I have 10 rentals. It’s not hard to manage them at all. 1 good handyman. 1 good hvac guy. That’s pretty much you need. Good leaning experience as well, You learned how much everything cost so you have full control.
Couple points and tips. Wife and I have 40 “doors”. We self manage. Self manage can mean a lot of things. Collecting rents? Showing available units? Cutting grass? Completing repairs? Completing remodels? We are doing all of it. We have called a contractor for a few things..but 90% we do it. We use RentRedi for the software/app. It handles rents late payments leases maintenance etc. it’s very good. The other benefit to self managing is the “real estate” professional tax time designation. You will find that this is beneficial. The next step for us…: Form a separate property management LLC. My wife and I are the only “employees”. Why you ask? Solo 401K. Our real estate holding LLC “pays” our Prop mgmt LLC. Then our prop mgmt LLC funds our solo 401K. All of it. It’s a beautiful thing.
thanks for sharing! That strategy definitely gives a lot of cool tax options like the solo 401k and professional status. In our case, we started self-managing and doing it exactly as you describe with a holding LLC and a management S-corp. But then as we worked to make the business more passive for travel and other goals, we no longer aimed for the professional status and we hired managers to do most of what I did before. And that's where we are now.
@@CoachChadCarson At 40 doors we are maxed out for self managing. We still do the date night. Each month we travel and visit a new city. We have map and check off each state we visit! It’s awesome. If we were to take on more rentals however we would have to hire a property mgmt. on top of the rentals, we own a restaurant. That’s how we got started. The shopping plaza our restaurant is in came up for sale and we jumped on the chance. So it’s been a fun ride. And anyone says rental property is tough and it is, doesn’t compete with a restaurant lol
This is so helpful! All three of you were so prepared and thorough. My most useful tool, is a Move Out Folder that is given to the tenant at move-in. I go over it with them. There are 3 things in the folder: a checklist for getting their deposit back, a list of estimated costs for repairing broken items, and a form for giving me a 30-day notice. I require a large security deposit, so the checklist is important to the tenant. They learn right up front what is expected. Usually my tenants do a great job cleaning their rental and get their full deposit back (minus carpet cleaning).
You may also think about putting in there a reminder to contact the utility companies to inform them of their end date, as well as a reminder to provide any forwarding address information to you as well. In addition, you can see if your local post office could provide you with change of address forms to supply to your residents. Doing this can help reduce the hassle of having their mail continually delivered to the previous address.
There's definitely something to the gut feeling. From what I understand, we have more neurons in our guts than in our heads. Thanks Coach and brilliant girls
Great episdoe. I have 3 doors rented currently and anohter house behing fixed up right now. Buying in the same general area has allowed me to find and develop great working relationships with carpenters, electricians, plumbers. As a REALTOR have had the experinece to see first hand how different property management compnaies do and how the building tenants are. Lots of good stuff. Thanks. I self manage the business and hire contractors to ensure things are done right and to code.
Top of the notch episode!! Congrats to Amelia and Grace for their book release and may it reach the 1M copies sold. What a generous way to share their best practices, thank you!!
Just want to say thanks for having sharp, successful women on your show. Featuring women is sorely lacking in all that is real estate investing. Thanks!!!
I agree that you should include basic qualifications in the listing (credit score, income, ...) but I don't find that it really makes a difference. I still get a large portion of people who are not qualified that still think we will just let them slide on the requirements. Even if I have them fill out a prequal questionnaire, and they don't meet a single requirement, they still ask to proceed. Would love to hear how you weed out these time wasters.
Coach, do you invest in SC? I'm in SC and looking for any meetups, I'm in the Low Country but willing to travel or join any Zoom meetups if you know of any.
I'd personally hire a leasing agent if I was self-managing. So, they'd get paid part or all of the 1st month's rent to show the property, collect screening data, etc. Then I'd choose an applicant based on that data and take over management from there.
Now I'm making improvements to my properties. Getting them in great shape.My last purchase Has a 4 bed 2 bath house plus converted garage,I put mini splits in both units. 3 in big house 1 in small one. Big house is furnished rental I have a husband and wife traveling nurses 2950 month.1275 for small unit. Mortgage is 2250. Have a great day
@@CoachChadCarson I would like to know how you find low maintenance yards like you find low maintenance houses, as well as how you manage upkeep. Do you do yard maintenance for your tenants? Do your tenants do the maintenance? Do you pay others to maintain it? Do you invest money to make yards lower maintenance (such as installing artificial turf)? Thank you for the quick response.
@@SC-sh6ux great topic! Never talkes about that before. Might be a good short. For now, my house rentals the tenant does all yard maintenance. In addition to financial screening, we try to screen for someone who will take pride in yard or hire someone. For our apartments, i like as small an area of landscaping as possible. Low maintenance. I have a a couple with a lot of grass and falling tree leaves. It costs a lot to pay a service.
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I have 10 rentals. It’s not hard to manage them at all. 1 good handyman. 1 good hvac guy. That’s pretty much you need. Good leaning experience as well, You learned how much everything cost so you have full control.
that learning of costs is huge! Allows you to make better decisions.
Couple points and tips. Wife and I have 40 “doors”. We self manage. Self manage can mean a lot of things. Collecting rents? Showing available units? Cutting grass? Completing repairs? Completing remodels?
We are doing all of it. We have called a contractor for a few things..but 90% we do it. We use RentRedi for the software/app. It handles rents late payments leases maintenance etc. it’s very good. The other benefit to self managing is the “real estate” professional tax time designation. You will find that this is beneficial. The next step for us…:
Form a separate property management LLC. My wife and I are the only “employees”. Why you ask?
Solo 401K. Our real estate holding LLC “pays” our Prop mgmt LLC. Then our prop mgmt LLC funds our solo 401K. All of it. It’s a beautiful thing.
thanks for sharing! That strategy definitely gives a lot of cool tax options like the solo 401k and professional status.
In our case, we started self-managing and doing it exactly as you describe with a holding LLC and a management S-corp. But then as we worked to make the business more passive for travel and other goals, we no longer aimed for the professional status and we hired managers to do most of what I did before. And that's where we are now.
@@CoachChadCarson At 40 doors we are maxed out for self managing. We still do the date night. Each month we travel and visit a new city. We have map and check off each state we visit! It’s awesome. If we were to take on more rentals however we would have to hire a property mgmt.
on top of the rentals, we own a restaurant. That’s how we got started. The shopping plaza our restaurant is in came up for sale and we jumped on the chance. So it’s been a fun ride. And anyone says rental property is tough and it is, doesn’t compete with a restaurant lol
This is so helpful! All three of you were so prepared and thorough. My most useful tool, is a Move Out Folder that is given to the tenant at move-in. I go over it with them. There are 3 things in the folder: a checklist for getting their deposit back, a list of estimated costs for repairing broken items, and a form for giving me a 30-day notice. I require a large security deposit, so the checklist is important to the tenant. They learn right up front what is expected. Usually my tenants do a great job cleaning their rental and get their full deposit back (minus carpet cleaning).
This is a great idea! Thank you for sharing!
You may also think about putting in there a reminder to contact the utility companies to inform them of their end date, as well as a reminder to provide any forwarding address information to you as well. In addition, you can see if your local post office could provide you with change of address forms to supply to your residents. Doing this can help reduce the hassle of having their mail continually delivered to the previous address.
@@JPPropertyConsultingLLC Thanks, great idea!
There's definitely something to the gut feeling. From what I understand, we have more neurons in our guts than in our heads.
Thanks Coach and brilliant girls
Ooooh I had no idea about that fun fact. Thank you for watching!!
Great episdoe. I have 3 doors rented currently and anohter house behing fixed up right now. Buying in the same general area has allowed me to find and develop great working relationships with carpenters, electricians, plumbers. As a REALTOR have had the experinece to see first hand how different property management compnaies do and how the building tenants are. Lots of good stuff. Thanks. I self manage the business and hire contractors to ensure things are done right and to code.
Sounds like a good plan! Thanks for watching and for sharing!
Thank you so much for the positive feedback!
Top of the notch episode!! Congrats to Amelia and Grace for their book release and may it reach the 1M copies sold. What a generous way to share their best practices, thank you!!
Thank you so much!
Very helpful Thank you for sharing
Awesome stuff! Taking on a CEO role involves overseeing financials, property improvements, and income growth.
yep. different perspective!
Agreed 100%!
Thank you for adding subtitles!
Closed captions are a feature of most TH-cam videos.
This is a great episode. I think this is my fourth time watching it! I pick up something new each time!
Omg thank you so much!
I'm so glad you find it helpful!
Fantastic! I never thought of spreadsheet for property's details. SO SIMPLE!
Glad it was helpful! thanks for watching.
Just finished your new book! I enjoyed it
Awesome! Thank you for reading it and for watching the video!
Just want to say thanks for having sharp, successful women on your show. Featuring women is sorely lacking in all that is real estate investing. Thanks!!!
Thanks for the feedback! There so many amazing women real estate investors out there. I hope to keep featuring more.
I agree that you should include basic qualifications in the listing (credit score, income, ...) but I don't find that it really makes a difference. I still get a large portion of people who are not qualified that still think we will just let them slide on the requirements. Even if I have them fill out a prequal questionnaire, and they don't meet a single requirement, they still ask to proceed. Would love to hear how you weed out these time wasters.
Sometimes it will just be that way, unfortunately. But we do what we can.
Coach, do you invest in SC? I'm in SC and looking for any meetups, I'm in the Low Country but willing to travel or join any Zoom meetups if you know of any.
Hey Coach, how would you remotely screen tenants for an out of state landlord? How would you show it if you're out of state?
I'd personally hire a leasing agent if I was self-managing. So, they'd get paid part or all of the 1st month's rent to show the property, collect screening data, etc. Then I'd choose an applicant based on that data and take over management from there.
@@CoachChadCarson great idea. Leasing agent. Didn't even think of that. Thank you Coach!
Self managed 4 properties
seems like a good number! Thanks for sharing.
Thanks Coach.
Now I'm making improvements to my properties. Getting them in great shape.My last purchase
Has a 4 bed 2 bath house plus converted garage,I put mini splits in both units.
3 in big house 1 in small one.
Big house is furnished rental
I have a husband and wife traveling nurses 2950 month.1275 for small unit.
Mortgage is 2250.
Have a great day
Can you please share a link for Tenant Cloud? Thanks.
www.tenantcloud.com/ - not the same one I use but we did talk about it in the conversation.
Can you a video that is basically a tutorial on how you sourced and financed your first 5-10 deals? Maybe call it 'How I did it."
would you please do a video on rental yard maintenance?
I appreciate the idea! Let me know what questions you'd hope to have answered!
@@CoachChadCarson I would like to know how you find low maintenance yards like you find low maintenance houses, as well as how you manage upkeep. Do you do yard maintenance for your tenants? Do your tenants do the maintenance? Do you pay others to maintain it? Do you invest money to make yards lower maintenance (such as installing artificial turf)?
Thank you for the quick response.
@@SC-sh6ux great topic! Never talkes about that before. Might be a good short.
For now, my house rentals the tenant does all yard maintenance. In addition to financial screening, we try to screen for someone who will take pride in yard or hire someone.
For our apartments, i like as small an area of landscaping as possible. Low maintenance. I have a a couple with a lot of grass and falling tree leaves. It costs a lot to pay a service.
Video is too long and your guests speak too slow. I play your videos typically at 1.5 speed...
Thanks for the feedback
I agree but on positive note, love the amount of engagement you have Coach
TEAM = EXPENSE !!!! LOL !!!!