| Don't get freaked out about the term "rental | | | | - How to manage your tenants so that their |
| property management", it sounds threatening but | | | | personal/financial problems are not your concern. |
| all it really means is: | | | | - When someone moves out or you evict |
| A game plan to keep your rentals headache free, | | | | someone, who is going to prep the apartment for |
| cash flow animal . | | | | the next tenant. |
| Does that sound a little better than rental | | | | - Speaking of evictions, do you know how to do |
| property management? | | | | one? How much does it cost? How long does it |
| You better believe it does and guess what. | | | | take? |
| Managing rental apartments is simply a matter of | | | | - How to adapt the proper mindset for |
| having the proper mind set and doing some | | | | successfully owning rental property. |
| planning in advance. | | | | You have to have a property management plan |
| I don't care if your talking about one two family | | | | that works for you. This is key. You see, some |
| property, a six unit property or twenty rental | | | | people are white collar, some are blue collar, some |
| properties, having a game plan for managing your | | | | are hands on, some can't and don't want to know |
| rental units is key! | | | | how to turn a screw driver, every bodies |
| Before I go any further, you should know that I | | | | situation is different. Understanding this and having |
| always manage my own rental units. The most I | | | | a system to manage your property will keep |
| ever had was I believe 42 units comprised of 2-6 | | | | your rental property a cash flow animal. |
| unit buildings. I would never have an outside | | | | Let me rephrase that. Having a property |
| property management company manage my | | | | management plan that works for you will keep |
| properties. It costs too much, they do a lousy job | | | | investing in rental property headache free and |
| in my experience and its easy to get ripped off. I | | | | running like a well oiled machine. |
| knew a roofer who had a gig set up, where he | | | | Having your rental units be a cash flow machine is |
| would give a kick back to the guy in charge of | | | | a primarily a function of buying the rental |
| getting bids for a property management | | | | property at the right price. However, even having |
| company! | | | | bought a multifamily house at the right price, you |
| Learning whats involved ahead of time for | | | | can end your rental property being a cash flow |
| managing rental houses will save you a lot of time | | | | animal without a good property management plan. |
| and aggravation. | | | | Remember, a good rental property plan will |
| Your rental property management plan has to | | | | - Help you find good paying tenants who won't do |
| cover: | | | | much more harm to your apartment than normal |
| - Who is going to do the basic maintenance | | | | wear and tear. |
| repairs,i.e. clogged sink or toilet, broken facet, | | | | - Allow you to charge top rent because your |
| doorknob ,window, electrical plug not working, etc. | | | | apartment warrants it. |
| Are you going to do any basic maintenance? If | | | | - Make sure things get fixed quickly and cost |
| not, you'll want to find handymen that won't | | | | effectively when needed. |
| break the bank. How do you find these guys? | | | | - Keep your tenants happy, so you don't have |
| - Will you be able to financially handle more | | | | frequent vacancies due to poor property |
| severe problem, such as roof leaking, need to | | | | management. |
| replace a hot water tank, need new furnace, | | | | - Make owning rental property stress free. |
| vacancies... | | | | Understanding what a rental management plan |
| - How to screen tenants. After all, they are the | | | | should entail and implementing it will make your |
| source of your profit center. | | | | rental property business enjoyable and successful. |