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Originally posted by JRF

Hi,

I'm looking to see if I could invest in a condo and let a property management company handles renting and managing it with least of my involvement.

Has any one done this before ?
How you feel about it ? Gouged or fair or moderately ok..

You need to specify the name of the company you had worst or best experience but in general how you felt.

Thanks..

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NO NAMES. NO INCIDENTS, NO HELP EITHER.... So, it is your decision to OWN or SELL it. I would suggest the latter. There are better investments all over the world with excellent returns.

There were a few condos that Individuals looked after, in the absence of the owners. Some of the problems that they encountered were expensive and technical. Cannot write it here in a few sentences. I was able to sort them out at no cost, except the charges went to the building society. It was a long and drawn out, but a peaceful settlement.

The cost of an electrician's visit is $90, and a set of fuses, 30A for the stove was TWO Bucks. So, if you have good tenants and knowledgeable and resourceful ones, then you have less worries. Or you will have to tell them that the repairs and maintenance will be at their cost, then, the life becomes very simple. I only charged the cost of GAS and I did it then. Now I am lying low and do not handle such matters any more.

Currently the administration costs are ONE Month's rent and any incidentals, which might run you into another month's rental. If the tenant moves out, then, a touch up and an addituioanl coat of paint for cosmetical improvement, might run you into an additional months rent.
All of these does not help the situation of owning a very small place, as it cuts into the profitablity.

Knowing about your move back and not providing you with all of the names and the incidents occurred here, makes my situation a little awkward in this post.

Unless the retention of a condo is for sentimental reasons, you should divest yourself off of it and become a free bee and fly the coup.

Good Luck in your next venture.


FH.

Who knows, I might be on the same flight and with a deck of cards!!!