All Forum Posts by: Shane Power

If you are going to do it, I highly recommend reading "The book on managing rental properties" by Brandon and Heather Turner. I read it right before I posted my first rental and it saved me from making so many mistakes!

I spend a lot of time and effort up front renovating my properties, screening tenants, and setting expectations. If you have good tenants with appropriate expectations in well maintained properties, it isn't as much work as you would think. If you don't spend the time upfront, you will spend the time later dealing with all of the problems.

No matter how prepared you are, things will always pop up. I got a call about a leak at 9PM on my birthday. I highly recommend having a business line (or at least Google Voice with a different number). If you don't want to deal with those issues, hiring a PM is always an option so don't let that stop you from investing in rental properties. Just be sure to spend the time vetting the PMs and incorporate that into the numbers when evaluating a potential deal.

That was just for phone. Seriously, it's difficult, but it is easier for people that educate themselves and treat it like a business. I've been doing this for 12 years and have 400 rentals under management. I have solid screening processes, policies that nip problems in the bud, a tough skin, tenants that are trained to use my emergency line and not contact me on my cell, etc. I still have non-paying tenants now and then, but I don't let them get out of control. I still find a trashed rental now and then, but I turn it around and use the court or collections to go after them.

Even with 400 rentals, I don't work after 5pm or on weekends except for emergencies or the occasional call. I probably spend 1-2 hours a month on those.