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Flipping America 387, "Property Management" Part 1

Published: Aug. 18, 2020, 8 p.m.

You buy income properties at least partially for the income. Your property management choices can have a dramatic effect on whether you actually HAVE any income left after expenses. Is this something you can do yourself? Do you need to hire outside management? If so, when?

We will talk about:

Why most people have a bad experience when they rent out a house.

How to recover from that bad experience.

The basics of property management

The rules.

Marketing for tenants

Managing tenants

Getting rid of bad tenants

Creating long-term tenant relationships

Available resources online

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

Call our National Comment Line: 877-55-ROGER (76437) \\xa0 ext 1. Leave your message or your question.\\xa0

Email your questions to questions@rogerblankenship.com. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don\\u2019t mind.\\xa0

Announcements:

The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.\\xa0\\xa0
Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
FlipCalcs allows you to enter one data set about a property and consider up to six deal possibilities .\\xa0
\\u201cReal Estate Investing Quick Start\\u201d Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

Topic: Property Management, Matthew and Christopher\\xa0

Some questions to get us started:\\xa0

Most of us buy our first rental house and attempt to manage it ourselves. What are some of the most important things we need to know if we plan to self-manage?
What are some of the biggest pitfalls for landlords self-managing?
If we only have a few rentals and self-manage, do we really need to know all the regulations about fair housing rules and so forth or are we exempt?
Where can we go to learn the housing rules to make sure we are in compliance?
What are some ways I can find good tenants for my properties?
How do I appropriately and legally vet tenant applicants?\\xa0
How can I learn whether a prospective tenant has been evicted?
You can\\u2019t fully control people - what is the craziest thing you\\u2019ve seen a tenant do (that you are allowed to talk about)
Where can the average person get a good lease to use?
What some typical problems tenants have and some ways to prevent them?
How do you draw the line between normal wear and tear and reason to retain security deposit?
At what point does it make sense to hire a management company?
Just in case I have a property in a city where you are not located :) what criteria should i use in selecting a property management company?
When vetting a management company, what are some red flags?
What does the rest of this year look like for rental property demand?
How has managing rentals impacted your view of humanity in general?
What are your top 3 pointers for landlords or potential landlords?

Motivational Thoughts for the day

\\u201cAdversity causes some to break. It causes others to break records.\\u201d William Arthur Ward

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