How do you manage your properties?

[Rhinsor]

Is that because you're batman?

Lots of free time when crime rates are down

Hi Rhinsor,

Can you talk to how you manage your properties?

Thanks

Yep.

Before I started I read the tenancy act many times over and got use to all the forms and documentation I needed to use and keep. Plus I've rented myself so I know how to fill the forms out.

I keep all finances in an excel document. Each property has its own excel sheet.
I use gumtree & realestate.com.au to advertise.
I do my own tax returns, depreciation schedules are already done.
I keep emotion out of everything to do with investing.
Any repairs, maintenance, renovations I do myself (self taught) besides the plumbing and electrical.
I've only had one problem tenant, went to court to get them out, it is very straight forward as long as you have all your documentation.

 

[D.T.]

Rhinsor

How much time do you spend on that? And over how many properties may I ask?

I much prefer to outsource the whole lot

 

[MIW]

Couldn't manage myself, as quite few states to deal with, plus too many to handle.... Time is precious and we all have 24 hours in a day, right?
However, I do manage the managers, when I can (they communicate with me on prospecting tenants, maintenance, rents, any issues I have).
Also, I spend a lot of time prospecting new agents, negotiating, crossing out and changing heaps on the Contracts! So far have changed once!

 

[Rhinsor]

Rhinsor

How much time do you spend on that? And over how many properties may I ask?

I much prefer to outsource the whole lot

The time spent if their are no problems is about 5 minutes checking internet banking and filling in excel my document to update rent payments.

Looking for tenants, my newest property was about 10 hours total over a month. 15 minutes open times, replying to emails and calls. A few hours filling out the rental lease, condition report etc.

Only a couple properties and they are located within 10 minutes of each other so it is convenient.

Once I get a few more properties I might get a property manager.

I've actually been looking for somewhere to rent recently and I can see the huge difference in the quality of service some PM's provide. To check out some properties I've had no reply's, reply a week later and the best was a reply within 5 minutes and at the property with in the hour.