This was awesome! One of my favorite BP episodes so far. Thank you all for the great conversation and getting into the operations side of real estate investing. It was needed. More content like this would be amazing. Amelia and Grace were absolutely wonderful! So informative. I admire them greatly!
Chiiiilllleeeee!!! I will never manage properties ever again! Lol I learned my lesson. I don't mind hiring out to a licensed experience property management company. Paying them the monthly fee is so worth it!
The failure comes with being worried too much about spending money to make money. Day one I had legacy investors tell me to know property management to be able to vet but delegate jobs out so you can put energy towards other things.
Oh these girls shared some GREAT info! Answered some of my biggest questions/fears about trying to get into my first purchase. Saving for a future watch!
Great content! Managing your own properties at least in the beginning is a MUST! Once you want to scale, you will need to hand it off. But you will ALWAYS have to manage the property manager!
I am currently self-managing one property rent by the room. I have no issue screening tenants since I started practicing by renting out unused rooms in my primary residence. I think getting reliable contractors that don’t just do their assigned jobs but also come back to fix problems is quite difficult. I am not sure if by going to meetups would help getting those reliable connections. What would you do?
I shouldn’t have said auto-responses. What we do is have a note in our phone that we copy and paste to each “is this available” message that comes through. You could automate with a software called ManyChat or Zapier though.
I use to be a huge fan of bigger pockets when I first started out. I’m no longer a fan. Why? They only glorify the pros to real estate. They never talk about the cons, the pit falls, the stress, the pressure, the sacrifice, the tenants, the evictions, the lawyers, the maintenance, service calls, repairs. Why? cause you cant fucking sell it. What you can sell is.. “ohhh just buy a house and it can pay for your car and you quit you job and you can be at a beach somewhere with cash flow!” While yes this can be true, but it takes total obsession to the craft, massive risk, foot work and yearrrrssss. They sell you on these quick great ideas and you buy into it then you realize how much shit you’ve gotten yourself into. Now I’m an investor myself so I can speak on the products itself.
I agree that it's important to talk about mistakes and lessons learned. If you listen to Amelia or I on anything we are pretty open and honest about this. Probably too much so!
Good info. But these ladies are not self managing. They have hired a property manager which means-by definition- they do not manage these properties themselves. They are investors. Only.
We hired an internal manager on our own payroll, so we're right in between! We are more like an asset manager but we still sign all of our leases, and collect all of our rent which is a key difference from a PM company. We love the route of self-managing and then hiring it internally as a third option!
