Tips for setting up processes to self manage rental

[Tanner King]

I currently house hack a duplex and the other units tenants are managed by a property management company. When I closed on the property I kept the current property management in place (inherited the tenant) for a smooth transition and I was concerned about the tenants learning I was the property owner and coming knocking on my door at 2 am.

The plan was always to self manage and I am ready to get started asap. The tenants seem very low maintenance, I've been in the property going on 5 months, have had one maintenance request, they keep to themselves, seem to take care of the property and have paid on time every month.

i also feel like the property management company I have in place doesn't do much.. they recieve the rent payment on the 1st and I don't get it in my account until sometimes as late as the 15th(not sure if this is standard), it looks like they manage several properties in my neighborhood and they have been sitting vacant for months, the pictures on there listings look like they were taken with a flip phone, etc..

So any advice for someone wanting to put systems in place to transition from property management to self managing my rental would be greatly appreciated. 

Also, I won't be house hacking this unit much longer. I just got a promotion at work that will be relocating me within the next 3-4 months, so want to have transitioned before then. I am on a month to month contract with my property management company.

[Dale K Poyser]

@Tanner King check out this article on biggerpockets

https://www.biggerpockets.com/blog/real-estate-how-to-expone...

Also, just finished reading the book "The Self Managing Landlord" by Amelia McGee and Grace Gudenkauf. It was pretty good and I recommend that as well. If anything, it will allow you to better manage your PMs or ask better questions.

Lastly - tThere are different levels of property management. Some investors only use them for placing tenants. Some use them for occasional maintenance and inspections. Figure out how much you can or want to do, and what you don't want to do.