Well, if you've already hired a property manager and signed a lease, it's a little bit late for anyone to be giving you advice. But here's mine anyway:
Personally, I would never hire a property manager. I don't know what it is that your property manager will do for you, but I am quite certain of one thing: He WILL collect his commision. Whether he's there for you when your tenants quit paying rent and you have to evict them, I cannot say.
The single most important bit of advice I can give you is this: Always tell yourself: THIS IS A BUSINESS. Your tenants aren't your friends, they aren't your enemies, they are the other party in a business transaction. Don't get chummy with your tenants. Whatever you do, don't do like my BIL and get into a romantic relationship with your tenant! And don't take it personal when they are late with the rent; just give them a call, listen to their hard-luck story for this month, and then drop an eviction notice in the mail.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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