Tenant Selection and Property Management Strategies | 13min snip from BiggerPockets Real Estate Podcast

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938: Scaling from 0 to 20+ Doors Using These "Self-Management" Tools & Tips w/Amelia McGee and Grace Gudenkauf

BiggerPockets Real Estate Podcast

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CHAPTER

Tenant Selection and Property Management Strategies

The chapter delves into the meticulous process of tenant selection, highlighting the importance of rigorous screening to choose reliable tenants for properties. It emphasizes the proactive approach in property management to attract quality tenants and reduce turnover, focusing on time management and prioritizing money-making tasks. The discussion extends to self-managing landlords, asset management distinctions, hiring staff for property management, and the significant growth and financial benefits that come with delegating tasks.

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If there’s one thing that’ll make or break your real estate portfolio, it’s property management. When done correctly, property management can feed you consistent, passive income without the everyday stressors of being a landlord. Whenever you hear people talking about bad tenants, midnight phone calls, or surprise maintenance problems, they’re really talking about property management gone wrong. So, how does a rookie real estate investor, with even just one rental property, start managing the right way so they can scale their portfolio faster?

Amelia McGee and Grace Gudenkauf, authors of The Self-Managing Landlord, did it all wrong initially. They were picking up every tenant phone call, placing every service request, taking rent payments every which way, and here’s the thing—none of it was working. As they scaled their portfolios, things only got more difficult until finally, one day, they stopped and developed a system, and like that, their businesses took off.

Now, only a few years into real estate investing, both Amelia and Grace have dozens of rental units to their names and less stress than ever before. How did they do it all WITHOUT hiring everything out to a property manager? In today’s show, they’ll share the self-managing principles they used to explode their rental portfolios while staying sane! And if you’re a new investor or are about to be one, these tips could save you YEARS of headaches!

In This Episode We Cover:

Why EVERY real estate investor should be self-managing when building their portfolio

How to start building your property management “system” that’ll save you HOURS a week

What brand new investors NEED to start doing once they have their first property

Three apps/software that every real estate investor should have

Tenant selection 101 and simple mistakes that could cost you months of rent

How to know it's time to start outsourcing and signs you need some help

And So Much More!

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