How do you manage your investment property?
- Thread starter tomermh
- Start date
I was only joking about being a control freak. And I have no "job" so the five minutes I spend most weeks is no stretch, but I am happy that others use PMs.
I just like to put a balance in for those who are considering it, especially when some people try to make it seem that self-managing is time-consuming and hard work.
Some of the stories on this forum of how badly some properties are "managed" by property managers make be very glad that I have my finger on the pulse.
I just like to put a balance in for those who are considering it, especially when some people try to make it seem that self-managing is time-consuming and hard work.
Some of the stories on this forum of how badly some properties are "managed" by property managers make be very glad that I have my finger on the pulse.
Same here, except I am probably 2 hours a day, taking into account the busy times of Leasing and Tax Return time. I cannot find a better paying job, not having a boss is brilliant and to have one's finger firmly on the pulse saves me far more than just the PM fees.
It helps to minimise the headaches at the start of the Lease to write them a letter saying don't call me - do everything yourself, and I'll see you in 10 years.
Lots of passive starts to become semi-active.
Fully agreed. The PM term in my opinion is a misnomer, and where alot of misconceptions and trouble stems from. People, especially those just starting out, naturally assume that PM's actually manage property.
KateMelb,
Being a curious person, I note that you joined on the same date this thread started 13-04-2010?
There is also somone else on a couple of other Forums calling themselves "KateMelb" with a signature that reads...
I'm all for loving a product, but is there a relationship there also?
Being a curious person, I note that you joined on the same date this thread started 13-04-2010?
There is also somone else on a couple of other Forums calling themselves "KateMelb" with a signature that reads...
I'm all for loving a product, but is there a relationship there also?
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A mixture.
We manage some, some others, which are considerable distance away are managed for us.
Our filing system?
No MYOB or Quicken....I do have many talents and much beauty but therein is my achilles heel...( any organiasing/systems or order). I am more the chaos type girl. Which proves, it is possible to be Ms Fruity Tuity-kaftan dancing and still invest successfully.
The filing system, as per Mr OO who is Mr Logical 2010, has me two filing cabinents, files with each IP's address on it, and all pertaining goes into the file. Other files for appropriate "whatever".
Our accountants are pleased and happy with what we drop off (at tax time) to them, they like our system.
As the "Ins" come in, they are either paid and filed, (30 seconds), or dealt with and filed, or just filed.
All time up, sweet buggar all. Not unpleasant, music gets loaded onto cd player and it's fun.
Simple enough for my brain.
The filing system, as per Mr OO who is Mr Logical 2010, has me two filing cabinents, files with each IP's address on it, and all pertaining goes into the file. Other files for appropriate "whatever".
Our accountants are pleased and happy with what we drop off (at tax time) to them, they like our system.
As the "Ins" come in, they are either paid and filed, (30 seconds), or dealt with and filed, or just filed.
All time up, sweet buggar all. Not unpleasant, music gets loaded onto cd player and it's fun.
Simple enough for my brain.
I don't see the issue with that side of the paperwork, nor why whata PM would provide, a statement(s) of all bills paid (let's say they paid all of them except for interest. Surely you'd still get a copy of the bill for your records, which would have to be filed somewhere anyway.
Our accountants are pleased and happy with what we drop off (at tax time) to them, they like our system.
As the "Ins" come in, they are either paid and filed, (30 seconds), or dealt with and filed, or just filed.
All time up, sweet buggar all. Not unpleasant, music gets loaded onto cd player and it's fun.
Simple enough for my brain.
I don't see the issue with that side of the paperwork, nor why whata PM would provide, a statement(s) of all bills paid (let's say they paid all of them except for interest. Surely you'd still get a copy of the bill for your records, which would have to be filed somewhere anyway.
