How to manage if have more than 5 properties?

[Mary Jay]

Hi guys, I have 5 properties and I am struggling to manage them. I do have a full time job and a family but besides that, its only 5 properties. By managing I mean paying utilities when the tenant moves out, getting a new tenant in, paying mortgages , keeping track of expenses for taxes and which mortgage company sold which mortgage to who and registering on the new companies  website so I could pay the monthly mortgage...

I know a full time job does take a lot of my time. But I dont have many properties either.

How do people deal with 100-200 properties? 

May be they have bookkeepers? Or their accountants are paying mortgages for them? 

But you have to trust those people. You hear so many stories about athletes who trusted someone but those people scammed them out of their money...

I would love to expand but not sure how if I am already struggling with only 5 properties...

[Tim J.]

1. Set up all your payments on autopay or bill pay. (mortgage, utilities, etc)
2. set up all rent collection so it is hands-off - they either sign up for ACH auto debit or go to a bank branch and deposit into your account
3. have a checklist you follow for all move in and move out activities.  like switching utilities et.  The company may have a way to automatically revert to your name when a tenant cancels.  
4. Hire a part time assistant to do a lot of the menial cookie-cutter things - again - you need a checklist.
5. use software to track all expenses etc.  Google Stessa, buildium, etc.
6. Write down all the tasks that are part of your work flow for property.  Automate and delegate as many as you can.  You don't NEED a property manager - you need to be more effective at the role.

I had my hands full managing 10 units years ago - I used paper and pencil, then spreadsheets.  That sucked.
Sold all but one of those in 2006.

Last year I went from managing on SFR to a total of 23 units.  I realized I had to automate and use tools.
I still need to streamline - mostly with follow ups on late rent payments and sending letters.  And tracking maintenance issues.