Great video coach. Here’s my two cents. In response to the question “when should you hire a property manager?”, my answer is “immediately, and preferably prior to purchasing your first rental property“. Before I purchased my very first rental property, I researched rental property ownership extensively. I listened to podcasts, I read literature, I watched KZitem videos, and, most relevantly, I spoke with landlords. Or, to be more precise, I spoke with six different individuals who HAD BEEN landlords but who had walked away from rental property ownership entirely. Each and every one of them had walked away from the endeavor because of the problems associated with managing the properties themselves. They complained about chasing tenants for rent, having to pursue evictions, having to respond to maintenance concerns, and the like. I learned from their experiences and I hired a property manager before I purchased my first rental property. That was over five years ago, my portfolio has blossomed, and I have never once regretted hiring a property manager right out of the gate. To be fair, I never had any interest in managing rental properties. I am employed in a very time-consuming career field and the notion of adding a “part-time job“ to my already full schedule of work-related activities was unappealing. On top of that, people make a living managing properties. It is a career field unto itself. It can be a full-time job. I don’t dabble in surgery, I don’t dabble in accounting, I don’t dabble in dentistry, I don’t dabble in automobile mechanics, and I don’t dabble in the hundreds of other service industries that are occupied by experts and professionals. I don’t do that because I don’t have the requisite skill set. So why would I dabble in property management? I can understand if it is a person‘s objective to become a full-time property manager, then, in that circumstance, it would make sense. But in every other scenario that I can think of, it just doesn’t make sense for me to “get smart“ on how to manage properties because I know that eventually, I am going to hand it off to a property manager down the line when it eventually and inevitably becomes too burdensome for me. In addition, I know I can be a softy and that I would fall prey to sob stories from tenants. Their financial problems would have become my financial problems and I knew that before long, if I were to manage my own properties, I would be getting out of the business as well. You made some great points in your video. I just wanted to offer my thoughts on why hiring a property manager right out of the gate was the right approach for me.
@brigetcampos7785
2 жыл бұрын
Your right, I'm planning to get in the real estate investment and I know nothing about everything that is required about rental properties. I have researched, watched videos, read some of the tenants right ......If I can hire a company to manage my properties and take away that pressure of one day getting ripped off by tenants or a tenant calling at 3 am because the furnace don't work well I am better off. It's not just about collecting the rent, it takes a lot more.
@MrSethmo13
2 жыл бұрын
@@brigetcampos7785 Indeed it does. There are months that my property manager does nothing but collect rent. But then there are months that my property manager has to handle evictions, deal with rat/rodent infestations, deal with cockroaches, deal with flooding basements, deal with irate tenants, deal with section 8 inspections, deal with property showings, deal with marketing vacant properties, following up with tenants who pay late,etc. and all I have to do is pay him 10% of the rent. The way I explain it to my children (who I hope to someday leave my rental properties to) is that my property manager gets only 10% of the rent but he has to handle 100% of the headaches. To me, it’s a very good deal. Good luck to you!
@brigetcampos7785
2 жыл бұрын
Thank you very much 😊
@TheRetirementality
2 жыл бұрын
I own 6 rentals in Florida one in Puerto Rico and I live in the Virgin Islands. I self manage all of my properties in FL and I hired a manager for the property in Puerto Rico. I fly back to Florida every 3-6 months to put eyes on my properties and fix little problems. I'm thinking about moving to Spain in a year or so. I will probably turn them all over to a property manager if we do decide to move to Spain. But, the reason I can manage my properties from the Virgin Islands is because I already had the process set after managing them myself for several years.
@pikolomuzik
Жыл бұрын
Hey sir how can I get in communication with you. I got some questions
@TheRetirementality
Жыл бұрын
@Brian Arcangeli Nice. great minds.
@faithahora
Жыл бұрын
Why Spain?
@TheRetirementality
Жыл бұрын
@@faithahora The main reason is that my wife is from Spain. But, we could go anywhere in the world and we've looked at a lot of places. The cost of living is low and the infrastructure is great. In the Virgin Islands the cost of living is high and the infrastructure is crap. There are cheaper places to live but we the power to work and we want public transportation a things like that.
@mr.clutch6930
3 ай бұрын
They must all be studios or 1 bedroom apartments and maybe all SFR’s. No way you have more than 10 doors and self manage while out of state.
@gfoster173
2 жыл бұрын
I sure hope some day I have to hire a property manager! 3 properties in 4 months and trying to grow more.
@CoachChadCarson
2 жыл бұрын
Congrats on your progress!!
@laurasamaniego5937
3 ай бұрын
Love the information about Leasing Agent and and the PM software program. Thanks so much for sharing.
@YolandaTheGardener
2 жыл бұрын
I hired a Property Manager for my rental property. It was the best decision I could have made for myself and it was a bonus because my Property Manager was a real estate investor and she already had a prospective tenant for my property.
@CoachChadCarson
2 жыл бұрын
Thanks for adding your perspective and experience, Yolanda! Good to hear from you.
@troythepinoy
3 ай бұрын
Thanks Coach I learned a lot from this
@jeffdorris5321
2 жыл бұрын
Happy Easter 🐣
@stevenchristin6069
2 жыл бұрын
The deciding factor for me was that my cash on cash value of my property is 14% even if I plug in the 10% the management company charges. Plus, given it's my first property, I figure I would rather pay someone who knows what they are doin lol. Thoughts?
@badger25
2 жыл бұрын
Really good information thank you. I'd be interested in seeing more videos on rental managers both in single and multifamily dwellings as well as trailer park. During the video you referenced an average that rental managers received as 10% in your area but then later on you reference 25% as the fee. Is this sort of the national range? Is there other resources that can be used to find out what that is in my particular area?
@CoachChadCarson
2 жыл бұрын
Thanks for watching. 10% was my average for long term rentals. 25% was what I pay my short term rental manager. Different jobs. I don't know of a source to get overall averages. For now the best source is asking around with other investors in your area.
@godricronaldinho1927
Жыл бұрын
thank u so much for your lesson, 🤗
@JCTheLawnCareGuy
Жыл бұрын
I plan on renting out a home here in the states and move to Japan. I’m trying to figure out how to do this internationally.
@soccerpro999896
2 жыл бұрын
Great tips! thank you
@DJTrinivibes4U
10 ай бұрын
Amazing ideas and info
@CoachChadCarson
10 ай бұрын
Thanks for watching!
@doradominguez7316
2 жыл бұрын
Very nice information here. I'd be interested to know your opinion on whether property management software would be a good idea for me and whether or not you use one. I've been looking into some of the more popular choices like Entrata and DoorLoop and DoorLoop really stood out. Would love your opinion, thank you!
@CoachChadCarson
2 жыл бұрын
Hi Dora. Thanks for watching. Currently I've been recommending and like Avail (coachcarson.com/avail) and Rent Marketplace (coachcarson.com/rentmarketplace). But I know there are a lot of good ones out there.
@badblazeraranda
9 ай бұрын
I met somone online and the person wanted to rent out there home and is this a scam they want some code off of a ssa letter I got in the mail?
@johnstein4516
2 жыл бұрын
Coach does a good property management company make it possible for people to own properties that they live nowhere near
@CoachChadCarson
2 жыл бұрын
Yes, I would say that's true. But I'd also caution that you can't delegate everything to a property management company. A good, professional manager can feed you information about the market, the lease rates, the inventory of rentals, etc - but you need to have the overall strategy yourself and you need to learn the questions to ask them. That's a big part of what I try to teach here on the channel and in my online courses.
@wondwessenshibeshi3716
2 жыл бұрын
🍁 I love the show. Do you recommend property managers? Canadians who would like to invest in the USA and vice versa.
@CoachChadCarson
2 жыл бұрын
Thank you for watching! I don't recommend specific property managers because every town or neighborhood has good local ones and it would be impossible to list them all. I recommend networking with other local investors (through BiggerPockets, Facebook Groups, or local Real Estate Investor Associations) and ask who they recommend.
@Enlightened77777
Жыл бұрын
NEVER HIRE A PROPERTY MANAGER THEY ARE CROOKED
@janjaf844
Жыл бұрын
I have same thought after just getting a charge for a fan for 450. Trying to find ways how to do it on my own. Least have a say in which fan goes into my home! Lol.
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