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I sure did not plan to do lots of master leases when I moved to Panama but they just keep coming at me so I’ll take them. I have all the systems in place to market them and get them rented quickly so they won’t take up much of my time.
I got another one today. This will be short term rentals only 1 – 3 months at a time fully furnished house. There is a big demand for that here so I’m sure I can keep it rented. The owners are leaving March 1st and won’t be back until July 1st. Then they will only stay for 3 months, then be gone 3 months. They offered to pay me for the months it is not rented too.
The property managers here charge a monthly fee whether the house is rented or not. They hve no incentive to keep the property rented. Plus if repairs are needed they pad the price for making a phone call to get it takes care of.
Instead, I use the Tilney approach to say that I will pay them a % of the rent WHEN and IF it is collected. They do not owe me anything if there is no rent collected. I explain that if I want to make any money, it is up to ME to keep the house rented. They like that. Plus there is no padding of repair expenses.
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