The Truth About Self-Managing Rental Properties
Are you considering managing your own rental properties, but feeling a little intimidated by the workload? Well, don't worry! Because I've got your back.
As someone who manages not one, not two, but nine rental properties in the suburbs of Indianapolis, I'm here to give you the inside scoop on what it's really like. Let me be the first to tell you -- it's not as daunting as you might think!
Now, I could always just summarize everything for you in a few neat paragraphs, and give you a general idea of what kind of requests I get and how often I get them. But, I'm going to going to do you one better.
I've compiled every single request I got in 2022 from all nine of my rental properties and shared that log in this blog (that rhymed) so that you can see them for yourself.
You might be thinking that nine properties sounds like a lot of work to manage all by myself... But buckle your seatbelt, my friend, because like many other things (including real estate investing itself) it's not as scary as you might think.
In fact, when you boil it down, I get an average of two requests each year from each property. Only two!
I hope this helps you consider whether or not to manage your own rentals. In my opinion, you can and you should!
-Grandview has minor maintenance issues like a kitchen drawer that’s off the rails and one stove burner that won’t light. They also cannot locate where to place their furnace filter. We sent a handyman out for the maintenance items and he also showed them how to change the filter.
-Rembrandt dishwasher stopped working. Handyman said it was a computer issue. We replaced the dishwasher.
-Deloss heat went out. HVAC techs came and the furnace had to be replaced. Tenants were gone over a very cold weekend, so David had to be there for the techs to come out.
-Pleasant street plumbing issues. Sent a tech out and they flushed the water heater and replaced a faucet. Plumbing issues continued. They came back out 10 days later and installed a water softener and repaired the water heater.
-Grandview asks us to pick up a spare floor vent. Handyman picks it up the next time he is dealing with other maintenance items.
-Grandview having AC issues. An HVAC tech determines it is a thermostat issue and replaces it.
-Pleasant St had issues with mice. Called the county to come out and take a look. Then called a contractor to patch a hole where they were getting in.
-Final walkthrough of Pleasant St. on tenant move out.
-Grandview asks “what is the plan for spraying the yard for weeds?” We tell them that it is their responsibility. One of their maintenance items is still pending, so we check with the handyman and send him back out to replace the dishwasher gasket.
-Jenny Ln dishwasher not functioning properly. Ordered a new dishwasher and sent a handyman to replace.
-List, review applications, and show prospective tenants Pleasant St house. We were able to get this one rented back out pretty quickly.
-Send cleaning crew and handyman to handle pending issues post-move out at Pleasant St.
-Dirt pile up was preventing the back gate from opening at Pleasant St. They needed an extra key for their house. We sent our contractor for both issues.
-Cat sitter at Pleasant couldn’t get into the house with the electronic lock/keypad. David called her to tell her how to get in.
-Final walkthrough of Rembrandt.
-List, review applications, and show prospective tenants Rembrandt St house. This one took a few weeks and several trips to show the property before someone signed a lease.
-Sent cleaning crew and handyman to handle pending issues at Rembrandt.
-Grandview AC unit is not working on very hot days. We send a HVAC technician, who determines that it is a refrigerant issue and refills it.
-Grandview blinds are broken, no action taken.
-List, review applications, and show prospective tenants Jenny Lane. This one took a long time to rent. We changed the pricing a few times and would only have around one showing per week.
-Review applications, and show prospective tenants Rembrandt St house.
-Grandview AC unit is still having issues. We get three quotes and replace the AC unit.
-Sent handyman out to fix locks on windows at Rembrandt
-Review applications, and show prospective tenants Jenny Lane.
-Grandview asks to renew their lease for two years, and agree to a price increase. They ask for a change to the lease. No changes were made to the lease and a new contract was signed. They ask about the broken blinds again, and we tell them that we can help them get replaced but they will need to pay for the replacement. No action taken.
-Tenant at Rembrandt says her water softener smells. We sent a tech to clean it out.
-71 Grandview messaged and asked if they could reseal the driveway. We said yes.
-Grandview says that a ceiling fan is shaking, that one faucet is leaking, and that some paint in the bathroom is blistering. We sent a handyman out to look at these items.
-71’s sink garbage disposal is not working.
Well folks, there it is!
This is the real-life log of requests within 1 year, from a portfolio worth $1.6 million that generates $150,000 of annual income.
I'm happy to answer any questions you may have, and as always, Happy DealFinding!
About David Lecko
David Lecko is the CEO of DealMachine. DealMachine helps real estate investors get more deals for less money with software for lead generation, lead filtering and targeting, marketing and outreach, and acquisitions and dispositions.