My parents own several rental properties and one of them is a 4 unit that is in the neighboring town to me (About a 15 min drive for me, about 90 mins for my parents). They have had some really terrible luck with their renters lately and have finally gotten the scummy (drug charges, child neglect, etc.) property managers evicted, as well as another unit evicted. Since MO and I are now a lot closer then my parents, we are going to take over as the property managers and take care of renting the units, collecting rent, lawn maintenance and general repairs. They are going to pay us $250 a month for collection the rent and getting it rented, and then an hourly rate for any additional services (painting, repairs, etc.). This should work out good for us to get some extra cash and for my parents to have someone they can trust making sure everything is running smoothly up here.

Right now the 2 units that are open are trashed. Carpets are all garbage, many holes in the walls that need to be repaired, all walls need to be painted. Also the shed and garages are full of junk and the yard is a mess. My parents, myself, MO, and both of my brothers have been working to get the units ready for renters. MO and I will not be taking over as property managers until everything is settled and in place for renters. So once all this work is completed, most months we should only have to collect rent (and mow in the summer). So far we have painted all of one of the units and taken out the old carpets. MO and I spent 3 hrs on Saturday cleaning out the large shed of garbage, tons of broken glass, a mountain of mouse droppings and 1 mouse skeleton (GROSSSSS!). I know once we have everything in shape, MO and I can keep it looking good and things should roll smoothly.

We did make $160 in Feb for helping so once we get paid for that we can add that to savings, and I am sure we will get some good hrs in for March too.