If there’s one thing that’ll make or break your real estate portfolio, it’s property management. When done correctly, property management can feed you consistent, passive income without the everyday stressors of being a landlord. Whenever you hear people talking about bad tenants, midnight phone calls, or surprise maintenance problems, they’re really talking about property management gone wrong. So, how does a rookie real estate investor, with even just one rental property, start managing the right way so they can scale their portfolio faster?
Amelia McGee and Grace Gudenkauf, authors of The Self-Managing Landlord, did it all wrong initially. They were picking up every tenant phone call, placing every service request, taking rent payments every which way, and here’s the thing—none of it was working. As they scaled their portfolios, things only got more difficult until finally, one day, they stopped and developed a system, and like that, their businesses took off.
Now, only a few years into real estate investing, both Amelia and Grace have dozens of rental units to their names and less stress than ever before. How did they do it all WITHOUT hiring everything out to a property manager? In today’s show, they’ll share the self-managing principles they used to explode their rental portfolios while staying sane! And if you’re a new investor or are about to be one, these tips could save you YEARS of headaches!
Dave:
Henry, when you first became a self-managing landlord, would you say that you knew what you were doing?
Henry:
Uh, yes Dave. I absolutely did not know what I was doing. I was terrible at it.
Dave:
<laugh>. Okay. ’cause I was about to call BS here. If you said you did <laugh>,
Henry:
I was terrible. I was just so excited that somebody actually wanted to pay me rent. Uh, that I would take their money however they would give it to me no matter what that meant for me down the road.
Dave:
Alright, well I’m glad I’m not alone and we’re gonna…