Have you recently begun investing in real estate but don’t know how to become a property manager for the properties? Honey, you are twisting your channels, and I’m going to set you straight.
I know it might seem that you need to devote a lot of time and energy to managing and maintaining your properties. But if you follow my lead you will find that your time commitment is far lower than you would expect.
Do I need to know how to become a property manager as an investor?
When you first start out buying properties for investments, you need to have a strategy. You need a focus for what you want to do. I don’t do, nor do I teach, flipping houses. There is no doubt that some have made great money with this investment strategy. But, it is also not without LOADS of work. I like to keep my life simple, so I knew that this was not a strategy I was interested in. (If you want to get started investing in real estate, check out this Simple Guide to get you on your way!)
If you know me you know that I am the biggest advocate for lease options ever. This is what I focus my time and energy on. Why? Because it frees your time and energy up to do more deals! I don’t want to spend all of my time fixing properties! I’d rather spend most of my time closing deals instead. How about you? That’s what I thought…
By structuring your business the way that I have, your time availability is far more open. You are not as limited in the locations where you might want to invest. This is why I now own over $3 million in property assets. I opened up my time to work and make deals, rather than fix houses.
Yes, it still took work. Absolutely, it took strategy. But, anyone can do what I do when you learn the right strategy with the right tools.
Use Your Time Wisely.
I don’t want you to get your time all caught up fixing houses. Instead, you need a team of people who you will turn to when things go wrong with your properties (and they will).
One of my favorite team members is always my handy-guys. I find one or so in the area of everywhere that I buy houses, especially if long-distance. These are my go-to people when things go wrong in a property.
Remember, if you do real estate my way you will not usually have a “renter,” but a tenant buyer. In the contract you write, the tenant buyer will be mostly responsible for maintenance and taking care of the property. Now, there will be some things that are your responsibility, but not everything for sure. And, what are you going to do for those little things that come up? Call the handyman! Got it? Awesome.
You may think it will save you a bunch of money if you do all the work yourself, but the fact is that it is short-sighted thinking. The reality is that you can do more when you bring more people into your investment strategies. Freeing up your time so you can go work more deals is far more profitable than saving a few bucks trying to do all the maintenance work yourself. (Learn more about how to close deals in 10 Simple Steps).
And what about if your investment property is not nearby? You’re clearly not going to be driving hours away in order to fix a toilet! You want to have a solid strategy that can accommodate whatever situation you are in.
How do you reduce your time investment when your investment property is somewhere other than where you live?
First, you gotta get your checks coming in automatically. This is important so that you do not waste your time chasing down the money that you are due. Have your tenant buyers paying their rent through whatever system you have set up on a specific day of the month (usually the first), and a predictable fee if they pay past a few days later (usually the fifth). End of story. Train your tenant buyers/renters to know that this is how you do business and what they need to expect.
At worst, you’ll need to give them a call to find out why they haven’t paid yet, and you’ll either hear them gasp and say they’re taking care of it immediately. Or, you’ll hear that they are moving out next week. Either way, that part is now taken care of quickly and easily.
Secondly, train your handyman to know that you will not be paying them immediately when work gets done, but that you will send them a check. You need to have the money to pay for the services, which means rents need to be paid. Since step one is already taken care of, step two will flow more smoothly.
Bottom line, train your people to know what to expect and how to work with you.
Finally, you need to continue to build a solid team around your business. You need a competent real estate attorney. They need to know how to navigate your activities (especially if you are doing business in multiple states). And, they need to know the laws and what is expected of you and your tenant buyers. In addition, you need a quality accountant who knows how to figure out what you owe and need to pay for taxes, again, especially if working in multiple states.
Do these few things and you will simplify your real estate investment experience in SO many ways, and be free of the time requirement to be totally hands-on with property management.
How long can you expect to spend on your properties each month?
One hour to collect the checks if they haven’t paid (at most 3-5 hours when other bigger issues come up). BUT, if you’ve just gotten started with a property, expect more like 10-15 hours a week to get a property situated and ready to go. Your time commitment will drop WAY down once you’re settled and have your tenant buyer in place.
This is specifically with tenant buyers, NOT renters, and you will still have property maintenance for a bit when getting started. If you want to self-manage a property that you are renting out, get a handyman. That is who you will call to do the little things that come up.
It is far more profitable to have someone else do the work than to save a few bucks doing all the maintenance work yourself.
Ready to Learn More?
Maybe you are ready to build the life you’ve been dreaming about. Or, you are exhausted from trying to flip houses while pouring your time and money into it in the hopes that you get a good profit in return. Is your life the way you want it to be?
I hate seeing people constantly spinning on their heels trying to bring their lives into focus. This is one of the biggest reasons I do this, because I want to help other ladies to thrive in real estate investing without losing their minds in the process. Your life should be full of life and joy and all kinds of memories that you can hold onto for years to come. And real estate investing is the perfect way to create that kind of life, and I will show you how.
This is why I have created First Deal Done Fast to help women exactly like you to not only get started in real estate investing, but to do it with no money. And to do it in a way that actually creates freedom! I love hearing about the successes that my ladies have had, like Sherry who is now making $25,000 a month since getting started. Or Sheila, who made $13,000 in only eight weeks after getting started! The stories just keep coming.
So, if you are ready to really give this a shot and start your journey in real estate investing, check out my full course First Deal Done Fast. I will teach you exactly how to do this.
Work smarter, not harder.
Think big-picture for your long-term goals. Don’t get stuck in the weeds of “saving money” when you can be actively MAKING REAL MONEY. It may not always been popular or what you think is right, but if you want to run with the big dogs, you need the time to get more deals worked out.
Now, get to it.
What have you found has helped simplify managing your investment properties? Share your tips and suggestions below.
I believe in the 80/20 rule. you know, where 80% of all reward comes from 20% of the effort? Well, I believe your blog is that 20%. I’ve added you to the list of sites that I frequent. Thank you for the in depth and detailed blog posts. Not many people are willing to do that anymore.