Get Rich Education 248: Why Property Managers Are Heroes with GRE's John Collins
Property management is the glue that makes your investment stick together. But it’s a tough job.
GRE’s own John Collins has done management consulting on a project of 159 single-family rental homes.
Problems he encountered:
- 30% pay rent late or not at all
- Arson
- Unassigned parking spaces
- Domestic violence
- Abandoned car
- Condensation
- Pets and pests
- “Jerry Springer Show” in leasing office
- Unwanted boyfriend that wouldn’t leave
- Syringes found in home
- Daylight coming in through baseboard
Upgrading tenants from C-Class to B-Class.
Raising the rent attracted better tenants.
With just a $3 monthly rent increase per unit at a 6% cap rate, the project value increases $100,000. We break down the math.
What gets measured gets improved.
Maintenance issues occur with a property about quarterly.
Practicing “tactical empathy”.
To contact John, e-mail info@getricheducation.com with “For John Collins” in the subject line.
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