Should I HIRE A PROPERTY MANAGER or is DIY PROPERTY MANAGEMENT a better OPTION? THERE'S A 3RD OPTION

[@kyoung5600]

I'm a landlord of two five plex townhouses, I manage everything myself and I love it. Don't waste money on property managers. Oh come on, yes you can do it yourself, if some thing went bad and needs fixing just do an online search for a handyman or plumber and they'll be there and you don't even need to be there, if you use a property manager for any repairs, sometimes they charge you 10% of whatever the repair bill is.

[@ErnestoJudyAndujar1]

What state do you own in?

[@JPPropertyConsultingLLC]

Agree, especially with the smaller management outfits out there. The problem is that , since most landlords don’t know much about what they’re doing, it’s hard for them to accurately access if a management company actually knows what they’re doing either. That said, I come from decades of managing the large (300/500 unit) apartment communities and have worked for the large, national and statewide Property Management organizations. To give you the analogy I always use, if the business of landlord/property management would be compared to the automobile sales industry, many of you here would fall into the category of the guy who puts his car in the driveway with the for sale sign on it (meaning the small 8 unit apartment owner) and some would classify as a “Bob’s Auto sales” ( kinda like a small management outfit). Well, to continue with that analogy, I come from decades of working at the Toyota and Chrysler dealership side of our business- meaning the large national and statewide management companies. Unlike most of the landlord advice given on KZbin (which is as I describe it-Bob at Bobs auto sales teaching Joe at Joes auto sales how Bob does things), my training classes bring all the training that we give our leasing agents at the large national companies (the Toyota side of things) to the smaller landlords(Bobs auto sales guy). I have classes on Fair Housing, application screening procedures, marketing and leasing, etc. For example, I teach landlords how to set “proper” screening criteria. In your screening criteria, you should not be saying things like “applicant must have ‘good credit’…. Instead you need to specify exactly what you mean by “good credit” .. I also teach landlords to use the credit report in order to discover all addresses and then research those addresses and allies that show up on the report. This is just one example of my topics I teach on. Check out my website www.Jppropertyconsulting.com

[@calledout4437]

Or a 4th option! Here's what I've learned after owning a couple rentals. Be your own property manager! Wait! What I'm saying is setup a "fake" (it's not really fake per se) pm company and by no means tell them you are the owner. Nothing illegal about it as you are only managing your own stuff. Here is why. Every loser and their grandma specifically targets properties that have the owner/landlord doing it themselves. Why? Because they know they can pull on your heart strings "oh I don't have the money right now" "that little dog? it's just my friends dog" blah blah blah!!! Do NOT tell the person you are the owner and simply pretend to be a property manager. Then proceed to not give a shit when they give you dumb excuses. Just send notices under your property management company. You'll be able to find and attract much better tenants.

[@moblackmoney3424]

@@calledout4437 best answer by far

[@abdulgrier9040]

@calledout4437 I was going to use your strategy, but when I went to look at the property, the Seller's Agent told the tenants I was the buyer. Same thing happened at the Inspection. Now I don't know what to do......

[@REVerbtalk]

Even as a business owner myself, I never announce myself as the owner and most people like to ask "are you the owner"... no, I'm just the guy that handles the tenant relations. That nips all that bullshit in the bud tenants have plans on.

[@dq7143]

You know your stuff. This was confirmed when I looked at the topics that you cover on your channel. Subscribed.

[@DarrenVoros]

Awesome, thank you!

[@drconstancearia9005]

Love the hybrid option!

[@craigfaille3190]

I’d prefer the final say in tenants and give them the day to day issues

[@DarrenVoros]

Ya that's why I love the hybrid model.

[@rodneyferguson8265]

Great Video. Thanks!

[@ErnestoJudyAndujar1]

Good info

[@lisalee2885]

A good on site manager or off site who will work with you is Great! Your a team and its much better👍👍 Treat them right with bonuses👍👍

[@DarrenVoros]

Absolutely

[@alinehatfield]

Wonderful👌👌…I m starting my own Property Management very Soon!

[@ErnestoJudyAndujar1]

You would love our videos if you are trying to get into the industry!

[@lindamcginnis5741]

Thank you for the great information and summary. I like that you provided the hybrid version. Impressive. Valuable info for the beginner as well as the seasoned.

[@jonesmatthew7511]

Love the Wanaka tree painting, good insights, thank you!

[@DarrenVoros]

Thank you!

[@jamesriver2834]

i like the hybrid type. thanks.

[@DarrenVoros]

Good choice!

[@Lawrencekingsley01]

"To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already,earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made..😊😊

[@cathenido1624]

I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in.I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.?

[@Lawrencekingsley01]

Understanding the intricacies of investing is crucial. That's why it's important to have a reliable support system, such as a financial consultant, who can guide you, especially when it comes to selecting assets. Personally, I work with Regina Louise Collaro, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under her guidance. Regina is widely recognized for her excellent services, so you may already be familiar with her. Thanks to her expertise, I have achieved financial stability and now earn a consistent monthly income through her passive income strategy.😊

[@cathenido1624]

I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.

[@Lawrencekingsley01]

She is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message. I believe she works with anyone independent of their location.

[@ugojazzy7812]

You are correct Lawrence , I am only one of many who gained from working with Regina Louise Collaro. I had no reason to live when I lost my job due to COVID in 2020, and it will always be a memorable year in my life. Regina made it possible for me to live comfortably through passive income, thus I owe her my life. To be completely honest, I think she is an angel who was sent to help those who are struggling financially.

[@charlesd9949]

I subscribed... and literally as soon as you said 'Ontario' I hit the bell and gave you a LIKE!

[@kampdavies]

The biggest con to managing your own property is "emotions", many self managing people get very emotional to issues when something goes wrong and they end of not following the law, which leads to negative tenancies.

[@ErnestoJudyAndujar1]

Agreed, that is right on. It is not a hobby but a business. Remove emotions and follow a system

[@fp2687]

Thank you. Great video. I live in kingston and I bought an investment property in windsor. I hired a property manager

[@DarrenVoros]

Yes good call. It's hard to manage from such a distance.

[@ErnestoJudyAndujar1]

Sometimes hiring a PM is the way to go. It really depends on your goals.

[@AnubisRoca]

The hybrid it is in indeed !!

[@mt-nv4jd]

When I was trucking, I had a property manager for my rent houses, and she was excellent.

[@ErnestoJudyAndujar1]

I am glad you had a good experience

[@lastnamefirst650]

How has your channel not blown up yet? This is gold!

[@DarrenVoros]

Thank you for the positive feedback and I am glad you are enjoying the content!

[@ErnestoJudyAndujar1]

Agreed, keep it coming!

[@jessicahou5555]

Love the tips thx

[@DarrenVoros]

Happy to help.

[@LenaMMcKee]

Great video I live in California, but I'm looking to purchase more properties in Erie County New York and we have a duplex in Buffalo and we're gonna live in one unit while we fix up some other properties we have but I want to get a property manager cause I have no idea about the laws pertaining to snow removal, etc. and it just seems easier since we live so far away but yet we're only running The unit for about 800 so I'm kinda like dang there goes most of our profit giving up to property manager

[@peterzoet7316]

You can ask their age. The need to be of legal age to sign contracts.

[@DarrenVoros]

What I generally do is have a check box that asks if they are over 18 years of age. If you get a credit check done, you'll need their birthday but I usually ask them to provide one for me so then I'm not gathering their personal information.

[@me888ize]

Hi Darren I have been watching a lot of youtube on Property management, yours is by far the best . Would you please don one on Property management Software ? thank you

[@trisharay-saulis7831]

In Maine you can evict tenants in the winter with a 30 days notice. You cannot ask someone how old they are as it’s age discrimination. You can evict a tenant for any breach of contract such as moving in a pet when it is against lease terms (service animals are not considered pets and are excluded).

[@chrislett5093]

Surely you can ask for a copy of their drivers license and make your own age discrimination call, without asking one’s age.

[@EastCoastEscape]

Finding a property manager for your short term rental can be challenging. Thats why we offer a 5 star guarantee revenue model. If anyone leaves a review less than 5 stars, we do not get paid.

[@amandalabate2049]

Is there a way to just hire someone to do contact and that's it

[@aletrip642]

If you can hire a manager to manage your proprieties why don't do the same thing for a factory or another business and earn more?

[@ZteveW]

I rent three rooms in my home and also live in it. I'm thinking about moving to Colombia in 2025. Should I try to continue to manage this as a rental property or should I sell my home?

[@gonzaloandres7132]

1: No 2. Yes 3. Yes

[@AnkushRattan]

Great video!

[@duanejohnson4194]

New subscriber here...Excellent video and suggestions Darren. Thank-You for your knowledge and insights!

[@peterzoet7316]

You can not evict for pets and you can not deny pets with some exception, A, is the pet dangerous. B. Is it an excotic animal (again some exceptions) you can limit number of pets.

[@DarrenVoros]

Thanks for taking the quiz Peter!

[@ProjectWander]

Wouldn't the Tennant just see your name on the lease? Id be weirded out if some person was passing themselves off as a property manager when they're the owner.

[@DarrenVoros]

You can put the name of your company on the lease if you have one. I also usually say I'm "one of the owners" which helps too.

[@chrischamberlain7628]

@@DarrenVoros I always tell my tenants I’m one of the owners. Of course they’ve never met the other owners. I just say they live out of town, but we have to discuss things about the property.

[@lisalee2885]

You are Right on managing yourself👍 You will do it better. Also property management co. They don't have your best interest....I've been watching them Lie, hide and avoid issues with property owner for 3 years 👎👎👎 They just want your money and to not have to talk to you

[@ErnestoJudyAndujar1]

Would you agree this happens in all industries? Curious on your thoughts

[@chanabrown3933]

no not in winter, no cant ask age, pets, it could be a service animal.

[@danielzaman6411]

In Ontario, by law you cannot evict anyone if they bring a pet once they are in...

[@shanreacts]

Management in 2024 I have five plut land in the area in Fulton/Clayton county Georgia, Jonesboro I need tips

[@shanreacts]

What's the best top real estate property management ⚖️ software

[@JPPropertyConsultingLLC]

@@shanreactsI come from decades of managing the large (300/500 unit) apartment communities and have worked for the large, national and statewide Property Management organizations. I have primarily used Yardi, which is fairly user friendly. Rent Roll and Skyline are two other popular systems. I haven’t heard anyone lately who has used skyline, so I’m not sure if it’s even still around. That said, I have a landlord Training business where I offer online courses that teach the small landlords all the stuff that we train our leasing agents on at the big national companies. As I’ve been doing some searching for small management companies to market my business to, I’m seeing a lot of scary things that these small landlords and management companies are doing and saying (in their advertising) that frankly, I’d get smacked upside the head for doing or saying, at any of my companies I’ve worked at. With that said, my classes are designed to teach the small landlords all these things so that you can manage your properties yourself instead of hiring a small outfit who frankly (from my perspective-where I come from) doesn’t know what they’re doing. www.Jppropertyconsulting.com Also, my contact info is on the website-feel free to contact me with any questions. You can also check out my extensive industry background on LinkedIn- Jim Puccio, ARM, CAM

[@giselelabbee8867]

Great information. I really do like how you pack so much info into a short video. Also, like the hybrid PM model. Thanks again for sharing!

[@DarrenVoros]

Thanks Gisele. We just switched another property over to the hybrid model that we were having an issue with our PM. Our profits are up and headaches are down.

[@AvgJoeCda]

Great video. But I'd also say a pro for having a PM is that it is tax deductible.

[@ErnestoJudyAndujar1]

That is great thought and solid tip

[@davidchang2250]

Hybrid option seems legit but if the property manager you hire realizes that he is doing everything for you and he’s not getting a raise of some sort then that is the reason I believe their is a high turnover rate.

[@DarrenVoros]

Definitely one of the down sides to hiring someone is that they may leave at some point. I've had my team for over 5 years now which is great.

[@paulazevedorealestate]

Such a resourceful video! Love your content! Keep it up Darren!

[@UNVME2024]

Great information you made some great solid points that help us realest investors to think about the DIY of property management.

[@foodzashion5294]

What apps or program you recommend me using for rental payment so that tenant pay late charge fee are automatically included??

[@janjaf844]

Did u fig it out? Curious too

[@ErnestoJudyAndujar1]

A lot of good software companies out there. I would start with appfolio or door loop. I am not sure how many properties you manage.

[@teyajanae]

Thank you for the tips! Quick question - when you say pay yourself first, should I do W2 or just a 10% payment to myself with No W2?

[@ErnestoJudyAndujar1]

Really good question to discuss with your CPA. It really depends on your personal goals.

[@howelljordan3469]

yes, no, yes.

[@goldsport]

Solid points! What are your thoughts on hiring a property manager vs. getting a software (like DoorLoop or Propertyware) to help you do it yourself?

[@RachelBianchi]

Just demoed with DoorLoop myself and I am heavily considering it. You should demo DoorLoop, Innago, and Property Matrix!

[@janjaf844]

Curious if you both manage your own properties? I'm considering letting my property management company go.

[@sellingcasas]

👍

[@peterzoet7316]

No. However there could be exceptions although I do not kn w if there are.

[@DarrenVoros]

Is this in response to "Can you evict in the winter months?" If so, there is no restriction when evictions can take place. As long as you have grounds to evict, it doesn't matter what month it is.

[@1xxicecatxx1]

Tip 4: your allowed to do rent increase with the same tenet in place ? Does this have to be in the contract saying that rent will correspond with the provincial law? Will work if sent in 90 days Sorry for the load of questions Darren

[@DarrenVoros]

Hey Mike. Yes, you're allowed to do a rent increase with the same tenant in place. You have to follow the rent increase guidelines in your province or state. Some have no rent control (you can raise it to whatever you want) and some have very strict rent control (you can only raise it within the allowable guideline). Most tenant laws protect against raising the rent more than once in a 12 month period and most have a 90 day window for the increase to take place.

[@1xxicecatxx1]

@@DarrenVoros when is it most appropriate to instill the 90 noticed ? Beginning of every year after giving 50to100$ Christmas gift ?

[@christysmith7074]

Yes No Yes

[@conniesmith5959]

Bad sound effects in background

[@DarrenVoros]

will do better next time. Thank you for your feedback.

[@BoeTheDragon]

Is the Hybrid type going to require a Real Estate License or any other applicable state requirements? Or is it bypassed as the rent never touches their hands?

[@kathryn5149]

Such great info. Thanks for your comprehensive tips - makes the decision much easier.

[@DarrenVoros]

Thanks Kathryn. This really changed my business when I started to implement these things.

[@1xxicecatxx1]

Nice man, I'm a novice investor but I was thinking of this tactic as well. Where you set aside some money for gifts, during the holiday season. First to hear from an investor.

[@DarrenVoros]

Reciprocity is a great tool in any business. It won't solve all of your tenant problems but it definitely helps.

[@prettygood256]

Thanks for this. Please keep the great information coming. Starting out in real estate so this is valuable. Should we do LLC like people say and is it one LLC or multiples for each property? This part not sure about

[@elishai.1181]

So the best way is to do a series LLC, and put each property in it's own LLC within the series. That will give you more protection. Vs. having all of your properties under just 1 LLC. God forbid a tenant or someone tries to sue the LLC, they will be able to see all the other properties it has. And can come after those as well. Hope that makes sense!

[@NoFearJoe]

Great video. Really liking the hybrid system as an option for out of province. Can this work for a short term rental as well?

[@DarrenVoros]

NoFearJoe Thanks so much. The hybrid works great for an out of town rental. Yes, I’ve used it for short term rentals. I would manage all the bookings remotely and have someone on the ground deal with cleanings, turnover, maintenance, etc.

[@minhngyetnies]

@05:14 you have an cute roommate...

[@DarrenVoros]

She's not a huge fan of my videos tbh :)

[@Sai-ll7rv]

@@DarrenVoros @04:48 she is waiting to find out the answer evicting pet owners question :)

[@1xxicecatxx1]

No to all 3 questions ?

[@DarrenVoros]

Actually you can evict in the middle of winter. There is no law regarding the time of year that evictions can not occur. You're correct on the other two though.

[@Lorna-JWB]

Property management companies neither have the owner or the tenants interest at heart. Super shady.

[@ErnestoJudyAndujar1]

Hmmmmm do you feel this way about all business owners and industries? Curious

[@Lorna-JWB]

@@ErnestoJudyAndujar1 No. Have friends in business and friends who rent homes. Daughter is in business, so, again, no. Not sure how you jumped to that conclusion based on such a limited amount of info.

[@ErnestoJudyAndujar1]

@@Lorna-JWB I didn't make a conclusive statement. I asked a question. I was curious why you made your statement about property management companies. I think you will find "super shady" people in every industry. Would you agree with that statement?