Self-managing your rental properties vs hiring a property manager pros and cons

Self-managing your rental properties vs hiring a property manager pros and cons.

Today I want to talk candidly about property managers and whether you should or should not be using a property manager for your rentals so if you don't own any rental properties and you're thinking about buying a rental and you want to know whether or not you should be using a property manager I think that the answer for most people is that, YES!, they should be using a property manager. If you feel like it's going to be a huge burden to have to deal with you know maintenance issues and you know the classic toilets, tenants and termites then you might want to hire a property manager if you live out of state and you're not able to go check on the property on a regular basis you should definitely hire a property manager.

There are a lot of laws that heavily protect tenants and if you're not very familiar with what kind of things you are and are not allowed to do with the tenants and what types of notices you need to give and all that then you might want to hire a property manager. Now,  if you're a more seasoned investor you own multiple properties and you want to consider managing them yourself I do have several clients that do manage their own properties and they do it very successfully and they're very happy with it and they're very happy that they get to keep that extra money that they would have otherwise paid to a property manager.  So I do think that it can be right for some people just make sure that you're doing your homework on you know how to you know to send out notices of you know new leases and notices of late payments and collecting late payments and some of the legal rights like for example some landlords think that they can just show up on the property anytime they want because they own the place but that's not the case you have to provide tenants with appropriate notice when you want to go do an inspection of the property there's just a lot to consider.

Now,  if you do want to hire a property manager I have a couple of fantastic ones who I can recommend to you and just to give you a ballpark idea different property managers are different and some of them do slightly different things but for the most part they're going to handle everything for you you're never going to contact the tenant you're never going to have to inspect the property you're never going to have to worry about whether you know the payments and it hasn't been received on time does this notice need to be sent out to the tenant they're going to handle all that stuff they'll market the property get it listed find and place the appropriate tenant that has the right qualifications for you and they're usually charging somewhere around eight percent of whatever the lease is so if you've got a property that's a thousand dollars a month then which that would be amazing if you have a property that only leases for a thousand dollars a month pretty much everything is more expensive than that now but just hypothetically then your management fees on that would be about eighty dollars a month so make sure you're factoring in management fees into your projected cash flow when you're looking at buying a rental property.

 Let us know when you need more tips on investing in Real Estate!

Here are more videos like this!

5 Homebuyer Tips
Here are five tips for navigating the home buying process.
3 Financing Tips
If you are planning on buying a home using a home loan then these three tips will help you get prepared for the financing process.
Credit Score Ranges & Factors
A credit score is a number between 300–850 that depicts a consumer's creditworthiness.
Required Mortgage Documents
Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide...
How to Improve Your Credit
Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be.
The Home Inspection Process
After your offer gets accepted, you’ll have an inspection period. This is your opportunity to have a licensed inspector canvas the home looking for common issues prior to moving forward with the home purchase.
The Appraisal Process
Once you are under contract, your lender will send out an appraiser to verify the purchase price is in line with the property’s value. Here are the two most important things to know about the appraisal process.
Homeowners Insurance
A homeowners insurance policy will protect you against certain losses and damage to your new home and is generally required by lenders prior to closing.
How To Buy in a Tight Market
Here are five things tips that can increase your chances of getting your dream house in a competitive housing market.
Thinking About Remodeling? Here’s some tips.
If you’ve made the decision to remodel your home before selling it, you should do some research to find the right contracting company.
Digital Photography
When selling your home, it’s important to upload high-quality images that really show it off to potential buyers.
How to Recognize a Qualified Buyer
When you’re selling your home, it’s exciting to get an offer! But unless your potential buyer has the resources to qualify for a mortgage, you might not really have a sale.
Questions to Ask Yourself When Considering Selling
If you’re thinking about selling your home and moving to a new location but you aren’t entirely sure about the idea, here are some helpful questions to ask when making up your mind.
Tips to Make the Sale Process Faster
If you’re thinking about listing your home on the market, here are some tips to make the sale process faster and easier long term.
Home Showing Checklist
If you’re selling your home and are getting ready for a home showing, here are some tips that will increase your chances of success.
How To Add Curb Appeal
Want to add some curb appeal to your home before listing it on the market? Here are some tips that will help!
How To Attract More Buyers
Attracting buyers to your home on the market is an important task in order to have it sell quickly. Here are some tips on how to convince buyers to make an offer on your home!
What to Know About the Appraisal Process
After accepting a contract for the sale of your home, the buyer’s lender will send an appraiser to make sure the purchase price is in line with the property’s value.
Is the Buyer Pre-Approved, or Not?
When selling a home, it’s important to understand the different types of loan approvals that you will come across.
Self managing your rental properties vs hiring a property manager pros and cons
Self-managing your rental properties vs hiring a property manager pros and cons. Hi, I'm Merrill Jencks. I am a real estate investor and I want to help you understand the basics of investing in rental properties. This video will cover the pros and cons of self-managing your own properties vs hiring a property manager so that you can make an informed decision when it comes time for you to invest in your first rental property. If you want to know more about rental properties in the Phoenix Metro area sen
What is a Real Estate Wholesaler?
What is a Real Estate Wholesaler and what do they do? The Phoenix housing market is one of the hottest markets in the country. It's also a very competitive market with lots of investors competing for great deals. That means that if you're just getting started, then it might be difficult to find your first deal. That's where real estate wholesalers come in! Watch this video to learn more about what they are and how they can help you take your investing skills up a notch. Facebook:https://www.facebook.com
What kind of home Insurance & warranty should I have for an investment home?
What kind of home Insurance & warranty should I have for an investment home? In this video, Merrill Jencks goes over what kind of home insurance you will need for your rental property, and if you need a home warranty. Make sure you speak to your insurance agent and let them know that you have a rental property and not an owner-occupied property. It may be more expensive, but the coverage is worth it if your tenants extensively damage the home. Home warranties are something we often recommend to our cli
Watch what you Say in the House
When you're touring a home you might buy, make sure to watch what you say in the house! These days, almost everyone has some kind of recording or video device in or outside of the house. If you're not careful, you could say something that might give the seller the upper hand in the negotiations. When it comes time to talk to your real estate agent about your feedback, make sure you're not in or in front of the house!
Why you should Pay Attention to Home Values
Home values are on the rise, and if you pay attention to what your specific neighborhood is doing in the market, you can position yourself to make some big moves. Whether or not you have plans to sell your home, it's important to pay attention to the value. Maybe you would consider selling if you found out your home was worth a certain amount of money, or maybe you choose to do a cash-out refinance. Either way, home values should be on every homeowner's radar!
What to do After Finding a House
So you found the house you want to buy! Finding it is just part of the battle. After looking and looking, you want to make the next step. What's next? It's time to make an educated offer! Want to learn more about buying and selling real estate? Make sure you're subscribed to this channel and follow me on Instagram and Facebook at @bighelpergroup and @merrilljencks!
Why you should Pay Attention to Home Values
Home values are on the rise, and if you pay attention to what your specific neighborhood is doing in the market, you can position yourself to make some big moves. Whether or not you have plans to sell your home, it's important to pay attention to the value. Maybe you would consider selling if you found out your home was worth a certain amount of money, or maybe you choose to do a cash-out refinance. Either way, home values should be on every homeowner's radar!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment