All Forum Posts by: Wendy S.

I'm in Atlanta GA and would like to hear from fellow house hackers, after moving out, how did you manage your rentals? Were you able to hire a property manager or did you continue self managing?

How were you able to scale?

All answers are welcomed, not just Georgia, thank you.

@Drew Sygit thank you.

@Tracy Streich thanks but I don't mind handing over everything.

@Drew Sygit thanks again. Yes I agree but I'm ready to move up to another asset class. I've used my per room model as a basis to test out commercial or more specifically multi families or a small complex.

I want to travel more now, get involved with projects that are dear to me and start giving back that scaling will allow and grow my now core business.

Lol, yes I read your articles before going to bed and you make very good points about evaluating a PM and some of the questions to ask.

My challenge is simply finding a PM that handle per room. I am now faced with another challenge that requires me to be separate from my rentals or at least find a PM that will collect rents and hold security deposits. So that's why I reached out to the BP community to get help. I'm really surprised that with so many persons that started out with house hacking there has been such scant responses.

Did I post under the wrong heading? 🤔

@Dave Poeppelmeier

Thanks Dave. It seems maybe I was not very clear in what I'm asking for, I am not asking for a typical PM but one that will handle per room rental. That's why I alluded to the student model setting because each tenant would be on a separate model.

So far I've sent boundaries with all 9 tenants. I respond to emails/ or texts within 9am to 5pm, but expect a text or call if it's urgent and outline what I regard as urgent. Texts are informal but all maintenance, rent increases, late fees etc are done via emails. Have penalties for breaking any rules and outline how a termination would be handled including steps leading up to it. Early termination fees etc.

I'm about to sell one property ( not included in the 9 tenants) that had 4 tenants and they asked me why and if upping the rent would let me keep. Told them it's nothing to do with them. Heck they even have invitations to my house for swimming, tennis at the park and lunch sometimes so it's really been great. One tenant has been there over 3+ years, and yes I do increase rent yearly albeit slightly under market, but it runs like clockwork with early rents, sometimes they would pay today then a few days later for the following month. They change Hvac filters, do pest spraying so I canceled the Pest Provider and they are rewarded instead. Honestly now that I've given them notice, I'm still torn. I evaluated and it is making around $700 Cash flow which is under my minimum $1,000 criteria but it still looks like the day I remodeled it 4 years ago and almost 0 calls from them. Do I sell and take about $100K equity or get a HELOC? Heloc would cost about $539 including principal repayment so I've decided to sell. I could keep until 2023 without paying property gains tax but I'm thinking I can sell, redeploy that cash and make at least $1,850 monthly by improving 2 other properties I have with about $25,000 left for reserves. So my $700 loss by selling would have a $1,150 monthly cash flow increase.

Sorry for going on and on but my process is pretty streamlined so even a PM would be happy as tenants are pretty trained but I'm sure they could add even more value.

@Paul Rosas thank you.

Can't believe all the hackers haven't responded.

Good Day everyone!

So house hacking is talked about a lot and even serial househacking. Ok, I agree it has served me well with the few I've done and allowed me to quit my day job with income left over to save a tad monthly based on a very modest lifestyle.

I have been fortunate to have great tenants, amazing even, with just 1 that was a nuisance to the other roommates and I was able to get rid of with minimal cost. ( Mark you, this tenant I didnt completly vet except for the background and credit checks, then handed him over to someone else to complete the process). Lesson learned, if it aint broke dont fix it and stick with your systems.

Now what I don't hear talked about as much is moving from self managing those properties to hiring a property manager to do it.

How do you get a property manager to take over, bearing in mind the model is rooms rented MTR to LTR? Is this like student rentals and what's a viable way to move forward? Each roommate is on a separate Rental Agreement.

I asked a similar question before and only had 1 question vs a suggestion, which I still appreciated.

So for those that have scaled and gotten a property manager, how did you do it?

Properties are in B+ and C+ areas, remodeled before tenant placements so just regular maintenance. Little turnover, after PITI, Capex, etc with generous allowances monthly, cash flow is between $1,200 to $1,900 per property, so I'm willing to take a reduction on this so I can scale.

So please, I would appreciate any input on how to move forward.

Any recommendations for licensed Property Managers?

@Drew Sygit. Thank you

Good Day everyone.

Is there any property management company in Georgia that manages per room rentals?

I have a few properties that I rent by the room with 3 months to 1 year. It's been pretty good with minimal tenant requests except of course the regular maintenance that needs me to access the property from time to time.

Other than Padsplit, are there any other companies you would recommend? TIA.