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We just went under contract on a new to us house and will be converting our current residence to a rental. Though we've had rental properties before, it's been quite a while and never in the state of VA, so we anticipate using a management company for at least the first year, and ran the profit projection spreadsheet with it fully managed.

That said, I would consider taking the rental back over once I have become better acquainted with VA law and learned where the good resources are for books on real estate management and online resources for things like screening prospective tenants.

Any suggestions?

IP
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I now have 10 rental units.

Check out www.biggerpockets.com

Here's their bookstore. https://www.biggerpockets.com/store

I use cozy.com to do criminal, civil background checks and to get a credit check. I also check court websites.

I self manage my local doors, but have a property manager for the ones out of state.

IP, thanks for your advice 2 1/2 years ago. You helped me to get started on this path.

Fool on,

mazske
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I use cozy.com to do criminal, civil background checks and to get a credit check.

It's actually cozy.co - no 'm' on the end. You can also have your tenants set up electronic auto-draft rent payment from their account to your account using cozy.co It's free if you don't mind waiting up to a week after the money is drafted from your tenant's account until it is available in your account. If you want to get it faster, you can pay a small fee. But it avoids having to give the tenants your account number so that they can send the deposit. And keep in mind that if you have a property manager, there is likely to be a longer lag than a week to get your money.

AJ
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Ah, yes, I forgot about no m at the end. I do use cozy for 2 out of 3 tenants rents in my triplex.

One pays with CC, so I get that rent normally before the first. The other I get around the 5th or 6th.

I use property managers in the out of states properties. One actually still mails checks and I just received two checks today for July rent in 2 homes. The others pay by ACH.

Fool on,

mazske
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Thank you both. I am going to use a manager for the first year as I am not intimate with the tenant/landlord laws in this state and have my own move to make. I also need to build a contact list for some professional services I am not excellent at, like plumbing, electric, HVAC issues.

The first manager I talked to is surprisingly reasonable. The areas we've lived in before were at least 1 month rent to find the tenant and 10% of gross rent. Here it's 1/2 month and 8%. Curious to see what the next guy offers. What do your guys charge? We are in a huge rental market and there are lots of managers competing for our business, lots of tenants competing for a not insignificant number of rentals.

Inspections on our new home should be done by Monday and I will place our current house on the market after that. Not the best time to place a rental on the market, (University location,) but any losses we take this year will allow a larger Roth conversion by minimizing our 2019 income.

Funny hearing about the old school forwarding of checks. Even 20 years ago we had people depositing their rent/mortgage payments, (held a private mortgage for a house we sold,) directly to our account, and our college student Venmo's his rent to his landlord's account.

Mark, one of these days we have to get together. We go right past your town on the way to our cabin, and are only an hour away from either place.

IP
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IP,

I have 3 different property managers. One in Alabama charges me 1/2 of first rent and 10%.

In Indiana, one charges the exact same, but the other charges 8%.

Sure, shoot me a message sometime when you know you will be passing through.

Fool on,

mazske
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In CA a friend using a PM is charged 8%, I don't know the re-renting fee.
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The areas we've lived in before were at least 1 month rent to find the tenant and 10% of gross rent. Here it's 1/2 month and 8%. Curious to see what the next guy offers. What do your guys charge?

The property managers where I am generally charge 1/2 month for the placement fee and 10% per month during months when there isn't a placement fee charged.

AJ
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