Today we’re sharing some advice with the military. Moving is a way of life for military families. If you have a home that you’re really attached to or intend to keep as investment property, self-managing the rental process can be difficult. When PCS orders come in or you get deployed, you’ll need to make the decision to rent or sell that home. If you want to rent it out, we recommend using a professional property manager. Leaving your home in the care of a friend or relative is risky for all involved and can come with a lot of liability.
Receiving rent is the easy part of a landlord’s job. It’s when your tenant doesn’t pay rent that things get complicated. You’ll need someone who can get the tenant back on track, and that requires a series of actions. A 3 Day Notice is only a 3 Day Notice if it’s posted on the property or hand delivered to the tenant. If you put it in the mail, it becomes a 13 Day Notice. That time matters. Eviction also requires you to be present in court or the services of a local attorney. Your property manager will be able to coordinate all of this for you. Emergency repairs will also happen. If something breaks, or there’s a problem with a water pipe or electrical issues, it’s necessary to have vendors on speed dial. This becomes especially essential for absentee landlords. A local property manager will have those professionals vetted for licenses, insurance and workers compensation coverage to protect you.
If you’d like to talk more about how to hire a professional property manager, please contact us at Berkshire Hathaway.