Investor · Burbank, IL · Member since 2017 · 49 posts · 21 votes
9y
It all depends! I have a six flat and some months have been less than 5 hours others more than 40 hours.
I do all the maintenance and manage the property myself. The 40 plus hours usually happens if someone moves out and I have some rehabbing to do.
Hours per month can be significantly suppressed with a property manager and outsourcing maintenance and rehabbing.
Take into consideration the type of tenant you get and also the condition the property is in. Older properties might need updating and newer properties could be left alone other than regular maintenance.
Investor · Burbank, IL · Member since 2017 · 49 posts · 21 votes
9y
It all depends! I have a six flat and some months have been less than 5 hours others more than 40 hours.
I do all the maintenance and manage the property myself. The 40 plus hours usually happens if someone moves out and I have some rehabbing to do.
Hours per month can be significantly suppressed with a property manager and outsourcing maintenance and rehabbing.
Take into consideration the type of tenant you get and also the condition the property is in. Older properties might need updating and newer properties could be left alone other than regular maintenance.
Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
9y
It really depends - if I'm turning a tenant over, I might spend some time working on the properties myself to get them back up to speed or performing upgrades (or coordinating that).
Currently, I have three properties managed by two property managers.
I spend on average 15 minutes per week responding to emails/texts
I spend between 1-2 hours per week taking care of administrative tasks - this includes bill paying, daily accounting, month end accounting, visiting the PO box for mail, etc., etc. I also spend about an hour a day looking for new deals during the week (possibly more on weekends).
I am currently working on acquiring more properties that will take more time. I can't say that my time spent is constant. As an example, last Fall, I had one I was rehabbing (about 16 hours per week), one that was rented, and a third that I was coordinating rehab on. This means more labor spent on the unit as well as more time spent on administrative tasks (bill paying, daily accounting, sourcing material, shopping for items, etc). I would say last Fall I was spending AT LEAST 20 hours per week on the rentals (at minimum).
I have one low maintenance property and I'm looking to expand. I'm also looking at becoming a part-time property manager. I know that no month will be the same, but I don't want to spread myself too thin.
Investor · New Martinsville, WV · Member since 2013 · 8 posts · 1 vote
9y
I currently have 5 properties and unless something unusual happens I only spend about an hour a month doing paperwork. My tenants are all long term and they pay online. I work an average of 52 hours per week and I don't have any trouble keeping up with my rentals.
I do have a reliable maintenance person that I call when issues come up.
Investor · Holmdel, NJ · Member since 2015 · 53 posts · 23 votes
9y
I have 4 properties and I spend 1-5 hours a month total on these properties. I have property management in place so most of my time is spent on paperwork, accounting, admin along with resolving occasional issues with PM.
I spend 10-15 hours per week researching new properties and markets.
Investor · Milpitas, CA · Member since 2015 · 40 posts · 13 votes
9y
I have 5 properties and I spent about 5 mins a month to check on my rental bank account usually on the 2nd day of the month. Occasionally send out txt to the neighbors to see if anything unusual to my property. I gave all my tenants my bank account and routing account so they just go to my bank and deposit the money on the 1st of the month.
I spent about 20 hrs a week on looking for new properties on the market within 2 hrs travel.
Realtor · Camarillo, CA · Member since 2014 · 162 posts · 102 votes
9y
The rule of thumb I have seen is that management averages ~ 4/hr/month/unit.
The 3 keys to Property Management are:
1) Set tenant expectations and have them follow strong (and fair) lease.
2) Have vendors you can trust.
3) Have standard procedures for every thing from placing a tenant to moving them out.
If all 3 are in place you will have work life balance. If any are missing you might be better off getting a part time minimum wage job.
It 100% depends on the rental, we have some where I'd estimate 15 minutes a month, if even that... they are long term tenants, always pay on time and take great care of the property! If it's vacant, and we're advertising and doing showings, I'd estimate it takes 10-15 hours, with showings/emails/screening/etc. Once the person is moved in, and happy, and everything is working, it's easy.. but if you're in transition, it's much more stressful and time consuming.