This time we conclude the call from last time talking about Property Management. When we left off we were sharing some crazy stories about tenants and just about to start talking about crazy owners. We are visiting with Matthew Whitaker from GK Houses and Christopher Ladd from Great Jones, two large property management companies. They are answering my questions and some from the audience on the call and laying the wisdom on us.
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News:
Topic: Property Management, Matthew and Christopher
Some questions to get us started:
- Most of us buy our first rental house and attempt to manage it ourselves. What are some of the most important things we need to know if we plan to self-manage?
- What are some of the biggest pitfalls for landlords self-managing?
- If we only have a few rentals and self-manage, do we really need to know all the regulations about fair housing rules and so forth or are we exempt?
- Where can we go to learn the housing rules to make sure we are in compliance?
- What are some ways I can find good tenants for my properties?
- How do I appropriately and legally vet tenant applicants?
- How can I learn whether a prospective tenant has been evicted?
- You can’t fully control people - what is the craziest thing you’ve seen a tenant do (that you are allowed to talk about)
- Where can the average person get a good lease to use?
- What some typical problems tenants have and some ways to prevent them?
- How do you draw the line between normal wear and tear and reason to retain security deposit?
- At what point does it make sense to hire a management company?
- Just in case I have a property in a city where you are not located :) what criteria should i use in selecting a property management company?
- When vetting a management company, what are some red flags?
- What does the rest of this year look like for rental property demand?
- How has managing rentals impacted your view of humanity in general?
- What are your top 3 pointers for landlords or potential landlords?
Questions:
- Alison, Fort Worth, TX “I’m a married mom, work part-time. My husband is a cop. We are comfortable, but don’t have a lot of extra money. We have saved about $30,000 to invest in real estate. We are thinking about those inexpensive houses you talk about. But we wonder it that’s the best course of action for us right now.”
- Henry, Knoxville, TN “Flip houses or own rentals. Which is best?”
- Sandra, Louisville, KY “What is the best way to determine if a property is a deal? Is there some sort of calculator or program for that?”
- Louisa, Pittsburgh, PA “I’m interested in starting a local Flipping America Chapter. What do I do?”
Motivational Thoughts for the day
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” William Arthur Ward
