Ms. Management - Property Owner Questions

What to Look for in a Property Management Company
Renting Half of a Duplex
Do I Need a Property Management Company?
Finding the Name of a Property Owner
What to Look for in an Agent
Renting Out a Room
Monies Needed to Buy Rental Properties

Q: My company is transferring me out of the country for a couple of years. While I'm gone, I'd like to rent out my home. What should I look for in a property management company?
A: Look for good references, good reputation and word of mouth; in other words: happy clients. Many of your real estate offices have property management divisions. Look at the signage on rentals when you are out and about. Get to know who the property management companies are. Check out the condition of the properties they manage. Go through the yellow pages. When hunting around don't be afraid to ask for references and don't forget the rental section of the Rocky Mountain News, check out the ads for company's names and phone numbers. Happy hunting.

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Q: I am thinking of purchasing a duplex. I would make one half my primary residence and the other half would be rented out. Are there any special rules that apply to this? Is it more like owning a single family home or a rental property?
A: There aren't any special rules that would apply to your duplex. However, as far as expenses go, you might want to treat each half of your duplex as two separate properties. One side should be treated as a personal residence and the other half as a rental property. The taxes for private homes and income properties (rentals) are different. If you pay to have work done that affects both halves, such as landscaping, part of the expense goes to your home and part of the expense is paid for through your rental. I hope this helps. Good luck.

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Q: My grandfather is coming to live with us in a few months. He lives in a nice house in another city. He wants to rent it out as a source of income. What things should we know and do before we rent out the home? Is it better to use a property management company? The home is within driving distance, but it's a long drive.
A: I think it makes good business sense to deal with professionals. Since your grandfather won't be living near his rental property, it would be good to have someone collect the rent, deal with repairs or any other problems that could arise. Make sure you shop around for a reputable company - get some references. Your grandfather will be able to set the rental rates, lease terms, deposits, etc. He should also determine a $$ amount for repairs that the management can make without authorization, i.e. $250. Make sure the management company runs credit applications. They will also be able to help you decide if you want pets and if so what type of pet fees and pet deposits. Most importantly make sure you and your grandfather have clear communication with the management company you choose. What a blessing to have your grandfather in your home.

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Q: I need to find the name and address of the owner or agent of some apartments in Lincoln, Nebraska. Where can I find it?
A: I suggest going to the Land Records Office located in either your city or county offices. The information you're looking for is a public record, which means that anyone can look it up. There may be a nominal fee to access the information. You might also try contacting the local apartment association. They may have the information. Good Luck!

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Q: I have a condo unit in Hercules, Ca. that I am thinking of renting out. I am looking for an agent to help me rent it out and also to maintain the property once it's been renter. How do I look for such an agent? Please email me your answer. Thank you.
A: It makes good business sense to deal with professionals. Look for good references, good reputation and word of mouth - in other words: happy clients. Many of your real estate offices have property management divisions. Look at the signs on rentals when you are out and about. You can also get the names and phone numbers of companies from the rental section of your local newspaper. Get to know who the property management companies are and check out the condition of the properties they manage. Don't be afraid to ask for references. Call the Better Business Bureau to learn about the company's reputation. Good luck and happy hunting!

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Q: I travel a lot and I want to rent out a room in my house, mainly to make sure that my house isn't sitting empty while I'm gone. What are some steps I can take to ensure that I get someone who's trustworthy? I'm also looking for a standard rental contract I can use. Can you suggest where I'd get one?
A: You can get an excellent lease application and rental agreement from the AAMD (Apartment Association of Metro Denver). Their phone number is (303) 329-3300. Although someone qualifies, it does not mean that they are trustworthy. You might consider running a background check as well as checking their references thoroughly. Then wait until you know how responsible they are with making payments. There are no sure guarantees.

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Q: I'm planning to buy some condos to rent out. Besides the actual cost of the condos, what kind of money should I figure on having in reserve for mortgage payments, repairs, etc. Also, I need to know about how much more rent I should charge based on the amount of the mortgage.
A: In the perfect world, it would be good if you had six months mortgage payments in reserve, if you can. Although, three month's worth of mortgage payments should be sufficient in today's market. Your mortgage payment has no bearing on what your rental rate is, except for the fact that your would like to be able to cover your costs each month. The rental rate is determined by what the market will bear. Check around to see what other rentals are comparable to yours and see what the rental rate is. Also, determine if your rental rate includes your association fees or if you're going to pay those out of pocket.

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