All Forum Posts by: Randy Barnaby

volume discount. That's what I was goin to say. 

@riciryan  all of the above. If my plumber/electrician/handyman/HVAC guys see anything out of the ordinary then they will let me know, and if possible snap a couple photos of the issue. Probably the worst notification I got was dog feces around the house. 

Also, these are just the regular people I use for issues. Turns out that most of these guys do work for professional management companies anyways and already know the drill. 

@MikeF.  Are you suggesting that tenant turnover is higher when a management company is used?  Is this your experience having done both?  What would the reasons be?

thanks for the clarification on the VA.

Simplifyem is what the software is called

great input. What dose VA stand for?

The software for rent collections and accounting has been great. There are some that are even more robust. It organizes the info very well which has been handy for taxes. 

The software sends the tenant an invoice and they just click pay and it sends an eft from their bank account to mine. No waiting, no getting lost in the mail, and no trips to the bank. They have to set it up on their end by verifying a small deposit, but it's written in the lease that this is how we collect rent, so they know going in. 

It is also handy for sending other invoices i.e. An HOA fine that I need reimbursed or a service call fee.

With 10 properties, I believe I may be close to needing a property manager. That being said, after a review of the time spent self managing properties over the past year, self managing seems like the way to go.  The calls were few and far between. When they did occur, they seemed to occur all at once. I always had a feeling of dread when the phone rang. None of those things were good. 

But... Overall there weren't that many and it was surely worth not having the 8-10% outlay to a management company. I do have some hacks that I do, and I would love to hear some of yours. 

We auto collect rent with software. 

I use a realtor when I rent out and negotiated a deal with him. (Better renters, fewer problems)

I use a google voice number for my tenants. (This one is key, lots of cool features)

I've developed professional relationships with vendors that also act as my eyes and ears when they are on-site.   I'm able to text the vendor the renter contact info and they will do the rest and send me the bill. 

It's all about saving time for me because my time is very valuable due to my profession. That being said, the time savings of a management company is not yet worth it when I conduct and roi analysis. If you employ some tricks and build some key relationships then you might be able to self manage until you have enough properties where you can really negotiate that management fee down. Or better yet, have a manager on staff. 

well done!

thanks for the warm reception folks. I'm going to check out that landlord forum.  Thanks for the link, Mindy. 

Hello all,

Just popping in to check this site out and see if it can be a useful tool for investors.  I have about 11 rental properties now, two of those being commercial properties.  My nine residential ones are all local and the wife and I are trying to mange without a management company.  That is an exorperience unto itself.  

Anyways, I hope to learn some things I didn't know and some things that I didn't know I didn't know. I'm also happy to do some experience sharing of my own.

Happy Investing,

Randy