Newbie here - what would you say is the single biggest problem

10 Replies

Hi all,

Just curious, what would you say is the single biggest problem that you face whilst managing multiple properties yourself?

Is it getting honest tenants or just the part of managing multiple showings while you are busy with other stuff?

Thanks,

Mark

@Mark Pitt The biggest problem people run into is, trying to do everything instead of outsourcing the weaknesses and doubling down on the strengths. 

Finding a good handyman.  The good ones don't need my unsteady work and I don't have enough work to bring it in house.

When multiple units are empty or in crisis at the same time.

Waiting and wondering and not being in control when tenants are in crisis.

I only have two tenants that are renting rooms in my primary SFR so it's pretty simple for me right now. Only a few concerns/annoyances.

1-Having a fluid rent payment system set up in regards to how and which bank account while juggling the mortgage/utility payments.

2-As @Michele Fischer posted, find a good handy man. I have a sewer line get clogged resulting in the kitchen sinks and washer sewer line to backing up. Spent the whole day (Sunday morning) trying to find a plumber to come out. I eventually found a local guy who came in 15 minutes, handled it quickly, and for an unbelievable price.

Now if I ever have plumbing problems again, I have a great peace of mind that I know who to call right away. Now I am on the hunt for a good handyman before I need them. 

@Kevin Phu @Michele Fischer @Patrick Hermans

Do anyone of you use any companies to manage maintenance requests? Is there like an uber like company that finds you people such as plumbers etc?

Are you guys just using excel sheets or some kind of automating onboarding company?

I'm in a smaller town, so I don't even have uber, much less sophisticated matching services.  I recently used HomeAdvisor for some work.  It was handy to get interested contractors to come bid my project.

I only have 8 units and am in accounting by trade, so I have an excel spreadsheet on steroids.  If I had more units and was self managing I would invest the time and money on the integrated tracking systems.

Finding a good Property Manager.
Got rid of my first PM 2nd is much better.
I believe as your portfolio grows w them it gets better.
Most investors like myself starts w just one making you a very small customer in the big picture. Not sure if it’s because my PM has a new office assistant or because my portfolio is growing steadily or our close to 2 year relationship I feel our business relationship is much better than when we started

Decent plumber who is 24/7 and good handyman will save you LOTS of headache

Anyone interested in testing out a system I built to automate showing and rental applications?

Originally posted by @Mark Pitt :

@Kevin Phu @Michele Fischer @Patrick Hermans

Do anyone of you use any companies to manage maintenance requests? Is there like an uber like company that finds you people such as plumbers etc?

Are you guys just using excel sheets or some kind of automating onboarding company?

 Right now I manage all the maintenance requests as I live in the house as well. I do have a plumber that I can call for any major issues though. When I get more units, I will be using some sort of online portal where the tenant can make their payments and submit maintenance requests.

I am using an excel spreadsheet right now to track all of my property's associated income/expenses. I'm house hacking my 4BR SFR so it's pretty basic right now.

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