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Updated over 8 years ago,
I SPEND HALF A MONTH COLLECTING RENT!
Hello Community, Im looking for advice. I currently am burning the candle at both ends, running around so much and in turn, loosing efficiency in my rental business. I currently have 18 doors (rented), 30-35 storage unit doors (rented), and a masonry company. I just picked up my most current tenant for a 3br yesterday. It is the 13th and still have 4 tenants to collect from and idk how many storage tenants to collect (I think like 8 units).
I am looking for advice, I know Im doing things I shouldn't be doing. Im not staying on top of late tenants with notices and multiple phone calls, Im making deals with tenants about when they can pay, have become more friendly with a few, etc. Bottom line is I am breaking my own rules due to having too many doors to self manage. I know theyre taking advantage of me, but based on whats going on, I put things in order of importance, and the rentals fall by the wayside at times.
I took the next step in interviewing with a secretary/ accounts manager. She has over 20yrs experience, and wants $13/hr. I have 10 in a concentrated area, that I think I am going to turn over to her.
Since Ive never hired someone like this before, what objectives should I strive to her? What should I look out for, should I have her be constantly calling late tenants and not just letters? Thanks, Im stressed..