As a budding real estate investor, you are probably looking for all sorts of ways to reduce your expenses. One trap that many investors fall in to is to try to manage their rentals on their own, or “self-manage”.
Management fees usually start at 10% of rent, which may seem like a lot, but when you consider all of the benefits you get from a good property management company, it’s a great deal. Your property management company is there to both protect you from lawsuits (did you know landlords get sued more than anyone else?) and ensure your tenants have a positive experience. They step between you and your tenant and ensure that rents are collected and the property is properly maintained. They will also help you to vet your tenants to ensure you’re getting the right people into your house who will pay on time and won’t trash it on the way out.
Our guest for this episode is Steve Rozenberg. He lived all of these mistakes on his own early in his investing career. In this episode, Steve shares with us the story of how when he finally found his Property Management religion, he had to turn over 70% of his tenants because they didn’t meet his newly defined criteria for acceptable tenants. Then, all of a sudden all of his management nightmares went away!
Now, as the co-founder of Empire Industries, LLC, Steve brings these hard learned lessons to the task of making sure you get the best tenants and best service possible as a real estate investor. Because after all, would you rather spend your time worrying about tenants, toilets, and termites, or would your time be better spent looking for the next deal?
If you’d like to reach out to Steve, you can reach him via email at email@example.com or you can visit Empire Industries LLC.com and fill out a contact form. You’ll also find links there to his blog and all of the other media and content Steve produces!