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Real Estate Investing
Property Management Company
If you own a home that you're not living in then you can rent it out and use a property management company to do the work for you. Usually they charge about 7-10% of the monthly rent with an initial charge for finding the renter.
Those are the only charges that include finding the renter, writing up the lease, taking all the problem phone calls and letting you know about the repairs that are needed.
Having a property management company rent your home or condo for you is a great idea so that you can focus on other properies that you want to buy. Even if you don't have other properties it's a great thing to have so that you don't have to go fix a leaking toilet at 2 in the morning.
It can be very difficult to find a renter on your own and even more difficult to get rid of them if they're not paying the monthly rent. Having the property management company create a good lease and take the neccessary action when the time is due is invaluable. If you insist on doing this on your own maybe you should go through the process once with the management company to see how they handle things and mimic their ways to give you a better idea of what to do.
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