If you bought your first property and are thinking about self managing it, hire a PM company to get it leased!
My first property I attempted this myself. The result, a terrible tenant. The tenant pays on time but is extremely high maintenance and all over the place. I ended up hiring a PM to handle it.
My second property (duplex house hack) I tried to lease it again myself. Despite being in a highly desirable area I only received a few emails and had 1 showing in 5 weeks. I ended up giving myself a due date that if I did not get it leased I would hire it out. I was struggling with all of the legal paperwork, systems, etc. After missing my due date I had my PM from the first property find a tenant.
The result: in 10 days they had well over 25 emails of interest, several showings, and got it leased to a high income earner that works at the local hospital. All of the legal paper work was completed and the tenant is set up on auto-pay. I haven't heard a peep since. Cost = $500.
Don't do everything yourself. Hire the professionals.
When I was trying to do this myself I lost sight of the other rentals I own, my strategy going forward (working on my business). It's okay to do some things yourself if you want, but majority of the tasks should be hired out!
Note: I only self manage the duplex because I live in the lower unit. My other rentals are all handled by a PM and it's well worth the cost.
Sage advice, William. Many years ago, I had a 2+2, first few years I did a house hack, then rented out the entire unit. First and second tenants I ended up suing in small claims court (how does a tenant make a hole in the ceiling? Stomping around in the attic and foot through the ceiling!). I hired a PM company for my third tenants. They found a young couple with a little girl... and for the next 4 years, not a peep!!! It was glorious! I do want to learn the correct process myself, but this time it will be on a case by case basis. This time around, I will do the RE rental properties right! :) The PM cost was $600.00 and I would have paid double! Thanks for sharing, William! ~Daniel
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