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#361756 - 12/25/10 12:50 PM Managing Rental Properties (for newbies)
stevenl Offline
Member

Registered: 12/20/10
Posts: 33
Loc: PA
I just started investing in rental properties and here are some of the things that I learned.

1. I have to be very organized in keeping income and expense records for tax purposes and the various insurances needed. I only have one rental property right now so the work is relatively easy, but if I get more rental properties, it would be hard for me to handle.

2. I have to handle the renting of units, from advertisement, applicant screening, etc. I learned quite a bit about checking credits and references. I am glad that I don't have to do this often.

3. I have to manage tenants. I've heard scary stories about getting phone calls in the middle of the night, but that has not happened so far - knock on wood. I have to admit though, when my phone rings in the evenings, my first thought is, "Is this a tenant calling?" Thankfully, the group that rehab my properties is standing by.

My monthly cash flow from this rental is okay but I am beginning to doubt whether the managing work is worth it.

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#363901 - 01/18/11 03:42 AM Re: Managing Rental Properties (for newbies) [Re: stevenl]
Nicole Mockson Offline
Member

Registered: 01/18/11
Posts: 16
Loc: United States
Yes, that's true. If you work in managing rental properties, you must be organize,flexible, and have patience to every tenants you have.

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#365064 - 01/29/11 09:40 AM Re: Managing Rental Properties (for newbies) [Re: Nicole Mockson]
Andy Collins Offline
Junior Member

Registered: 01/29/11
Posts: 4
Loc: us
a big part of making management of rental properties easy is to make sure you do an extensive rehab, and take care of everything,,if appliances are old, replace them, if the ac/furnace is nearly worn out, replace it,,etc etc

If everything is new or close to new the number of calls from tenants will be greatly reduced,,yes it cost a little more, but you might be suprised, I just put new appliances in a house we were finishing the rehab on, I found a 'clearance' range, with glass top, for $278,,,it beats paying $100 or more to replace the glass in the old one

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#367492 - 02/20/11 11:54 AM Re: Managing Rental Properties (for newbies) [Re: Andy Collins]
Flash Investing Offline
Member

Registered: 02/08/11
Posts: 70
Loc: Long Beach, CA
You seem to have a good handle on what is expected of you in managing properties. I agree with Andy in that doing all you can to make the rental worry free for the tenant will give you fewer headaches in the future. Put yourself in the renter's position sometimes. Make sure the nuts and bolts are in solid working condition.

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#370018 - 03/17/11 09:18 AM Re: Managing Rental Properties (for newbies) [Re: stevenl]
Retechulous Offline
Member

Registered: 03/04/11
Posts: 16
Loc: Central PA
Nobody ever said it was easy. And if they did than it was probably a 3am infomercial. The payoff can be huge, but you gotta work like anything else. Look at the long term reward with rentals. For short cash, flips are probably a better way to go depending on your market. If you keep a consistent and steady cashflow and save enough for unforeseen circumstances, it is one of the best longterm investments.

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#376811 - 05/24/11 06:06 PM Re: Managing Rental Properties (for newbies) [Re: Retechulous]
SD Prop. Mgmt. Offline
Member

Registered: 05/05/11
Posts: 48
Loc: San Diego, CA
If you end up with multiple properties, I would strongly suggest a property management company and I'm not just saying that because I run one! :)

The time it saves, peace of mind you get, quality tenants, long term tenants can well be worth the % fee.

It only takes one eviction to make most property owners realize what a pain managing your own properties can be!

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#389044 - 09/09/11 01:10 PM Re: Managing Rental Properties (for newbies) [Re: stevenl]
Landon Treber Offline
Member

Registered: 07/28/11
Posts: 33
Loc: CO
There is a lot of great software out there to help you manage everything to do with rentals. Propertyware is a great one. If you end up with a few rentals, consider hiring a virtual assistant who can be on standby to take calls 24/7, so you don't have to deal with it. They can even be instructed to call your handyman and set up repairs!
_________________________
Altitude Homes
Colorado short sale Realtors
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Denver CO real estate

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#395109 - 11/18/11 04:28 PM Re: Managing Rental Properties (for newbies) [Re: stevenl]
MarkR Offline
Junior Member

Registered: 11/18/11
Posts: 3
Loc: FL
I you really want to be hassle free, you can set up credit card payment so that the money flows through their card... You of course loose some margin there, but it may be worth it, especially if your tenants are high risk for not paying.

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#395357 - 11/22/11 11:29 AM Re: Managing Rental Properties (for newbies) [Re: stevenl]
John Safar Offline
Junior Member

Registered: 11/22/11
Posts: 1
Loc: Sacramento
The most important thing is leverage and control. I don't mean leverage in the loan sense, but leverage in time and energy into property management. One thing I've learned, try to consolidate your organization structure. It's best if you have a program that was made specifically for property management, instead of Quickbooks and a bunch of file cabinets. You should use some kind of network based property management solution.

We use a web application called Rent Pro Solutions (rentprosolutions.com). Might be what you're looking for if you're managing around 5-100.

You could always get another property management company to do it for you. Most places around sacramento charge us 8-10% which isn't too bad. Good luck.


Edited by John Safar (11/22/11 11:31 AM)

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#401920 - 02/23/12 01:35 AM Re: Managing Rental Properties (for newbies) [Re: stevenl]
Iftikhar Offline
Member

Registered: 01/24/12
Posts: 40
Loc: Pakistan
Your are doing a nice work. That's not an easy task. Handling tenants of different type of natures is quite a tough job but for it a person must have to be a cool temper, flexible and organized. Because rental assets gives not a big therefore we must have to prepare an account with the details of income and expense.

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#456098 - 12/30/16 09:58 PM Re: Managing Rental Properties (for newbies) [Re: Iftikhar]
Jhony Offline
Member

Registered: 12/13/16
Posts: 44
Loc: Maharashtra > Other areas
Hi,

Rental Property is a good business. Its not an easy task. Handling tenants of different type of natures is quite a difficult job. Rental assets gives not a big amount of profit therefore we must have to maintain an account with the details of income and expense.

Thanks

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