BiggerPockets

I'm a lot more hands on than the conventional landlord. I don't use a PM. I hate PMs and find them to be useless (but then again I only invest locally).

As for repairs, I have a different person who specializes in each discipline. I personally take the repair calls when there's an issue. My tenants all have a direct number to me. It's never been an issue, and never been abused.

With regards to rent collection, I either visit the property to collect cash, or they mail me a check or money order.

I also manage them myself. The extent of software is Excel and online banking. Collection is cash or money orders. Communication is via telephone or in person. A "work order" is the tenant calling me and me going and doing something about it.

I use quicken rental Property Manager whihc manages all of my finances not just the properties. There is also a web site which works very well called RentoMatic. Check both out, but I love the quicken program.

I also manage all of my rentals. You will NEVER find a property manager that will care as much about your property or do as good a job as you (assuming that you do a good job). In addition, I do almost all the maintenance and rehab work myself. I do use a HVAC company for complex HVAC work, etc.

I used property management software when I was a newbie, but no longer use it. I found that I was spending a lot of time putting garbage into the computer and it didn't generate one single additional penny. Now, I simply use Quickbooks Pro for accounting and I use Microsoft Publisher for creating and printing forms. I find this MUCH more efficient than putting duplicate data into property management sofware.

I collect rent IN CASH! I prefer $100 Bills and I check each bill with a counterfeit pen.

I don't handle work orders. When a tenant calls to report something that needs repair, I go repair it.

I use my cellphone for all rental contacts - no email with tenants.

Mike

I've got a couple of people I call when the repairs are above our skill level. But I always go over first and assess the damage. Many times tenants call for repairs for no real reason. I flip a switch, hit a reset button, or spray some graphite and we are good to go.

EXCELLENT POINT! So many repair calls are absolutely nothing. Call a plumber and you've got a $100 bill FOR NOTHING! Go check it yourself and it's fixed for 5 minutes of your time!

Hey all! Happy bi-lated Thanksgiving and season greetings if i get lost again:)

Anyway, I was expecting that most landlords handle the property management personally (including me). But it was shocking /surprising to see classical-fashioned landlords in current tech-savvy world :) Is that because you do not trust to the technology or believe it is just another waste of time?

I understand that you handle maintenance works yourself. What about accounting part, tax preparation etc?

May I ask to include the number of managed properties in your answer?

Thanks!

I guess I am the odd man out in this group. I outsource property management.

I have rentals in three different states, so no way I would even attempt long distance property management

The advantages of professional property management to me are
(1) I don't have to deal with tenants, toilets, and termites.
(2) I don't have to know the landlord-tenant law in each state/county I have a rental
(3) I don't chase down tenants to collect rents
(4) The property manager direct deposits my rental income to my checking account
(5) If an eviction is required, the property manager handles it and already has the experience in doing it
(6) The property manager updates the rental lease form each year in response to new ordinances that may impact my rental activity.
(7) Since I don't have hands on every day and I am not "on call" 24/7, my rental activity is not a job

What about marketing of vacant apartments? Do you use internet, listing services etc?

For Marketing, I use craigslist and any other free listing internet service, also the American Classifieds (Thrifty Nickel) which only cost $9 per week per ad.

We only have 2 rentals right now and my husband and I manage them ourselves.

One tenant is on Section 8, the other on rental assistance, so the rent checks come directly to the PO Box made out to the LLC.

We advertise mostly on craigslist and with signs on the property. My contractor will show the house (I pay him a set amount for unlimited showings, as he lives nearby). I use Excel spreadsheets to track expenses and rental income.

We have a carpenter, electrician, plumber and landscape guy that we call for repairs that we can't do, or don't have time to do, since we live an hour from the properties.

Our tenants call directly with any issues. We document what gets done, take photos, save receipts, and keep good records, including phone calls and correspondence via texts (tenants love texting). Last night a tenant called and said the thermostat wasn't working. My husband asked her right away if she had accidentally turned off the furnace switch. She had. Problem solved in 30 seconds.

We had an eviction in the late summer that our attorney handled - $300 for legal services.

At tax time, I give our accountant the spreadsheet. I have QuickBooks, but only use Quicken for checking accounts. I find the simple Excel spreadsheet works best. No need to over-engineer the process.

Hope this helps!