How much work is self managing a property?

Question

Im considering self managing my first rental but id like to hear your experience managing your own. How often are you actually at the property. My biggest concern is physically having to go to the property on a frequent basis. I live 40 minutes from the market im looking at.

I know leasing and large repairs will require my presence. From what i understand landlords can have most small repairs arranged between the tenants and the contractor. Im curious how often you physically go to the property.

Bjorn Ahlblad · Answer

@Reese Donohue There is a lot to know and if you don't know it you can create problems for yourself. We have a 12 unit an hour away...............it is an easy building to manage.........we have duplexes in another area. Also not a problem. We used to have a PM but we are better off self managing as we have been LL's for a long time. We see the properties twice a year for inspections, and whenever else as required. We are currently looking for another 12+ unit but have not found anything suitable.

David Tyrawa · Answer

My experience is after the first month of rehabbing and leasing maybe one or 2 trips a year. We have soon to be 15 and I can think of one or 2 that me and my partner haven't been in 2 years. ( Long term tenants that always pay on time and fix minor issues themselves. When they do they provide receipts with lowered rent for the month) as long as you have few contractors on speed dial to fix issues I believe it's more time leasing than anything else. When I get to 40 or50 units I will be looking for management but that's so I can step away and enjoy raising my kids

Stephen J Davis · Answer

By rehabbing your property upfront, making it perfect and screening the hell out of your tenant, there is not much to single-family management. I always say about 6 hours a month for 20 houses average. Most months only about 1 hour to do accounting and such. Other months that you have to fill a vacancy can take more than 10 hours. Make sure the tenant is responsible for the first $250 of any repair and there is a $50 trip charge in your lease. This will keep the phone calls to a minimum. Remember to take a course on real estate investing that includes property management. There is a lot to this.

David de Luna · Answer

I have some units right here in town which I either manage myself or have electricians and plumbers (actually kids that were here in my house for many years hanging with my sons and grew up and into great union jobs). However, most of my investments are out of state, but it's where I do rehabs, so I have the electricians, plumbers, handymen already doing my rehabs that I call upon for issues at my rentals. I have tenants paying rent electronically, so self-managing isn't as difficult as I thought it would be.

How much work is self managing a property?

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