DeepSummary
The podcast episode features a discussion with Amelia McGee and Grace Gudenkauf, authors of 'The Self-Managing Landlord', about their experiences and lessons learned as self-managing landlords. They emphasize the importance of establishing systems and processes from the start, even with just one rental property.
McGee and Gudenkauf share their tenant screening process, including pre-screening applications, open house showings, formal applications with background checks, and verifying employment and previous landlord references. They stress the significance of choosing the right tenants to ensure a successful rental business.
The guests also discuss the transition from doing everything themselves to eventually hiring internal property managers. They provide insights on deciding which tasks are worth outsourcing and which ones require their involvement as business owners focused on asset management and growth.
Key Episodes Takeaways
- Establish systems and processes for managing rental properties from the start, even with just one property.
- Implement robust tenant screening processes to ensure quality tenants.
- Treat rental property ownership as a business, even with a small portfolio.
- Use property management software to streamline operations and communications.
- Distinguish between money-making activities and tasks that can be outsourced.
- Consider hiring internal property managers as the portfolio scales to focus on asset management.
- Continuously evaluate and optimize systems and processes as the business grows.
- Approach self-management with a professional mindset and a focus on profitability.
Top Episodes Quotes
- “Even with one property, this should be a business to you.“ by Grace Gutenkoff
- “We are huge proponents of choosing the right tenant, waiting until you have a good applicant to move forward with them.“ by Amelia McGee
- “So theres so many components that go into owning rental properties and the way that grace and I look at it is in terms of money making activities versus activities that we can hire out that arent worth our time.“ by Amelia McGee
Entities
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Episode Information
BiggerPockets Real Estate Podcast
BiggerPockets
4/17/24
If there’s one thing that’ll make or break your real estate portfolio, it’s property management. When done correctly, property management can feed you consistent, passive income without the everyday stressors of being a landlord. Whenever you hear people talking about bad tenants, midnight phone calls, or surprise maintenance problems, they’re really talking about property management gone wrong. So, how does a rookie real estate investor, with even just one rental property, start managing the right way so they can scale their portfolio faster?
Amelia McGee and Grace Gudenkauf, authors of The Self-Managing Landlord, did it all wrong initially. They were picking up every tenant phone call, placing every service request, taking rent payments every which way, and here’s the thing—none of it was working. As they scaled their portfolios, things only got more difficult until finally, one day, they stopped and developed a system, and like that, their businesses took off.
Now, only a few years into real estate investing, both Amelia and Grace have dozens of rental units to their names and less stress than ever before. How did they do it all WITHOUT hiring everything out to a property manager? In today’s show, they’ll share the self-managing principles they used to explode their rental portfolios while staying sane! And if you’re a new investor or are about to be one, these tips could save you YEARS of headaches!
In This Episode We Cover
Why EVERY real estate investor should be self-managing when building their portfolio
How to start building your property management “system” that’ll save you HOURS a week
What brand new investors NEED to start doing once they have their first property
Three apps/software that every real estate investor should have
Tenant selection 101 and simple mistakes that could cost you months of rent
How to know it's time to start outsourcing and signs you need some help
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-938
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