The property management business is a clever idea for somebody who wishes to make a good income without taking too many dangers. My expedition into property management was solely by chance. I had about 15 terraces in Dundee and employed a full-time convenient man to trouser hires and sort out any minor repairs. My pal Chris knew that my properties were well managed and he questioned if I might look after his mother’s apartments. I knew that she wasn’t well and thanks to her contentment in the year half her dwellings had lain empty. I reluctantly concluded and started hiring out her properties.
I was in a position to get her occupancy up to over 90 %. My charging structure was easy as I kept 10 p.c of the rent and she also paid all costs. She was satisfied with my service and told her mates who approached me to do the same for them. Being busy although not needing to decline right away I offered to supply the same service but at 15% of the monthly lease. To my amazement they concluded. Private recommendation got around and shortly I had to start turning people away as I was far too hard at it handling my packing company to do property management full time! Had this business not been doing well I may have started handling properties full time. They offered me the properties for a corresponding price they’d acquired them for 1 or 2 years gone.
I passed a week or two doing them up and had them leased out in nearly no time.
When property costs started rising strongly I sold both, making decent money only to miss out on the genuine boom in costs! If you have the time to waste why don’t you consider handling other peoples’s properties? Be warned though you’re on call twenty four / seven if an emergency occurs at any of the properties.
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