Difficulties in managing long-term rental property

Last post within the weekly corner. So first thank you.
I will mention for the first time who knows how amazing a platform this forum is and how much knowledge can be continued to learn even for the "giants" we have built.
Today I will talk about difficulties and inputs in managing a long-term rental property. Yes difficulties as with any investment there are bumps in the road and not everything is smooth. It should be understood that managing a real estate property from Israel abroad requires not many inputs, but requires (true also in Israel)

The biggest difficulty is an empty property. We purchased an amazing property that numbers are excellent but suddenly find the property not rented for one reason or another. This could be the season of the year, for example, the cold winter, a tenant may be out until a new one also takes time and can also be the worst case of a tenant evacuation. This is a difficulty that must be taken into account in the complex of investment parameters. In this case, the better your contacts with the management company and the people in the field, the better your difficulties will be. It’s conversations and consultations and moderate pressure on the company to expedite the process. Always check and follow up.

Another and burdensome difficulty is fixing. And I'm not talking about regular repairs of a few tens to hundreds of dollars that it is advisable to reserve for about a month a year, but repairs that really require your approval to repair, such as a new air conditioner in the house was replaced this month. $ 2900 Gorzano and Tech hurts the monthly income, unpleasant but it almost never happens expensive repair and when it happens it is advisable to check alternatives and not accept the initial quote. In this case, I asked the management company to check 3 suppliers and the offers ranged from 3 and ended up closing at $ 3.2. Always ask for a supplier comparison in cases of major repairs. Another example in the purchase of the last house required strengthening of foundations were brought a number of proposals and for the same work that amounted to $ 2.9 another initial contractor brought in almost double. Therefore in large repairs always compare.

In small repairs there is nothing to deal with and in general you have to understand that up to $ 150-200 not to look at the energies and understand that what will cost in Israel a slight repair like a technician visit that will amount to 150-250 NIS in the US is in dollars. The same goes for electricity and water bills that the property is empty. Whatever the country, a few shekels in the US has a minimum cost of a few tens of dollars and therefore small amounts that sucks up to 150-200 dollars. Accounts / repairs just do not mess but yes it is important to make sure with a management company with which you have developed good relationships. Nothing and not to show that you are asleep.

Annoying little bureaucratic processes - some solvable and some ongoing. below:
1. Opening a bank account is one of the first and most basic things. A lot of speakers in the forum will not elaborate.
2. Management of the HOA issue, which is in Hebrew until the neighborhood. Requires preoccupation with registering on the company's website, establishing a HQ, etc. By the way in this context I will note that in closing the property transfer costs costing in HOA can cost hundreds of dollars on nothing.
I have a property in a great area that is not HOA and it is just a blessing… savings and less hassle to mess around with. If you find a property in a good area and there is no HOA it is a good consideration in relation to a property with the same parameters as there are. Most have HOA in most areas.
3. Monitor property insurance once a year to make sure you get a good price that by the way rises every year in a straight and safe line… In this aspect I once came across a claim for storm damages and relatively everything went smoothly and paid.
4. District tax payments at the end of the year, I expanded on this in a separate post. Keep in mind that sometimes the houses are in one district but the schools belong to another district, which creates a need to split the payment into different districts (part of the property and part of the schools).
Right now I have a problem with the mortgage company who claims to have paid the school bill while the county has not yet received the money and it has not yet been resolved so is a living example of an annoying bureaucracy. (I forgot to mention that when a mortgage company mortgages pay all expenses like district and insurance through a trust account, but it must be verified that, in fact, the mortgage repayment includes the current monthly repayment expenses)
5. US and Israeli taxes require an accountant on both sides and this aspect requires managing document folders on a computer that I like to split by topics like management company reports, invoices, corrections, etc. In the United States, an advance is paid once a year, if at all in Israel, as a self-employed person, you receive an advance book that must be paid or reported zero or paid at the end of the year.
6. All kinds of small reminders to handle all sorts of small ongoing issues from the moment you buy the property until everything is rented. Requires follow-up and continued treatment with all the caregivers.
7. Complex processes such as a mortgage based on a previous post.

Sure I missed a few more. It is important to take into account that this property does take care of economic security in the long run, but there are small bumps in the way that should be taken into account and dealing like a business only with minimal inputs in relation to real business that sells things for example. That's why I always say this is not for everyone. It is not certain that everyone has the patience, the knowledge and the ability to deal, but those who study and are prepared to take the step actually take the highway, which is far from the road and road leading to economic independence.
In my opinion there is still no better and relatively safe way to accumulate large capital in the long run than the real estate.

I was happy to present and share knowledge successfully to everyone and thank the Forum for the weekly focus.