when we moved from TX to Florida, I had to have the 22 space park managed remotely and learned some tough lessons. The way I did this is:
After a very expensive lesson on tenants paying cash to resident manager, i bought 500 blank deposit slips and opened a free checking account 2 miles from Park. I arranged for each tenant to receive 12 dep slips and deposit cash directly into my account each month. Lot rent was 225 per month so to differentiate each tenant, #1 was 225.01, #2 was 225.02 etc. The bank was open 7-7 M-S and this did two things… it allowed me to log on and at a glance see who had paid.(cash deposits immediately post) and it gave tenants a receipt for deposit. After a few months, we worked out the glitches and this worked very well.
My manager got free lot rent and had a list of vendors for services needed. a few of these:
Newspaper for ads
As needed, he would contact vendors and using a PO system ok’d the work. I was billed for services and after checking PO (purchase order) paid invoice within 5 days. This took a few months and the power company required a 500 deposit to set up this way. This worked very well.
Tenants were given my contact info and were encouraged to call me collect with problems manager could not or would not address. In 2 years I had 4 calls.
- My manger and I e-mailed daily and using digital cameras and scanners and faxes were able to run this puppy with annual visits from me.
The key was to find the right manager. a righteous manager is worth his or her weight in gold. honesty and good communication skills are the key and when this Park sold and funded, he received 4K as a bonus for well done work…
Corey manages a portfolio much (and this is emphasized) larger than this remotely…often from out of the country! distance from home is only a stumbling block if we allow it to be, eh?