How to Manage Rental Properties

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  • Great Article Mark,

    I’ve definitely experience the issue with my property Manager and asking for low rents to just get the home rented. Big Mistake on my part. Lesson learnt.

    I have a question: What are the best and most efficient way to collect rent? check? or bank deposits? (is it even safe to give out bank numbers?)

    • Hi Randy, I always take checks, but many tends like to pay in cash or money order. I have never done bank depositis.

  • Hey Mark!

    I’m loving every bit of your website and on my way to buying a few of your e-books!

    I see a lot of people commenting on all of your articles saying they wish they had known this information when they were younger.
    I am a senior in high school, and planning to graduate early in December, and I feel lucky to have stumbled upon all this knowledge.
    I’m just not really sure how to go about starting my career in real estate and investing.

    My local college offers basic real estate classes (beginning and advanced appraisal, property management, principles, etc) but the more I read around, the more people say going to school for anything more than your real estate/broker license is a waste of time (and that you truly learn from field experience, not classes).
    I originally planned for my career path to focus on Network Administration and IT, but this route seems more interesting and more rewarding to me.

    Do you have any tips on starting out in this field so young?

    Should I take real estate classes? Do you think they will help?

    When should I start buying rental properties? (And how much should I already be making annually?)

    I love how positive you are and I think its really awesome how you set out to help people through this blog.

    Thanks in advance 🙂

    Cruize

    • Hi Cruize,
      The sooner you start the better off you will be. You don’t have to jump in buying right away to start learning your market and about investing. I think real estate classes would be beneficial and college could be as well. It all depends on your goals and what you want to in life. I would first focus on your goals and what you want out of life and then work backwards on the best way to get there.

    • Go into IT!!!!

      • Mark Ferguson says:

        ??

  • Managing rentals need 100% attention. For property owners who don’t have the time, hiring a property manager is the best option.

  • Managing a rental property is not that hard for property owners who have the time to do it. But for those investors who have better things to do elsewhere, these can be annoying and time consuming: tenant selection and screening, paying attention to and solving tenant disputes, advertising the property, rental collection, property inspections and other tasks related to property management.

  • If you’re good in dealing with people and you have all the systems and apps in place, then managing your own rentals will not be much of a problem. The next question is: do you have the time? Property management can be time consuming and if you have a more important job elsewhere, hiring a property manager will be a smart choice.

  • Buying/selling a property is definitely not the work of one man. We can only be assured of a good property deal if all the aspects — from marketing through to legal — are well taken care of.

  • There are so many aspects to consider while managing a property which makes it ideal to have a dedicated company or a dedicated person to take care of the properties provided you have many. They will provide end to end solutions and one can focus on other areas of investments.

  • Great Article- We were fortunate to have retired from the building industry, so managing our properties came as an easy fit for us. I do the physical repairs ect- and my wife runs the books like a swiss watch. But as those here have stated- If you are not handy or nearby your investment- or have a soft hearted approach to a sob story- maybe you should have a manager or invest your capitol else where.

    • Mark Ferguson says:

      And I also think depending on where you are in life there are better ways to spend your time.

    • Mark Ferguson says:

      Thank you

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