All Forum Posts by: Rene G.

I'd say go with no software at first and focus effort on system and making SOPs for all steps, standardize your forms, build FAQs, business banking, etc and try to keep things simple. 

To get started test listings on different platforms natively and learn the ins and outs. Track where your best leads come from and only list on the best when you dial it everything. You can use MySmartMove for screening and do your own books, at least for a bit to learn. 

Later when you want a PM software look for something that has built in bookkeeping. I'd say don't rush it. Just my 2 cents. Good luck out there!

Try LandlordSkool.com it's free for new landlords that want to self-manage their own rentals. Go back to the first BP podcast episode and listen them them all and buy all the real estate investing, sales, and business books you can. I prefer audible audiobooks. Good luck!

Try LandlordSkool.com it's free for new landlords that want to self-manage their own rentals. Go back to the first BP podcast episode and listen them them all and buy all the real estate investing, sales, and business books you can. I prefer audible audiobooks. Good luck!

1. Yes, I made a short video on YouTube how to find a "real estate specific" attorney and I give a pdf of questions to ask. Many initial consultations are free (don't skip this step). Ask them for the lease they have that they've defended in court. 
2. No, learn is barebones at first, kinda like learning math without a calculator then later you can test PM softwares. 
3. MySmartMove, it's better that Zillow's built-in screening credit and background check. 
4. Not me, but work with what you got and don't get discouraged. Ideally, IMO you want to be in a landlord friendly state, mastering one market, but this isn't a deal breaker. 
5. No, middlemen PMs are a conflict of interest and the best real estate investors (think Ken McElroy) run their own PM for their own REI endeavors.

Who am I though, don't listen to me. lol This is just my 2 cents. 

4Δ 𝓡𝓮𝓷𝓮 💪

The Forever Landlord

Bro, I you don't want a smart lock because it needs to be configured and connected to WiFi (depending on how close/far the router is WiFi is an issue), plus when WiFi goes out it's a pain resetting and reconfiguring at inconvenient times. Not to mention, there are a ton of brands, makes, and models (handles need to be accounted for and master keys, and rekeying, etc). I spent hundreds testing out different ones before I found something that works for all my rentals, but you then need how-to video to share with the tenants and make sure your lease supports things like lockouts and changing batteries. I have so much info on this, too much to get into here. Anyways...

I used to work and live in Iraq and had to figure out a work arounds for long-distance self-management (no middlemen property management ever). I have too many questions and don't get on here much, but I'm willing to help if we can schedule a Zoom call and have a back and forth. Just DM me. Good luck regardless, when there's a will, there's a way, you just gotta find the best for you ASAP bc these issues will come up again. I like to find solutions that fix problems once and forever. 

4Δ 𝓡𝓮𝓷𝓮 💪

The Forever Landlord

Never sell, cashflow forever! Do you have kids? Can you get them involved to help you get organized?

For ten years I worked and lived in Iraq. I had to figure out how to self-manage from the other side of the world so I relied heavily on systems and tech. I was forced to figure out how to solve problems without getting directly involved. It is totally possible to do this!

Don't hire a middleman property manager. In the end they're only doing a job, this is your livelihood. They can be good now but later suck, they could retire or get bought out, they could just randomly drop you or slowly neglect you over time, etc. Then what?

If you become dependent on third party PM your fate in their hands. Out of sight,out of mind is bad for you...managing the property manager is a job. IMO, it's best to take 100% responsibility for your success!

I volunteer to help you (for free) if you have the willingness. I can help you get organized. I have everything from automated tenant newsletters, property management website, FAQs, how-to videos, home warranties, professional domain email and phone, etc. Don't get discouraged, it's a new thing g and will be uncomfortable at first.

I call this the "plain vanilla" business advantage (like plain vanilla ice cream nothing crazy), you want to look and act like a property management company (just enough to get that business advantage). It's the best way to self-manage because the tenants don't know you're the landlord operator and it gives you control and freedom. It's not hard, it just takes time to set up your rental biz. 

The question is, are you willing to do what it takes? If I showed you how to do everything, click by click, would you do what I show you I do and have been doing for over a decade.

Last thing I'll say is, I think of self-management like an assembly line and everything is a repeatable process. It's engineered to foster long-term residents. This does not work for short/midterm rentals. The only unknown variable is your niche. What is it? This could be a deal breaker. If you want to do a call or something DM me. Either way, I pray you'll get the wisdom to make the right decision. 

4Δ 𝓡𝓮𝓷𝓮 💪

The Forever Landlord

Lou,

Bro! This question is so over asked. Everyone is giving you one way communication without knowing any of your details. I volunteer to jump on a Zoom with you if you want, just DM me...

Here's the down low, I think you're asking the wrong question. How committed are you and want do you really want are the real questions.

I'm leaving out so much, but maybe you can read between the lines:

Kinda like a calculator, if you don't have the math knowledge, sure a calculator can help you do some basic math, but if you have a scientific calculator would you need it/want to even learn it?

Your question is kinda like asking which calculator you should get. Everyone is giving you their bias opinion/input. It's not bad, but I don't do that. I need to know what kind of student are you first!?

I'm like wait, who are you and what are you all about, and what to you need. Then, I'd know exactly what you'd need by finding out what you don't need.

Good luck man!

4Δ 𝓡𝓮𝓷𝓮 💪

The Forever Landlord

@Jay Hinrichs wow, I stand corrected, much respect! You help way more than me. lol I feel like a small fish, but it's inspiring to hear about all that you've done and doing. 💪

Yes, I agree 💯 with the long-distance, section 8, low class rental risks. I say the same. My preferred situation is new DIYer have highest class rentals (I have B and A)/SFRs/long-term/single-story/etc I suggest trying to centralize everything in one market so they can have one RE specific attorney (not a jack of all trades attorney), they learn and master one market/state laws, have one lease/addenda and build one team with backups (eg primary secondary handyman), etc and lots more (it's a pain texting on my phone I have lost more to say), but I'm just trying to give you an idea. IMO the point is for new landlords to learn the ins and outs first and learn my KISS style doing more with less and not chasing shiny objects, then later when they want to scale they can be a mater at something (not a jack of all STR/MTR/LTR/co-living/etc), plus, they'll be able to manage the property managers better. If they don't want to scale they can be more like my style, super hands off with only five SFRs and everything is paid and owned fully by my holdings LLC, im in control but don't work in my business. As you know most mom and pop landlords own just a few rentals. And that's ok!

@Jay Hinrichs I've been doing this for free for years. Who are these people, got any names? I'm in this forever and that's why I'm the Forever Landlord. lol I'm not going no where. It's crazy how people want to hate on others. Why don't you thinks it's good to master something and as you get older, I'm 39 now and then want to give back? After COVID when I had nothing to do, I got bored and kinda depressed. It taught me that I needed something to do "forever" NEVER RETIRE! So I committed to being the best landlord helper I could. There is no shortage of people needing help with their DIY property management. I love getting to know small mom and pop landlords and helping. This gives me meaning and purpose. After I got out the military I had a buddy (we called him Smitty) commit suicide because he lost purpose. Tell me what's wrong with what I'm doing? Why is this bad? I don't get it. I'm truly trying to understand. 

@Drew Sygit I have no course. Are you talking about the free school that I have where I help new landlords how to self-manage for free?

I remember what it was like when I was afraid to fire my property manager... I listened to every single BP podcast (every episode) and bought all their books, and STILL was hesitant to self-manage. There is no one doing what I do for free helping people step by step. What is wrong with that?

Think about it. Me, someone who's self-manage for over a decade and have all the systems, checklists, SOPs, etc and I spend my time to speak one on one and help people for free. There is no money in this. I do it because I love DIY property management.

Tell me how you help people? What do you do to give back?

4Δ 𝓡𝓮𝓷𝓮 💪

PS I've helped over 100 small mom and pop landlords get started step by step. Not one of them are mad at me for reaching out to help for free.