and, more importantly, how on earth did you manage all of that?
how can a mom & pop investor manage 20 vacancies, say, in the month of june? coordinating the "rent ready" and all of the showings has to be insane if you don't have a property manager.
I own a small property management company, and the most I've had to turn in a month is eight. It does get a little crazy getting everything scheduled, but I try to make sure the moves are all scheduled with a few days in between them. Ideally, I only need to vacant days, one for repairs/paint and the second for cleaning.
@Scott W. Honestly I manage 8 rentals and have had 3 at the same time when I was placing my parents tenants for the first time after a successful 1031
I *manage* my vacancies. I watch when the houses are going to come up compared to other that I have. I also find it easier because people like a "Variety" so I will give them multiple choices. Honestly its no different than if you were a property management company or professional company that has 300 unit apartments.
When I worked for a multi-family apartment complex. We watched to make sure that they were even based on the different seasons.
How many doors are you thinking of to be concerned about 20 vacancies at the same time?
I'm pretty mom-and-pop and have only ever had two vacancies at the same time. We use month to month agreements, so they aren't all coming up for renewal at the same time. In Illinois you have more weather concerns, but you can stagger dates to span your nicer weather months.
You need to build in time, energy, and money into either tenant retention (so they don't want to move), hiring help (cleaning, rehab, answering the phone, scheduling/showings, and screening can be outsourced depending on state laws) or weathering the storm (let some sit empty while you deal with what you have capacity to handle).
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!