Updated over 4 years ago on . Most recent reply
Self-managing my rental
So I am about to rent out my first investment property and I am thinking of managing the property myself. I have a potential tenant that is also one of the subcontractors that will be finishing the work on the property. I have a few questions: If I chose to self-manage what is the best website or app to use for background checks and leases. Should I let this tenant, if he does great work, repair the property if anything needs fixing, like leaking toilets? I am thinking no for the last question, but just wanted to get some thoughts on the idea.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
I've self-managed 3 dozen rentals since 2003. I finally got a PM for a third in 2020 and seller-financed off 14 last year and this. 6 now should be a cake walk.
But...honestly, I wouldnt bother to go through the learning curve of laws, leases, notifications, handy skills, etc unless I was going to do this at scale / full time. Too much work for a hobby. Invest in a good PM and don't let your tenant do repairs.