BiggerPockets

My rentals are all owner by companies (LLCs that I coincidentally own). So, if a tenant asks me if I own the property, I tell them that the property is corporate owned and that I am the property manager. That is absolutely true.

I also do not have a listed phone number and use a PO Box number for my business address.

Mike

I think this would be an excellent idea if you are in a large enough city for it to work, New York definitely. In a small town no way to remain anon. Everybody knows you and what you do. Never have spent a dime on advertising, have more people wanting to rent than I have property.

I've played it both ways and from an asset protection standpoint, it may be better to stay anonymous.

If you're having trouble with tenants bugging you for things or dealing with their rent, I simply ignore calls after a certain time or if I am in the middle of something and control the interactions. I train them to respect my time. If they leave a message, I'll listen to it shortly and call back if the situation requires it. Otherwise, I'll call them back in the morning.

If they are calling me about a repair, I'll play good cop bad cop and talk to my "business partner" or "higher power" (negotiating techniques) and any necessary contractors and make a decision.

What is the specific situation you are trying to solve? Can you clarify?

We are anonomyous also--corporate mail box, voice mail, we insist they contact us by email (for a written record)--the ones that do not have email o, we mail a memo of all telephone agreements on our corporat3e letterhead--I always say I am a property manager--you learn alot of things if they do not know you are the owner--I found out someone had six children and two Newfoundland dogs which was not disclosed in their application--they asked me "not to tell the owner". And never let them know where you live!! A mad tenant will show up on your doorstep or at your office--we stopped giving out our office address 12 years ago for security and to avoid unexpected conflict. Joann

I take a different route. I make sure that my renters know that I am the owner and that I will be at the house every three months to change the air filters and any other maintaince jobs. This way I know the house will be cleaned at least once every three months. After I am in the house I can tell very quickly how many people are living there and if they have pets or not and I can deal with it right then.

One reason to stay anonymous to the extent possible is personal security. Just like lawyers and cops, we occasionally run into very bad people - we really do not want them to know about us.

I had an experience with a tenant a few years back that scared the heck out of me. It made me rethink my whole approach to landlording.

It is far easier to manage 2 or 3 PMs then 50 or more households.

And much less profitable!

Mike

Matt,

Most property managers charge about 10% of the gross rents. For that money, they take calls from tenants; collect the rent; arrange maintenance; provide a monthly report detailing income and expenses, etc. Many PMs charge extra for placing tenants in the units and some charge extra for arranging maintenance. In my opinion, it's the most overpaid profession in the world and I gladly do it for all my rentals and earn the management fee for myself.

The same is true of the maintenance, but that's another post.

Mike

I don't see how that is true. Having more properties would generate more income IMO, not less.

I'm not sure that I understand your comment. It is certainly true that you make less money hiring a property manager than doing the management yourself, regardless of how many rentals you have.

Mike

Did you buy real estate as an investment or to have a job?

If you do it because you want a job, then Mike's approach makes sense. Aside from his apparent superhuman ability to manage huge numbers of properties on almost no time, by doing everything yourself you can wring out every single penny from each property.

I invest. Therefore, I don't manage tenants, I manage the managers.

At the end of the day though, there is little point in debating this because it really comes down to lifestyle. If you do it all yourself, then you have to do or it does not get done. Using others allows you to apply leverage.