Self Managing Rental Properties

[Jonathan Trimboli]

I’ve been pondering the idea of self managing my rental properties but starting/running it as a business and making a company out of it vs. using a rental management company someone else owns. Anyone done this? Pros & Cons? Looking for insight.

[Bjorn Ahlblad]

@Jonathan Trimboli the thing about managing your own is there is a lot to know and you need to feel confident you are handling the details and the tenants and following local laws. When we lived in California we managed our properties there and then bought duplexes 1000 miles away in Wa, we used a pm for those. 

Then we sold the ca properties and moved to Puget Sound where our OS properties were and bought a 12 unit building which we self manage and eventually took over the duplexes too. We joined the State LL Association and between them and BP we get all the support we need and have no problem managing we could do a few more and are constantly on the hunt for additional assets.

Don't underestimate what all you need to know and do managing your own stuff. If you do not screen well, and if you don't train your tenants, and if you don't build a team around you it will be a raging disaster! All the best!