Renting out a property after purchase

[Sasha]

Hi,

I'm considering purchasing a property and I'm leaving the country.  If I purchase the property, who may I get to look after the rental issues etc...

Sasha

[Pawel]

If it makes financial sense, you can hire a property management company to look after the details such as creating the lease and collecting rent. Keep in mind they could charge you quite a bit and it may not be worth it. Otherwise, get someone you trust to do it.

[speedfreeksteve]

There are companies in the yellow pages that will do this for you. However, it would often reduce your margins to the point of it not being worthwhile. If you must do it, then find someone willing to do it for you that's not doing it for a living.

Absentee landlords as a general rule are a disaster waiting to happen. I've seen it numerous times where the landlord ended up losing money in the end due to property damage, unpaid rent and utilities, etc.

[Sasha]

Hi,

Thanks for the insight Pawel and Steve.

Sasha

[ratster]

There are other ways to make money on tax property. The one I use the most is taking the property to the next step then selling it .That means getting the pert test done, solve access problems ie putting roads in, fixing title problems. Also reassembling part lots can increase value as well.

All of these can significantly increase the value of an otherwise over looked property.

I believe that most people can't be bothering with these but I have been successful in doubling my money just doing these  things.

RR