

The Value of a Property Manager

Earlier this week, my hometown of Meridian, MS got hit pretty hard with winter weather. It snows about 3-4 years in that area, however if 2020 wasn’t enough to put everyone on edge, the winter storm of 2021 sure did.

After checking on my immediate family, I reached out to the Property Manager I have looking after my rental property in the area to check on her and the tenant in my property. I was not surprised to hear something had happened. However, I am pleasantly pleased at how she has handled the situation.

The tenant was not at home at the time and a pipe under the second bathroom burst and she was already on it. She’s already hired someone to fix the issue and turned the water off to prevent a large bill for the tenant. She said, “I only want to involved you when I really need to”. That to me is a sign of a great Property Manager. She knows I don’t live in the state and that I have other things going on and understands the importance of her position to take care of the tenant needs and the property.

In this moment, I couldn’t be more happy that I actually pay someone 10% of the rental income to have someone to take of things like this. I’m also reminded of a book I read named Long-Distance Real Estate Investing By David M Greene that recommended hiring a property manager as well. My advice to anyone especially, if you are a long distance real estate investor is to add a Property Manager to your team. It will be better for you in the long run.