You should be pretty wise in dealing the real estate business, first thing be good to the parties and do not expect huge profits , if you expect huge profits then you can lose the deal
Sounds like a dream situation then That does change the situation a bit, I think at this point it's just a matter of doing the math to see which option is the most profitable and going with that.
It really is a good situation when it comes to an excellent manager, yes... that's why I'm scared of going to "act two." The next property may end up with a bad manager and lots of headaches. We're spoiled with the current, but I know that's not the norm, so I think I'm getting a little timid knowing the things that could go wrong.
LOL, possibly he meant that having one property is less work than having three properties and three tenants? I know people with tenants that give a lot of work, I don't know if there is any money in the world that pay for those concerns.
That is what I meant but since Kate said that the manager handles everything, it might not be too troublesome, since he acts as a sort of funnel, turning the 3 problem sources into a single one
Yes. And so far he's earned his Christmas bonus in spades. But this next purchase... it's just scaring me. Mostly the fact that we could end up with the manager from Hades and cancel out everything good with the other property. I know the ideal would be to just buy another home from *that* manager since he's a real estate agent but home prices in that area are ridiculously high... thus the thoughts about 2 or 3 rental homes in a more reasonably priced area. If I haven't said it yet, I appreciate the thoughts and advice I'm getting here. Thank you for that, all!
So having a manager and everything, not bad Kate you are a true real estate shark! If you ever consider expanding to Portugal consider me for your manager.
I'll remember that, Peninha! You'd have to keep those tenants in line and not let them get away with anything, ya know! hehe On the serious side, though, I have a friend who is constantly looking for real estate deals and he's done some international buying and investing... although things like mini-malls more than homes. Is real estate reasonable in Portugal? I will pass the suggestion to him.
I would be very careful in choosing property managers, and I think I would given them about a week or two to observe how they perform first. I would also do a very thorough reference check (3-4 references) to make sure that they did pretty well in the past. I do not really feel comfortable having to entrust my property to someone I'm not so sure if I can trust enough. I think the quality of interviews would help in being able to screen candidates properly.
Yeah, that wise from you wander, if we get the wrong man we get ourselves into trouble because instead of a well managed property we will have a mess, nothing like asking for references.
