If you have a rental property but you don’t live nearby, what’s the best way to manage things on site? Is it a good idea to hire a property management company? On today’s show, I’m answering this—plus two more of your voicemails!
This Q&A episode features three of your real estate questions on property management, LLCs, and buying a mobile home. I’m sharing my best tips and experience, and offering resources you can use on your unique real estate journey. Click play to hear my answers to your questions!
On this episode you’ll learn:Â
- Why you should consider hiring a property management team.
- What to do if you need to transfer ownership of a rental property.
- How to decide if a mobile home is a strong investment.
Why You Should Consider Hiring a Property Management Team
In my experience, working with a property management team is the key to a successful investment, especially if you live far away. Property management is a full time job, and if your goal is to be a passive investor, I’d encourage you to hire out this role. A good property management team has indispensable knowledge on the market, rental rates, repairs, and so much more. My advice is to always work with a property management team, and add that expense into your equation from the get-go!
What to Do If You Need to Transfer Ownership of a Rental Property
An LLC provides excellent liability protection, so I’m unclear on why you’d want to dissolve you entity. I strongly suggest you seek legal advice from an attorney who knows real estate investing. I can recommend the team at Corporate Direct.
How to Decide If a Mobile Home Park Is a Strong Investment
Personally, I’ve never invested in mobile homes. My understanding is that they can be great investments if you know what you’re doing. I would suggest that you do your due diligence and make sure you have a full understanding of what this investment entails. Here are a few things to consider:
- What are the tax implications of buying a mobile home?
- How much will it cost to move the mobile home to its new location?
- Does this investment fit in with your overall investment strategy, or are you getting distracted?
- What is your why, and is this investment congruent?
Ask Me a Question at morrisinvest.com/clayton
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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