Managing my first House Hack

[Jonathon Nila]

What’s up BP Community! I am currently searching for a duplex to House Hack my first property in Modesto California.With me being a newbie. What tools and systems did you use to put your plan in place as far as managing the property getting the tenants in/out etc.? Any input that you got would be helpful such as videos you watched online or even books that you read or maybe even advice you were given from a seasoned landlord. Thank you all in advance!

[Ryan Wamsat]

Videos: I'm a big fan of Ken McElroy.  Though he's into large apartments, he commonly has videos for the new investor.  Very down-to-Earth guy.  I'm not so much of a fan of Meet Kevin or Graham Stephen... their stuff is ok, but I find it too sensationalized.

Resources: Personally, I highly recommend a property manager.  I've met @Kyle Kinsley and he strikes me as very knowledgeable and honest.  He once explained to me that he had to drop a landlord from his service because he/she refused to make needed repairs to their property.  A PM who is willing to give-up clients (income) for the good of their reputation is a PM worth checking into.  If you choose not to go with a PM, check out Cozy.co for online rent payments, tenant screenings, and online work orders.

Books: There are hundreds of them.  Literally.  Anything by Brandon Turner is good.  The ABC's of Real Estate Investing (Ken McElroy) is among my favorites.  And, look up anything having to do with cash flow.

Advice: Plan for the unexpected! Especially financially. New landlords simply think about covering PITI. But, you should also be considering repairs, vacancies, capital expenditures, and property management. A word about property management... include it in your costs regardless as to whether you plan to manage it yourself or not.  Worst case scenario, you get more money in your pocket.  Best case, if/when you want to use a PM, you've already budgeted for the expense.