Do you document how much time you spend dealing with rental property?

[INVSTOR]

I documented this for a while when I had property managers after i realised I was spending a lot of time trying to sort out disasters.
Does anyone else strictly document this?
How much time do you spend in total per property per month including paying bills, maintenance, emails, managing properties/managing Property Managers?

 

[LoneWolf]

I documented this for a while when I had property managers after i realised I was spending a lot of time trying to sort out disasters.
Does anyone else strictly document this?
How much time do you spend in total per property per month including paying bills, maintenance, emails, managing properties/managing Property Managers?

I don't, I don't see the point, I only calculate the numbers, as it is a business transaction
I spend my investments on PM so that they can invest their time to manage?

Otherwise, why would you pay for a PM?

 

[INVSTOR]

I don't, I don't see the point, I only calculate the numbers, as it is a business transaction
I spend my investments on PM so that they can invest their time to manage?

Otherwise, why would you pay for a PM?

Stuck in a contract...Property Manager forwarding you tenant emails with stuff like, 'dirt is disappearing from garden due to retic' and paying for repairs you told them was under warranty! Company they paid disappears...
So do you spend any time checking statements, quotes or preparing or checking tax return?

 

[BayView]

Not much point documenting time unless you plan to get paid for it - but who's going to pay you?

 

[LoneWolf]

Stuck in a contract...Property Manager forwarding you tenant emails with stuff like, 'dirt is disappearing from garden due to retic' and paying for repairs you told them was under warranty! Company they paid disappears...
So do you spend any time checking statements, quotes or preparing or checking tax return?

the only check I do is run my eyes over the statements monthly, and checking I got the money in my account

by doing a time log would be ridiculous otherwise, like BV said, who's gonna pay for you?

 

[redwing]

Maybe an hour a month

PM Information gets saved to folders, information is put into spreadsheets. Property Inspections are reviewed, On-Line Banking. Bill Payments via phone

Now if your asking how much time is spent on Somersoft....

 

[INVSTOR]

Now if your asking how much time is spent on Somersoft....

Yes...researching is very important to investing in property

Good point Lonewolf, if you had a great PM it certainly does save a lot of time. One of my properties is a townhouse with onsite manager. It is extremely efficient with my time and I quite often forget I own it. If only they were all like that.

 

[MTR]

I documented this for a while when I had property managers after i realised I was spending a lot of time trying to sort out disasters.
Does anyone else strictly document this?
How much time do you spend in total per property per month including paying bills, maintenance, emails, managing properties/managing Property Managers?

Hi Ivstor

For me its insignificant as property managers pretty much doing this, and there would be something wrong if I had to monitor my time on this as they are then not doing their job.

Come to think of it, I don't monitor/document any time spent on property related projects from sourcing, financing, developing, I don't really see the point, what would be the expected outcome/what would I achieve??

CHeers
MTR

 

[INVSTOR]

Hi Ivstor

For me its insignificant as property managers pretty much doing this, and there would be something wrong if I had to monitor my time on this as they are then not doing their job.

Come to think of it, I don't monitor/document any time spent on property related projects from sourcing, financing, developing, I don't really see the point, what would be the expected outcome/what would I achieve??

CHeers
MTR

I think my life was easier the less properties I owned. I would prefer to own 3x $600/wk properties than 6 x 300/wk properties in retirement as a quick example.
If you had 20 properties that you self managed it would possibly be worth recording to claim expenses depending on individual living arrangements.

 

[INVSTOR]

I like to occasionally calculate my time!
I've seen people renovate properties for profit and after they worked out how much time they put into it they realised they came out even. - so I was thinking along those lines also!

 

[joanmc]

I haven't calculated my time, but I do keep an eye on things. Who is behind, what repairs are needed, etc etc and managing the manager to a degree. I also like to keep an eye on the local market to see what houses are renting for as I don't take the RE estimates as gospel.
I don't mind doing it and to me it comes under the same heading as checking my bank account statements, looking after our business affairs etc.
No one will look after my money as well as I will because I am the one with the vested interest in it all going well.
But I agree it does become more time consuming the more rentals you have and the type of rentals I have make it even more so.

 

[D.T.]

In my job every minute of my day is documented and I have a high billable hours target. So, never going to take up the practice at home