All Forum Posts by: Rene G.

Serious question.Why don't you self-manage? Really? Property managers are middlemen doing a low paying job and no one will ever care more about your livelihood more than you. Even when you have a good PM today, things can change, they could get bought out, retire, hire subpar employees, devote more attention to bigger more high paying clients, etc. Today it's easier than ever to self-manage! I'd really be interested in your thought process, I look forward to what you'll say!

4Δ 𝓡𝓮𝓷𝓮 💪

Tiffany, a lot comes to mind, the biggest thing for me is how to prevent it and how did this happen, but without having a back and forth with you (DM me and we can do a Zoom for free of course, if you want bc I love DIY property management), I'll just throw some things out here:

- I recommend having a flat late fee and a daily reoccurring fee (this needs to be in your lease and permissible in your state/city).

- Have a conversation and be the concerned helpful person with no agenda. Just try to understand. "Why does this happen?" "When do you get paid?" "Is there anything you can do so you can pay on time?" "Is there anything I can do?" "Do you want to move out?" "What would happen if we had to increase the rent upon next lease renewal?" Etc. The point is just to understand and not make any decisions. 

I have other ideas, but it's hard to text on my phone, I'd much rather talk back and forth. Anyways, I'm sure you'll figure something out. Hang in there!

4Δ 𝓡𝓮𝓷𝓮 💪

I had to figure this all out while deployed to Iraq. I built a bunch of handsoff systems and tested, trial and error until I dialed in everything into SOPs (took me about 10 years to get here though).

I call it "self-service" property management. I have automated newsletters where I give tenants seasonal email reminders with short how-to videos, I carry home warranties, everything is online eforms: lease/addenda e-signatures, condition reports inspections where tenants upload pictures and they automatically get save to the cloud, pre-leasing app so I don't have no-shows, I even have SOPs where I hire out my showings and it explains everything they have to do step by step, etc. 

This took a lot of effort up front but saves me so much time now! I did all this because I committed to landlording forever and I want a rental biz that I control that practically runs itself. I call that cashflow forever and real freedom!

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The Forever Landlord

Look man, you can totally do this!

Don't listen to middlemen property managers trying to make their job seem harder then it is; they want your business. lol

IMO the property management industry is about to be disrupted, think printing press, Model-T, the internet, ai...

I've been self-managing my rentals from Iraq for over a decade. If I can do it from the other side of the world, backwards timezone, crappy internet, no cellphone service working 12 hrs shifts six days a week, etc, you can too, especially if you're local.

Ask me anything, I'll share exactly how I do it (for free) because I root for the underdog mom and pop landlords and I hate middlemen undercutting small landlords. If you want to retire early and get real freedom then figure out how to self-manage with handsoff systems like I do. Oh, it's a fact, the fastest way to increase cashflow is to fire your PM! Hahah

Property managers think I'm a jerk, but it's the truth. Property managers are best if you have 50+ units...not to mention the best large landlords run their own property management business. Ask yourself why? Middlemen PMs are just doing a job, This is your livelihood... if I was your own brother I'd tell you what I'm about to say now, "Do it yourself better, self-manage bro!"

If you are serious and are really committed hit me up. 

"Forever All In!"

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4Δ 𝓡𝓮𝓷𝓮 💪 

The Forever Landlord

Before you go crazy and build a 20+ page lease, I'd like to suggest a better frame. Most landlords and property managers try to overregulate tenants to force compliance and they forget the entire point of the lease (details things so tenants understand); it's crazy! The longer your lease and the more clauses you put in there, the more crap you have to do/inspect/enforce/etc.  And guess what?! Tenants won't even read it! Haha Which is part of the problem...eg, putting extra stuff in the lease gives you a false sense of security (don't get me started on all these generic leases).

The first priority is to have a rental that attracts good tenants, next is to screen to ensure you get good tenants, then is to have a lease that good tenants can read and understand. Last is how you manage the tenants and groom long-term residents. You do not want an excessively long and overbearing lease/addenda (in court this can backfire on you too). I'd like you to think offensively. I do things to encourage and incentivize...eg, I've built an automated monthly "Resident Reminders" email newsletter that sends helpful tips framed to the tenant's benefit, meaning I word tips in away that they care and understand why it's beneficial for them to do (they won't be motivated to do things for my benefit, get it?). 

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4Δ 𝓡𝓮𝓷𝓮 💪 

PS All I do is help DIY landlords self-manage their own rentals better than middlemen property managers. No one will care about your livelihood more that you.

For me, I run my own experiments and constantly try to get better/improve operations. I however want less things to do. So, I optimize for hands-off systems and will pay for efficiency even if it costs more...

Just my two cents. I'd say keep what you have for a bit and gauge level of service; ask them about long-term contracts for discounts, price increases, and autopay, etc. After you tested them out for awhile, test the other ones. Then, after your done with your experiments then you'd really know what's best for your specific situation...

Sometimes when people ask questions on the forums stuff might sound good but turn out to be bad for you. What's good for one person might not be good for the next. That's why I like doing my own tests. 

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4Δ 𝓡𝓮𝓷𝓮 💪 

PS I'd love to know what you end up doing. Maybe we can stay in touch or you can come back and update this post.

It is me or does it seem like everyone says the same unfulfilling basic stuff, e.g. laws, attorneys, lease, PM software, etc. It's all the stuff you probably know.

I think it'll be better if you explained more about you/your brother situation...What's the long-term plans and why do y'all want to self-manage? Do y'all have an LLC? What's the plan for taking profits and filing taxes, etc. I think it's more important to discuss y'all's strategic plans before diving into the how-tos of PM

 I think the problem is you asked a question for tips without specific details so everyone is giving you basis stuff, stuff that AI could have told you. Sometimes I think people here are using AI to give their replies. lol

Anyways, just my 2 cents. Good luck!

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4Δ 𝓡𝓮𝓷𝓮 💪 

Why not self-manage? Cut out the middleman and make more cashflow! I've been able to self-manage from Iraq you can too!

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4Δ 𝓡𝓮𝓷𝓮 💪 

PS No one will care more about your livelihood than you, PMs are just doing a j-o-b. 

There's some gaps in your question...

How long are you planning on self-managing and what class rentals do you have? What happens if you get good at managing rentals nearby, would you want to long-distance self-manage?

BTW I've been self-managing long-distance for over 10 yrs and even when I worked and lived in Baghdad Iraq for most of the 10 yrs. Now that I'm financially free and my rentals are all within 1.5 hr drive, I never have to go to them because I figured out how to do things very hands off!

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4Δ 𝓡𝓮𝓷𝓮 💪 

The Forever Landlord

How long do you intend to do this? Why have you decided to self-manage? I have so much to say!