This question is for the Askmefi'ers who own or have owned rental properties in the USA, especially if you've used a property manager to manage it for you. Please tell me everything.
So we're going to be exercising some options this year and the money will need to be invested somehow. I'm interested in using it for rental properties in economically reliable areas as I like the idea of a steady, predictable rental income stream and an asset that I can either sell off in later life, or with any luck, leave to my children.
The area where I live is no good for this plan - properties are very expensive, and I am afraid concerned that ongoing drought is going to seriously damage real estate value in California and the southwest. So it's going to need to be somewhere else and I'm going to need a reliable property manager to be in charge of it.
So my question to you, rental property owning MeFites, is how should I proceed and what do I need to know? I looked at this list
which analyzes unemployment and rental property returns, and was surprised by its contents. Maybe I'm just ignorant of what companies are located in these cities…
Anyway. Where do you own your property? Has it worked out in the near term; in the long term? If you have a property manager managing it, how does that relationship work? How much does their fee cut into your profit? If you own more than one property, which one has been the most advantageous (least stressful, highest profit?) I'm definitely not interested in being a slumlord - I am hoping to provide nice place to live to people who will take care of it. I was thinking maybe near one of the big tech company's locations. Is this realistic?