Yesterday, Paul and I taught a 90 minute class at The Greater Springfield Board of REALTORS on "Tips & Tricks to Managing Rental Properties" in Springfield, MO. There were probably 60 REALTORS there to hear what we had to say about managing rental properties, hear our war stories and share theirs. Or maybe they were just there for the free lunch that was served, who knows, but at least they showed up.
What ended up being a great class then turned into several e-mails from attendees later that day requesting more info and such. Which is great as I love reading people's comments on the topic. However, I got one e-mail from a fellow REALTOR that asked me if I really "hated rentals" the way I said I had on one of my online profiles. Wow! How unprofessional of me to make a flippant comment on "hating" rentals.
I guess I should probably change the comment since it really isn't true.
It's actually the bad tenants that drive me crazy! There was a time (before Amanda came on the scene) where I was so inundated with property management phone calls, that every little issue was just a tenant that was whining about something. I was managing about 115 units almost completely by myself while Paul was out selling houses. Come to find out, I was letting the issues and work get the best of me and wasn't managing my job too well. (Hindsight is always 20/20!) So, what started as an office joke about how much I just love rentals and how there is such a thin line between love and hate has now turned into "Jessica Hates Rentals" campaign and therefore it has carried over into my online blogging world. And I never meant for it to.
I'm sure that 600+ units=$30K income is a great thing (although we are not quite there...600 tenants yes, but only 200 actual rental units). And I'm sure that the income in a slow market is most definitely worth it. However, my biggest suggestion is that you have staff in place to assist you as you grow your property management business and a strong procedure/plan in place for how to handle issues as they arise. Kind of like the boy scout motto: "Always Be Prepared". :)
I sure hope that my flippant comment about "hating" rentals doesn't discourage you from getting into property management. It's not all bad and it's actually done me quite well.