I want to learn how to self-manage one SFH remotely. How did you learn?

Question

I have a SFH in the suburbs of HTX which is currently under a professional property mgmt company. I am moving to Washington state and am not pleased with the current property mgmt company. I've interviewed a few others that seem okay.  I'd like to learn how to manage this property myself because I want to know how the process works and add value to my experiences as a rookie investor who is considering pursuing a partnership but I very clearly don't know anything about self-managing, particularly remotely. Is it worth it to buy a course to learn? I'm a big fan of YT university but this doesn't seem Youtube-able since there is a lot of legal and bookkeeping information I'll need to know. Please let me know your thoughts and if there is something important I'm not asking!

Markus Shobe · Answer

For the bookkeeping just keep it simple with one SFH. You could just use excel. Keep receipts for expenses and you should be fine.

Simon W. · Answer

not worth it for the course.

It is only one SFH so if the property is in good condition, you probably won't even have much maintenance involved.

bookkeeping, just make sure you have record of the income, receipts for the expenses and capital improvements. you can give this to your CPA at year end.

you just need to make a list of vendors that you will need just in case of emergency at 2am in the morning plumbing problems and others.

Sasha Leans · Answer

HEllo- if you have multiple SFH and you would like to learn more details about management- do you have any recommendations?

Colleen F. · Answer

@Lauren Kilburn  Do you have a handyman , HVAC,  and plumbing and electrical service you trust?  What is your tenant situation? Longer term stable reliable tenant? What amount of calls do you get now? Do you have any local friends or family in the area?   What would you do if the property goes vacant?   I would not advice a course just read up on business expenses, keep seperate accounts and credit cards. I would lose the PM while you are still local if this is something you want to do. Consider solutions for common issues like lost keys vacancy etc. A lot of things you can handle remotely but some of it depends on your tenants and your vendors.

I want to learn how to self-manage one SFH remotely. How did you learn?

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