AIPIS 258 - Client Case Study: Preparing for Self Management, Repairs, Software & Late Fees with Adam Schroeder

Accredited Income Property Investment Specialist (AIPIS)

Returning guest Adam Schroeder joins Jason Hartman for this episode, as the two discuss the steps for transitioning from professional management of rental properties to self management. Adam and his wife have 3 (going on 4) properties and are thinking that the time is soon coming to venture out on their own. But before doing that there are some important things to do like what information to get from your property manager, what kind of initial contact to have with the current tenant, finding forms and contracts when you're finding/reupping tenants, pet rent, and more. They also discuss finding repair people, what to expect from property management software, whether to allow grace periods and what kind of late fees to charge.

Key Takeaways:

[4:24] Sometimes removing a property manager actually makes things easier

[7:43] The information you need to get from your current property manager if you're going to make a switch

[12:42] A way to change your relationship with your property manager rather than completely ending it

[15:25] Bad property manager reviews on sites like Yelp might be a good thing, that's why you have to read them

[20:23] Insurance: individual policies or a commercial policy?

[25:07] You should have a clause in the lease stating which repairs the tenant is responsible for

[29:33] What to expect from property management software

[33:36] The importance of an increasing late fee

Websites:

www.JasonHartman.com/Properties

The PropertyCast

www.WeGoLook.com

www.NoLo.com

www.RocketLawyer.com

www.Buildium.com