BiggerPockets Daily The Pros and Cons of Self-Managing Your Rental Property (From Two Experienced Investors)
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Dec 28, 2024 Curious about self-managing rental properties? Seasoned investors dive into the thrills and spills of being your own landlord. From the emotional ups and downs of decision-making to the cost savings and enhanced tenant relationships, the discussion covers it all. They also shine a light on the complex challenges, including contractor coordination and legal risks. It’s a rollercoaster ride of managing properties yourself—are you ready to take the plunge or is professional help the way to go?
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Amelia's Start
- Amelia McGee, co-author of The Self-Managing Landlord, started with no experience.
- She was anxious about managing her first rental property, but her boyfriend's advice, "You'll figure it out," proved true.
Cost Savings
- Self-managing can save substantial money, typically 8-12% of monthly rent charged by property managers.
- This also avoids extra fees for tenant placement, maintenance, and lease renewals.
Quality and Tenant Relationships
- Self-managing gives direct control over maintenance and tenant selection, ensuring property quality and tenant satisfaction.
- Direct communication with tenants builds better relationships, leading to longer tenant retention.
