{"id":172069,"date":"2024-05-22T07:52:56","date_gmt":"2024-05-22T13:52:56","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=172069"},"modified":"2024-05-22T07:52:58","modified_gmt":"2024-05-22T13:52:58","slug":"resources-to-help-you-self-manage-your-rental-properties","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/resources-to-help-you-self-manage-your-rental-properties","title":{"rendered":"9 Incredible Resources To Help You Self-Manage Your Rental Properties"},"content":{"rendered":"\n

When I first started in real estate, it was a no-brainer that I would self-manage. Like many investors looking to make real estate investing their full-time job, it simply was not feasible to give such a huge cut of my cash flow<\/a> to an external company.<\/p>\n\n\n\n

As a rule of thumb, property management companies charge 8% to 10% of total rent, plus other fees. I wanted to keep every dollar I could so I could reinvest it and run my business full-time sooner rather than later.<\/p>\n\n\n\n

Quickly into my portfolio, I also realized that I could operate my rentals with better customer service and a higher level of performance than most companies. In 2021, I bought an eight-unit apartment managed by one of the most recommended management companies in the area. Upon closing, I realized that the PM was leaving a lot of money on the table: not collecting pet fees, deferring much-needed maintenance, renting at under-market rates, and more.\u00a0<\/p>\n\n\n\n

I thought to myself, \u201cHow on Earth are people paying for this?\u201d Then and there, I solidified that I would never use a PM company but would build an in-house team.\u00a0<\/p>\n\n\n\n

Is Self-Management Right for You?<\/h2>\n\n\n\n

This is not unique to me. Many investors can run a better-quality business than large PM companies. As long as you can problem-solve, you could be a great self-manager for your portfolio, meaning significantly more cash flow and a higher quality of service to your tenants.\u00a0<\/p>\n\n\n\n

Most of the time, investors opt to hire a professional management company under the impression it will make their investment completely passive<\/a>. This usually ends up not being the case because you still have to manage your manager. Additionally, a lot of property management companies have to manage hundreds of properties to be profitable, which means you and your portfolio don\u2019t necessarily get the necessary time and attention.\u00a0<\/p>\n\n\n\n

Often, this means self-managing ends up being a better route. If you have to manage the manager, why not just cut out the middleman for a higher profit and a better-quality rental? This is the route I have pursued in my real estate investing business and what has allowed me to quit my corporate mechanical engineering job less than one year into investing. <\/p>\n\n\n\n

Rather than hiring a large company that would take a large portion of my cash flow, I opted to self-manage until I could hire an internal property manager\u2014that is, a property manager who is on my own payroll and works directly on my team.\u00a0<\/p>\n\n\n\n

Resources to Self-Manage Your Properties<\/h2>\n\n\n\n

While it might seem daunting, self-managing can actually be pretty straightforward, and thousands of landlords out there self-manage and are very successful at it. If you are on the fence, here are some recommended resources to ensure you are successfully managing your properties.<\/p>\n\n\n\n

Books<\/h3>\n\n\n\n