All Forum Posts by: Ryan Spath

Mark- First of all congrats on the success of acquiring 5 properties 10 units! It sounds like you are suffering from a case of the "tired landlord" All of us that self manage go through this. 

We had something similar happening on an older property we acquired out of state. I would constantly have calls/texts from tenants about issues that needed to be replaced/repaired. 

This is how we resolved the issues. Plan for the long term, if something is damaged, don't repair it replace it. We do walkthroughs 2 x a year and we are actively trying to get ahead of any maintenance issues. 10 year old water heater, perfect be prepared to replace it. 12 year old AC unit the same applies. Often times when we first get started we acquire properties with older larger ticketed items and they have better cash flow, now we are victim of higher cap x.

If you have great properties and everything is up to caliber you should not be getting non-issue calls. We invest in single family & small multifamily properties, we have also noticed that the single family properties require less management as the tenants are often times previous home owners etc.

Ultimately, if you want a hands off investment turn it over to a PM, we have used them and ultimately chose to self manage. Like anything if you want better returns you will be required to be involved. 

Best of luck!

Feel free to use this template:

RE: Renewal

Dear Tenant:

With the increased cost of taxes, insurance, maintenance, and other incidentals we are required to increase your monthly rent. This letter serves as official notice in accordance with your rental agreement.

Even after this increase, we believe we are still at or below the average market rent for a unit of this type and hope you agree. If you do not wish to pay the increased rent you may decide to seek other housing. If you intend to vacate, the original lease agreement states you have to provide a 30 day written notice of your intent to vacate.

Should you choose not to renew your current lease you will only have to pay the difference of the last month’s rent you originally paid. 1750-1495= $255.

Current Rent: $1,750

Increase: $119

New Rent Rate: $1,869

This increase takes effect the 1st day of November, 2023.

We’ve been happy with you as a tenant and hope you continue to stay with us for a long time. If you have any questions or concerns, please email us at ______or call us at _____.

Best,

As others are saying this is the slowest time of the year for turnover with rental units. Expand your advertising, try using avail as they post on other sites. FB marketplace can deliver tenants as well. Your unit looks great, according to zillow you have 14 applications?

If I were local, I would go by and confirm the furnace was working. If not I would send a person from my team there to confirm it working or not and if not I would get it repaired, best of luck!

Interesting post and very true. Thanks for sharing your thoughts!

We manage properties in Florida and we live in Idaho. You can totally do this, work with a realtor or PM and pay them a flat fee for helping turn the property / show the unit. You can do all the prequalifying from anywhere via credit check, call references, verify income etc.

Make sure you have a handy person, ac person, plumber, etc etc that you can call when you need some work done. 

Best of luck!

Property management is often an overlooked responsibility that can seem deceptively simple. On the surface, it appears to be a straightforward role, but it becomes far more challenging when faced with issues like non-paying tenants requiring eviction or broken systems that haven't been properly followed.

As a self-managing property owner, it is absolutely doable—but success depends on treating it like a business. The key is establishing strong systems and processes.

As mentioned earlier (KISS—Keep It Simple, Stupid), there's no need to overcomplicate things. Simply document everything you do and create your own Standard Operating Procedures (SOPs). This will provide consistency and clarity in how you handle your properties.

Start by reviewing your current Property Management (PM) agreement. Make sure there are no automatic renewals or hidden fees that could catch you off guard. Have a conversation with your property management company well in advance of any transition to ensure you are fully aware of all terms and conditions. If you have only 2-3 rental properties, I would recommend taking full control of management at once rather than transitioning one at a time. Once you commit to this, it can actually be quite rewarding to provide housing to tenants.

For contract renewals and rent increases, the first step is to familiarize yourself with local laws. Once you’re informed, we typically give tenants a 60-day notice for renewal, along with the new rent amount if there’s an increase. If a tenant chooses not to renew, we start marketing the property 30 days before the lease ends. We ask for a decision no later than 30 days before the lease expiration.

When it comes to rent increases, the market largely dictates what’s feasible. Your property type and location are key factors in determining this. For instance, if you are renting homes at $2,200 per month and decide to raise the rent by 3.99% (bringing it to $2,287.78), the likelihood of tenants moving out is generally low, especially if the market supports that price.

Best of luck in your property management journey!

@Adrian Moening

Depends on what your market will allow? Have you noticed rents increasing when you do an analysis of your area? If they are as mentioned above 8% maximum increase is allowable. Regardless I would always increase $25 a year. We call them “nuisance increase” it gets you an extra $300 annually and helps keep you inline with market rent. This also trains your tenants to expect annual increases.

Good luck!

@Alan Ford

What lender do you use that is adding it to the back of the loan?

Is this something they offered or you had to push for?

I have only been told a deferral with a ballon due at end of deferral period.

Thanks!

@Robert Smith

This all depends on the language of your lease. Maybe use as a learning experience and add for next one.