What happened with my Property Manager…

Here’s an update on my property manager, and my experience using them on one of my rental properties 8 months ago…enjoy! Add me on Instagram: GPStephan The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF (Limited Time Only) Join the private Real Estate Facebook Group: https://www.facebook.com/groups/therealestatemillionairemastermind/ Merch: http://www.GrahamStephanStore.com/ My ENTIRE Camera and Recording Equipment: https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB Since 2011, I’ve bought 6 properties…three houses, two duplexes, and a triplex. All of them were purchased so I could fix them up and then rent them out. And until 8 months ago, I did ALL the managerial work myself. But last year when I had a vacancy from a tenant who was relocating for work, I just didn’t have the time to show the property to anyone else. I was so busy working as a real estate agent and trying to pump out 3x youtube videos per week that I didn’t have the time to answer every phone call that came in, I didn’t have the time to manage the work needed to fix it up, and I knew that I pretty much had no other choice other than to hire a property manager to handle it all for me. In the beginning, I definitely had some issues: My first complaint was that I disliked the pictures they used. My second complaint was that they added a 20% surcharge to all the renovation work the property needed, which on a $3000 renovation, was an extra $600. My third complaint was that they aren’t as careful about picking tenants as I am, just because it isn’t their place. Now all of that was over 8 months ago, so here’s what’s happened since then: First of all, I rented the property out for 15% MORE than my last tenant was paying…that was a combination of the rental market just going up in value, and that I always rent my properties under market value just to rent it out quickly and attract a good tenant. Second, it’s been REALLY, REALLY nice just to have the peace of mind not to THINK about this property at all. P Third, it’s nice that they keep track of ALL income and expenses for me, I don’t do a single thing except give their end of the year statement to my CPA who handles everything else on my tax return. Fourth, I have to admit, I like the distance between myself and the tenant. And big lesson for all the real estate investors out there: the more friendly you are, the more you get taken advantage of. Tenants can, and will, push limits and the more you budge, the more they get away with. Fifth, my overall experience is that - after 8 months - hiring a property manager was ABSOLUTELY worth it, and I should have done it much sooner. I’m slowly going to be incorporating them into the others, and hopefully one day I’ll be fully removed from the day-to-day aspects of managing rentals. And for anyone watching who’s thinking about investing in real estate, or if you have rental property already…my advice is to first do it yourself, learn how the business works, learn how to manage tenants…and once you get to the point where your time is better spent elsewhere, THEN get a property manager. For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com

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