Now that you have collected the security deposit, what can you do with it? Can you spend it? Do you have to keep it on deposit?
In contemporary times, Americans have commenced a new awakening to the sensitivities of our environment, particularly as it pertains to their individual quality of life. While both the problem and the reward are far grander than that, this revelation is at least a start.
Residential property management is not for the uncommitted. This is not a part-time gig! You must either be all-in or just don’t be involved.
When I bought my first investment home back in 1997, I did not even know that property management companies existed. So I self-managed.
If you are planning to buy a home built prior to 1978, you ought to have a lead-based paint test done on the property, if the owner cannot produce documentation that it has already been done. In either case, if lead has been detected, either have it remediated at the seller’s expense and certified clean, or don’t buy it.
I have a middle aged friend that posed this question to me. He wanted to know if it would be better to sell or lease one of the properties. It’s a good question but the answer is not universal. A lot of factors come into play. Here are a few thoughts to consider:
I have been managing property for other people since 1997. When I first started managing it seemed like a good idea to keep a master set of keys. I did that for seven years. In the end I found it to be more trouble than it was worth. I stopped doing it and have suffered no adverse affects.
From time-to-time property managers will not identify damages on move out, and therefore fail to include them in the estimate of cost. This can happen for various reasons.