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.

Group Rental Property Investment

Back in 2019, I decided to invest in a rental property in Detroit, MI with an investment club.  I found the leader of the group via YouTube.  I had been watching her videos for a year and I liked the information she was putting out regarding business and making your money work for you. 

I know there are questions people want answers to like:

1. How do you know if you can trust that person?

2. How often will you receive your portion of the profits?

3. How long will you own the property?

Truth, I didn’t know if I could truly trust that person, but we have a contract signed with all owners that lays out everyone’s percentage and how often monies will be disbursed. There is also a clause about what happens to the property after so many years. When you think about, even if I had a personal relationship with this group of investors, I would still want a contract.

Fast Forward to Present Day!

I’d like to say that it’s been a learning experience for sure. Some things have gone well and some things have gone not so well. Let me just say, I’m so glad I didn’t pay a whole lot of money.

First, we didn’t really get payouts every quarter because the tenant stopped paying rent. Yes, before the pandemic happened the tenant stopped paying rent. It’s a sad situation because the group is being told that the tenant is not affected by Covid-19. She’s still working and not paying rent.

The owner of the investment club posted a video on YouTube about the experience. I’m linking it below

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.