Property Management Blog

Sunday, February 14, 2021

How we choose our vendors
My first whiteboard animation video is here! Working with the right vendors is one of the crucial keys to successfully managing rental properties.So who are the right vendors? They are skilled at what they do. Generally speaking, to get good at something, you need to focus on one trade. This is why we use a licensed electrician,...

Wednesday, January 13, 2021

What would you do with your factory?
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Imagine one day you wake up and realized that you own a factory that makes a widget. You have about 200 operators working there with one machine per person, 200 machines total. The factory is full, so you can’t hire more operators or install more machines. You make about $200 per month after all the expenses or $1 per employee.Your ...

Wednesday, January 6, 2021

New group
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I just became an organizer of a Meetup Real Estate Investment Group! I'm nervous and excited, but I'm looking forward to making some changes and adding some value to the members.

Wednesday, October 28, 2020

Why we do NOT update owners about repairs until they are done
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Taking care of repairs is one of the major tasks for any property management company. Some of the owners may be hiring a property management company, precisely because they don’t want to deal with the repairs.I can’t blame them. Repair requests always come in on Friday night. OK, that’s not really true, but it feels that...

Thursday, October 22, 2020

Why are the windows open?
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One of the most important functions of a property management company is to provide safe properties. While there’s no way to guarantee safety, there are many things property management companies can do to make properties safer.One of the things we do during the move-in inspection is we open all the single/double-hung windows and take...

Monday, October 12, 2020

3 Ways to Manage Your Rental Properties
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In the past, I wrote about who should self-manage and who should hire a property manager. You can read it here.  Many people only think about these 2 options when it comes to managing properties.However, what a lot of people don’t know is that there is a 3rd way to manage your properties. It stands between self-management and h...

Tuesday, September 15, 2020

Competitive advantage
One of the hardest things for us to do is to really understand what the other side is going through. The property management business is no exception, and I constantly try to understand the perspective of the owners and the residents. Regarding the perspective of the owners, I can say that I do understand them, not just conceptually ...

Monday, August 31, 2020

What is lazy money?
What is lazy money?When we buy a property, one of the things many of us do is to look at the return on our investment.  Let's say you buy a $100k rental property with $20k down with $80k mortgage and make $200 monthly cashflow. In this case, you are getting a 12% return on your money or $2,400 per year. Over time, let's ...

Tuesday, August 4, 2020

Owners Initial Cost
If the rent is $1,000, and the property management fee is $x, owners should not expect to receive $1,000 - $x, at least not the first month.Getting a property ready costs money, even if it's in decent shape. Below are the examples of the initial costs.- Maintenance reserve - Tenant placement fee - Fees for the new locks and the instal...

Wednesday, July 15, 2020

What we value about vendors
When it comes to choosing the right vendors, we believe getting 5 bids for every job and picking the cheapest one is NOT the way to go. Initially we may have to get some bids, but once we find good vendors, we shift our focus to creating good relationship with them. Think about it, do you want to get paid the lowest possible amount for ...

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