From military to millionaire
How To Manage Your Rentals While Active Duty!
How To Manage Your Own Rental Properties While Active Duty!
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I have been receiving a lot of questions about managing your own rental properties. However, as many of you know, I hired a property manager immediately, and have never actually managed my own properties.
My good friend Dave—not me, another Dave—helped me write an article for my friends website the other day. His outline was so good that I asked him to expound upon it in order to get this information out to our community as well!
Dave is the man when it comes to managing rental properties. He has managed properties in both San Diego, California and Jacksonville, North Carolina for several years—and never had a unit vacant for more than two weeks in that entire time!
I have learned a ton about property management from him, and I’m excited to be able to share this with you now.
Here are the things you need to keep in mind when managing your own rental properties.
1. Gaining interest in your property
A lot can be said about this topic, but the main area you can separate yourself from property management companies is filling vacancies fast. However, filling vacancy starts with generating interest.
a. Marketing: One way I do this is mass marketing of my properties. Zillow, Trulia, Hot Pads, Realtor, Facebook Marketplace, Craigslist, Instagram, and word of mouth are some of the outlets I use when advertising my properties.
b: Photos for your listing: Get professional photos done. If you can afford to have the property staged, do that too. Finally, ensure the photos are organized in such a way that is mimics as if the applicant was walking through the property. Meaning, the first picture should be the front of the property, the next picture should be as if you just opened the door, etc.
c: Text for your listing: You want to cut down on many of the common questions which will get asked over and over, so I make sure my listing is very detailed and specific and answers all the common questions, such as basic requirements to move in, lease length and price per month, rules on pets, credit requirements, etc.
d: Responsiveness: Keep in mind, yours is not the only property the applicant is researching. They have more than likely cast a wide net and contacted all the properties which fit their criteria, including yours. Responsiveness is key. Do NOT put off answering questions via text or phone call. You will quickly jump to the top of their list by being so responsive.
#propertymanagement #landlord #managingrentals
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Real Estate Investing Course: https://military-millionaire-academy.teachable.com/p/from-zero-to-one-real-estate-investing-101
Recommended books and tools: https://www.frommilitarytomillionaire.com/kit/
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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom!
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