Self management - is it common?

Question

Hi,

As a foreign investor, I must use the services of a management company. As locals, are you managing it yourself?

Also, do you have any recommendations for self managing softwares?

Thanks!

Dave Spooner · Answer

@Shimi Elimelech TransUnion SmartMove is just a screening software. It's a good one, but you probably need something a bit more robust if you're self-managing internationally.

It can absolutely be done, we work with a lot of landlords located outside the US that self-manage with Innago, for example.

I think there are two keys to making it successful:

• Find software that offers all in one tenant management features (signing documents digitally, collecting rent online, tracking communication, maintenance, automating reminders, etc.)
• Get connected with someone local to handle boots on the ground activity

Sometimes you need someone to perform maintenance or even do a showing. Those are two things that are impossible without someone physically there. You can hire a full fledged manager but having a trustworthy local handyman can be more than sufficient.

David Lee Hall, III · Answer

I do a mix on my small portfolio. Oddly enough, the ones I self manage just know me as the property manager/handyman while the ones I have professionally managed know I am the owner. Jason Hartman has good information on remotely self managing, and there is also Brandon Turner's book on management for BP Fans. I can also recommend Mike Butler's Landlording on Auto Pilot (which Brandon's book was influenced), the Mr. Landlord mentor program and Lou Brown's mentor program. Personally I started with Tellus App and Quicken Rental and Business software for management, but am in the process of moving to RentecDirect as an all-in-one management and accounting platform. My lease is a combination of Brandon's, Lou Brown's, and some custom pieces I wanted based on various podcasts. You can definitely self-manage and pay yourself that 10% per month and it will give you good experience to when you get large enough you can no longer self manage to help you select a replacement.

Wale Lawal · Answer

Managing your property yourself as a beginner is always encouraged as it gives you the landlord experience and exposure you need for future rentals.

RentRedi, TransUnion SmartMove are few good software you can try out and see if it works for you.

I personally use TransUnion SmartMove.

Goodluck

Jason Hartman · Answer

Thanks @David Lee Hall, III. We have a lot of new content coming out about self management, in addition to what we’ve already published.

Self management - is it common?

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