Transitioning from pro PM to self managing

[Jeff Lee]

Howdy BP Nation!

I'm fed up with the poor response times, the high expenses, and generally poor ROI (time and money) on using a professional property manager on one of my SFRs, so I'm planning on going to self-management. I've already signed up for Rentredi, and have talked with the current tenant about changes that will soon take place. I've also pre-filled a new Virginia lease agreement I got from the BP Forms section (since the lease included an agreement with the property manager).

Other than 1) Actually firing the PM, 2) Having a separate bank account to hold the tenant's deposit, 3) Having the old lease end and new lease start the next day...Are there any other considerations I need to take into account? Any issues with dropping the old lease because of firing the PM?

[Jacob Sampson]

If the lease is still in force you may not be able to just drop it, unless all parties agree.  If it is a month to month lease then you can transition after 30 days or at the end of the current 30 day period.  

I prefer to get a google voice number and link it to my cell so that that is the number the tenants know and use rather than giving out my personal cell.

Have some means of tracking income and expenses for reporting and tax purposes.

My state doesn't require a separate bank account for deposit so I just have the single account for income, expenses, and deposits.

1 SFH shouldn't be any problem at all.