Managing your own rental properties can be worthwhile if done right and with a rental property management advisor. If done wrong, rental property management can be a source of headaches, difficult situations, legal trouble, and thousands of dollars lost. The good news is, you have me here to provide you with property management advice. I’ve managed our rental properties since 2010 and have experience with hundreds of tenants and leases and have learned a great deal along the way from both studying and real world experience. I’ve had many great tenants and some bad tenants (mostly inherited bad tenants when purchasing the property). The bad tenants are the ones you learn the most from as they cost you stress, time, and money. Let’s work together to avoid tough money losing situations for you as they can be especially devastating when you’re just getting started. While I’m not a professional lawyer or accountant, I can advise you on the best approach to situations. I did hire a professional property manager once to handle a fourplex in a rough part of town where I inherited 4 bad tenants. I’ll add a <link here later to tell you about it> , but overall the costs were huge and nearly sunk the investment.
Below are areas of property management advice we may discuss.
Let's Do This!
Property management comes with limitless situations and I’m happy to advise you. Sign up for some time on the pricing page (hourly) and let’s get to work. No need is too small.
Tenants
“Real estate investing would be perfect if it wasn’t for the tenants” is what my real estate mentor used to tell me early on. It would be a lot easier this way, but the money has to come from somewhere. Most tenants are great, but let’s face it, some are professional tenants and they will try to take advantage of you. Inevitably you will encounter them and if they get into your home they’ll cost you ten thousand dollars to get rid of. I can help you identify and avoid them, and am happy to review tenant applications with you if desired.
Property management coaching can help
- Find and keep great tenants while avoiding bad tenants.
- How to deal with needy and difficult tenants.
- Handling tenant maintenance and upgrade requests.
- Tenant selection.
- Enforcing rules and late fees.
- Keep your tenants in check.
- Recommendations for handling unique situations you’ll encounter.
- How to deal with roommates and people existing the lease early.
- Handling (bad) tenants you inherit with the property purchase.
Cost of not doing it right
- Evicting a bad tenant can cost you $8,000 – $14,000. No joke, I’ve had it happen multiple times. Legal fees, lost rent, and trashed home adds up.
- Losing a good tenant over insignificant issues.
- Tenants bending the rules further and further if you allow it.
Rental Property Maintenance
Property management coaching can help
- Property inspections.
- Ensure routine maintenance is completed.
- Building a rolodex of good handymen, contractors and vendors.
Cost of not doing it right
- Unreported maintenance turns into larger and more costly problems.
- Additional wear and tear on your appliances or early end of life.
- Spending too much money on maintenance.
Streamlining for Efficiency
Property management coaching can help
- Manage your rentals in less than 1 hour per month per unit.
- Stay organized once you have many rental properties.
- Work smarter and not harder by streamlining your processes.
Cost of not doing it right
- Management will require more of your time.
- Deciding to hire somebody else and paying them the equivalent of $125 – $175hr to manage it for you.
Legal and Insurance
Property management coaching can help
- Create a lease that has you covered and answers all questions up front.
- Lease renewal document.
- Providing proper notices to tenants.
- Legal structure of your business.
- Having the right lawyer in your corner.
- Obtaining proper insurance coverage.
- Proper bookkeeping and tax considerations.
Cost of not doing it right
- Inability to get rid of bad tenants, costing you stress, time, and money.
- Financial losses due to not having proper insurance coverage.
