Real Estate Rookie

401: Boost Your Cash Flow in 2024 with These “Self-Management” Tips w/Amelia McGee and Grace Gudenkauf

May 3, 2024

Seasoned investors Amelia McGee and Grace Gudenkauf share valuable insights on self-managing rental properties to boost cash flow and reduce costs. They discuss misconceptions, financial perks, effective tenant management strategies, and the importance of establishing efficient systems. The episode offers practical tips for both new and experienced real estate investors looking to make property management more passive.

49:46

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Episode guests

Grace Gudenkauf

Amelia McGee

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Episode notes

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Quick takeaways

Late-night maintenance requests are rare, occurring in less than 2%, focus on preventive measures.

Three property management options: self-managing, third-party, or internal manager for control and tailored service.

Effective property management entails tenant screening, proactive maintenance, and SOPs for operations.

Deep dives

Misconceptions about Self-Managing Landlords

Many prospective landlords fear receiving late-night maintenance requests, like a leaky toilet call, as a top reason for avoiding self-management. The reality is that these instances are rare, with experienced landlords reporting such situations occurring in less than 2% of cases. Focusing on preventive measures and efficiency can significantly reduce such risks.

Utilizing Virtual Assistance for Property Management

01:11

Ensuring Clarity in Property Condition

00:43

Responsibilities and Risks of Being a Landlord

02:10

The Importance of Bookkeeping in Real Estate Investing

02:29

Introduction

2min

Navigating Landlord Responsibilities and Options

5min

Mitigating Risks and Unique Financing in Real Estate Investment

4min

Maximizing Cash Flow Through Self-Management

10min

Effective Tenant Management Strategies

8min

Efficiency and Systems in Real Estate Management

7min

Efficient Real Estate Management through Standard Operating Procedures

5min

Efficient Property Management Tools and Software Importance Discussed

2min

Effective Delegation in Property Management

8min

10.

Achieving Financial Freedom Through Real Estate Investing

2min

Want more cash flow with less stress while running your rental property portfolio? Then you need self-management! Amelia McGee and Grace Gudenkauf, seasoned investors and the minds behind BiggerPockets’ newest book, The Self-Managing Landlord, show you exactly how to do it. This episode peels back the curtain on the misconceptions that scare most investors away from self-managing their properties (like those feared 2 AM toilet emergencies!). Amelia and Grace expose how these scenarios are less frequent than most people think and offer smart strategies to handle them effortlessly.

The duo dives into the financial perks of taking the reins on property management, from dramatically cutting costs to boosting tenant retention and cash flow. They lay out a spectrum of management models—from DIY to hiring a dedicated team—and share their personal triumphs (and trials) within each approach. This is THE practical playbook for making property management a cornerstone of your real estate success.

You’ll learn how to establish effective systems for tenant onboarding, routine maintenance, and urgent repairs, ensuring your property management is both stress-free and profitable. Whether you’re just dipping your toes into real estate investing with your first property or looking to refine your existing portfolio, this episode is packed with actionable tips that promise to make your portfolio more passive!

In This Episode We Cover:

How to lower your costs and boost your cash flow significantly with self-management

What being a landlord is actually like, and why it’s not all 2 AM toilet calls

Building your real estate team so you can handle less of the day-to-day and focus on the big picture

Practical advice for setting up systems that streamline tenant onboarding and property maintenance

Grace’s $8,500 bookkeeping mistake that you CAN NOT afford to make

Tips for handling urgent property issues with WAY less stress

And So Much More!

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