Managing your own properties
I have had a rental property for almost 5 years now. I have been happy with my property management company for the most part. However, I would like to start taking care of this on my own. I feel like the knowledge and experience of the ins and outs of this property would be important for my future investments. I am hoping that someone could recommend to me, some resources to read or watch that could help me with understanding the basics of managing a property and then some more detailed information. I would like to find out how to perform credit and background checks first and foremost. Additionally, I would like to find out what are the things I need to do to protect myself from a legal standpoint.
Any and all information would be greatly appreciated.
Thanks.
Most Popular Reply
"Landlording" is a fun and informative book to read and to reference.
"The Property Management Toolkit" is a book I really enjoy.
I would lose at least $16k a year just by taking on a property management company. And that is before they start charging me for "work" and putting in their tenants.
I really love it. And the most time I put in is just repositioning the properties, it all falls into place once you get the hang of it.
On 9 units I got 4 phone calls this year. I am going to pay someone $16k to answer 4 phone calls???
I placed 3 great tenants this year that I vetted. It really was not at all difficult...I'm going to pay someone $4900 (1 months rent for 3) for their tenants?
So I would be out $21k and I haven't even gotten into the incidentals they will charge.
We really enjoy it. It is another aspect of family time for us. Much is play and some is work, I am hopeful my boys will have a great working knowledge so if they want to take it over they can. Regardless I think it gives them knowledge of a business and I am ever pushing them to develop a work ethic ;) They are 10 and 7 so they have time.