10x your Cashflow & Freedom by Self-Managing Rentals

Рет қаралды 12,317

Күн бұрын

Пікірлер: 55

@police994 8 ай бұрын

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.

@CoachChadCarson 8 ай бұрын

that learning of costs is huge! Allows you to make better decisions.

@mike2959 8 ай бұрын

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.

@CoachChadCarson 8 ай бұрын

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.

@mike2959 8 ай бұрын

@@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

@lindamcginnis5741 8 ай бұрын

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).

@ameliamcgee657 8 ай бұрын

This is a great idea! Thank you for sharing!

@JPPropertyConsultingLLC 4 ай бұрын

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.

@lindamcginnis5741 4 ай бұрын

@@JPPropertyConsultingLLC Thanks, great idea!

@roldancrespo 8 ай бұрын

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!!

@ameliamcgee657 8 ай бұрын

Thank you so much!

@AllNighterHeider 8 ай бұрын

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

@ameliamcgee657 8 ай бұрын

Ooooh I had no idea about that fun fact. Thank you for watching!!

@karimkarachiwalla350 9 күн бұрын

Great episode. Learnt so much. Thank you all for sharing your experiences and educating us newbies!!

@leeroach3381 8 ай бұрын

Very helpful Thank you for sharing

@GlennGarry 8 ай бұрын

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.

@CoachChadCarson 8 ай бұрын

Sounds like a good plan! Thanks for watching and for sharing!

@ameliamcgee657 8 ай бұрын

Thank you so much for the positive feedback!

@priceandpride 8 ай бұрын

Thank you for adding subtitles!

@jimross2101 7 ай бұрын

Closed captions are a feature of most KZbin videos.

@Sunflowers-Pumpkins 8 ай бұрын

This is a great episode. I think this is my fourth time watching it! I pick up something new each time!

@ameliamcgee657 8 ай бұрын

Omg thank you so much!

@CoachChadCarson 8 ай бұрын

I'm so glad you find it helpful!

@markmatheson9289 8 ай бұрын

Just finished your new book! I enjoyed it

@CoachChadCarson 8 ай бұрын

Awesome! Thank you for reading it and for watching the video!

@themultifamilywealthpodcast 8 ай бұрын

Awesome stuff! Taking on a CEO role involves overseeing financials, property improvements, and income growth.

@CoachChadCarson 8 ай бұрын

yep. different perspective!

@ameliamcgee657 8 ай бұрын

Agreed 100%!

@krisplacek7292 7 ай бұрын

Fantastic! I never thought of spreadsheet for property's details. SO SIMPLE!

@CoachChadCarson 7 ай бұрын

Glad it was helpful! thanks for watching.

@AnnHoward-bd6vz 7 ай бұрын

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!!!

@CoachChadCarson 7 ай бұрын

Thanks for the feedback! There so many amazing women real estate investors out there. I hope to keep featuring more.

@monarch6226 8 ай бұрын

Self managed 4 properties

@CoachChadCarson 8 ай бұрын

seems like a good number! Thanks for sharing.

@monarch6226 8 ай бұрын

Thanks Coach.

@monarch6226 8 ай бұрын

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

@beaver0006 8 ай бұрын

Can you please share a link for Tenant Cloud? Thanks.

@CoachChadCarson 8 ай бұрын

www.tenantcloud.com/ - not the same one I use but we did talk about it in the conversation.

@SC-sh6ux 8 ай бұрын

would you please do a video on rental yard maintenance?

@CoachChadCarson 8 ай бұрын

I appreciate the idea! Let me know what questions you'd hope to have answered!

@SC-sh6ux 8 ай бұрын

@@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.

@CoachChadCarson 8 ай бұрын

@@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.

@AberrantArt 8 ай бұрын

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?

@CoachChadCarson 8 ай бұрын

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.

@AberrantArt 8 ай бұрын

@@CoachChadCarson great idea. Leasing agent. Didn't even think of that. Thank you Coach!

@durtydeedsREI 8 ай бұрын

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.

@davemellick899 8 ай бұрын

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.

@ameliamcgee657 8 ай бұрын

Sometimes it will just be that way, unfortunately. But we do what we can.

@JPPropertyConsultingLLC 9 күн бұрын

In my training courses, I teach / recommend landlords to have your screening criteria in writing. Be sure to have the date (somewhere at the to) as to when this criteria was implemented. Then, if you ever decide to alter your criteria, change the “as of” date on top of the document, and save it as a new file. This way you have documentation/record as to when you implemented the new criteria (in case any allegations). When they submit the application, I have them sign a copy, verifying that they have been informed of the criteria.