
Latino Financial Education, Investing & Wealth Building: MoneyChisme
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Latino Financial Education, Investing & Wealth Building: MoneyChisme
EP80 Property Managers: The Secret to Stress-Free Real Estate Investing
Should you hire a property manager for your rental properties? My answer is yes! There are so many benefits of having a property manager versus managing the rentals yourself.
In this episode I go over:
- What is a property manager?
- The legalities of managing your own property
- Property Management fees
- The benefits of hiring a property manager
- How to find a good property manager
- Story of when I dealt with a tenant, that reinforced my decision to hire a property manager.
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I will always have a property manager. There's so many benefits to hiring a property manager for your rental properties and a few weeks ago, I got a taste of what it would be to manage my own properties and let me tell you no, me gusto para nada. Hola, mi gente, welcome to the Money Chisme Podcast, where we spill the real chisme on building wealth without the bullshit. Whether you're trying to invest, grow that side, hustle finally, get your money right or, my favorite, buy rental properties, you're in the right place. I'm your host, violeta, a first-gen Mexican immigrant, real estate investor, entrepreneur and your financial hype woman. Get ready for tips, tricks and expert advice straight from nuestra comunidad, porque el dinero es power and we're here to claim it. Don't forget. You can always find helpful resources down in the show notes and in descriptions, so make sure you check that out. Hola, hola, welcome to another episode of the money chisme podcast. Esta semana, I want to talk about the benefits of having a property manager, why I choose to have one. I know a lot of people. When they get into real estate investing, they want to manage the properties themselves, but for me, like having a property manager is so beneficial, and I want to share a story of a few weeks ago that I got a taste of what it would be like to manage my own properties, and let me tell you it was not the vibe. No, me gusto para nada. It was stressful and you know, I was so glad that I have a property manager. So I'm gonna tell y'all that story. Pero primero, I want to talk about you know why you should have a property manager?
Violeta:First up, what is a property manager? A property manager can be alien, it could be a single person, or it could be an actual company that is going to handle all the day-to-day and stuff for your rental property. Uh, they're going to be the ones that go out there and look for a tenant, they screen the tenant, they handle all anything that any tenant concerns uh, anything to do with the property, like maintenance, repairs and all that stuff, and so they're doing all those mundane tasks that, um, you don't want to really handle yourself, especially me, and they will charge you a small fee, and so, depending on the property manager or company that's going to determine the fees, each one has a certain type of fees, but usually they will charge you a monthly fee between around eight to ten percent of the monthly rental income. Now there's other fees that they can charge. For example, with my property management company, they cobran about four hundred dollars to create a lease for the tenant. So when they get a tenant there, they charge me an upfront flat fee of $400 and that is going to cover their their cost to find the tenant, screen the tenant, the application fee and well, not the application fee because the tenant pays that, but you know all all their expenses for getting a tenant in there. And then after that they just charged me the 8% monthly. And the other fee that they charged me is another $400 in case um of eviction. So if I have to evict somebody, which I did have to do that I believe it was last year they charged me $400 and they handle everything. You know I don't have to do anything. They go to do the stuff with the court and of course, additional court fees um apply Uh, but they handle everything getting the, you know notifying the tenant, getting the tenant out of there and you know doing all the whole court process and everything like that. And so it was pretty smooth uh eviction process. When I did have to evict somebody, uh, they took care of everything, and so you might hear all these fees and, uh, might be tempted to like save that money, because that's really.
Violeta:You know, one of the reasons that a lot of people want to manage their own rental property is because no quieren pagar the. They don't want to pay for the 8 to 10% a month of rental income or the $400 upfront. But there are a lot of benefits for hiring a property manager. That makes it more than worth it of paying that fee. One of the benefits is that for the experience and all their resources. So, as a new real estate investor, you don't know what, you know the legalities of everything, making sure that when I'm screening tenants, I'm doing it the right way, legal way. The fees that I charge them are within the legal limits.
Violeta:You know raising rent and all that stuff that you know is all covered with an experienced property manager, and you know they've been, especially if they've been doing it for a long time. That's one of the things you want to look at and I'll get into, like, what kind of how to find a good property manager in a minute. But that is one of the things that you're paying with that fee is the experience of them managing properties, um, managing tenants. They know the drill, they know the, the legal stuff for that city and state and all that stuff. They know how to work the system, so, like, if they need to evict somebody like how I did I would have had no clue of where to start, what to do, that I had to notify them and wait a certain amount of days and then start the court process or whatever it is right.
Violeta:They know all that stuff. They know the legal stuff. And then they know the tenant stuff, how to address issues. They know, uh, the types of tenants that, um, you have to deal with in the area that I'm investing in, where I have my rental property. They know how to deal with all that. And now, even more, um, they know how to deal with all that. And now, even more, um, that one of my properties that I just bought is section 8 housing. I don't know anything about section 8 housing and there's some legalities with that as well and how to deal with section 8 tenants. Because you know, sometimes, um, the rent is paid in full by the government, sometimes it's's not, blah, blah, blah, and so all of that stuff is handled by the property manager and that just takes off.
Violeta:So much stress and worry and just like the mental workload of having to do that Like I am more than happy to pay the 8%. I mean I like I get charged 8% a month and so with having the property manager, like I'm able to like rest easy and know that my property is being managed by someone that's experienced, that knows all the stuff of of how to manage a property. Cause I don't know, even though I've been doing it for 10 years, I've always had a property manager and it's just a lot. It's just a lot to learn. I just don't have the time and that's one of the other benefits of having a property manager is the time of it. Like I am in the military so I have to do all that stuff with the military of the career, of the trainings, of doing that job and inspections and all that stuff. So that's already mental work for me. And then I get home and I have my daughter and my husband and then, of course, I do Money, cheesemade, the podcast and everything like that. So I have, like so many things that I'm doing I'm in the middle of. In four, four and a half months I'm moving, I'm getting out the military, going over to the reserves. So, like I have a lot to do, so I can't imagine to have to manage and think about my properties. Right now I have six units, that's six tenants. That's a lot, that's a lot that they're going to like call me, figure out maintenance stuff. Like that is time, and so how much is your time worth?
Violeta:And I had this conversation in an interview that that I went on somebody's podcast that will come out later, but that was one of the things we talked about because I know they wanted to, kind of they were thinking of managing the property themselves and I'm like, well, you have a business and your husband I think I'm not sure if he did or not, or you know, I was like, and you make way more money in one hour and that eight to 10%, like, for example, with mine, um, monthly it is about one, probably 145, 145 a month to pay for this property manager. And on average and I I Googled this right Cause I was like you know how, how? How much time do you on average spend managing a rental property? And so, on average, a person that's managing their own property is going to spend about four hours a month. So 145 divided by the four gives you $36 an hour, and so just by that myself, like, I make more than that. So if I wasted an hour to manage this property myself, I'm losing money. Uh, because that hour I could spend um at work or, you know, with money, cheese, mail or whatever.
Violeta:And in this case, um, my friend Kay we're talking about if she wanted a manager or not I was like, look, you coach people, you do your business and help people and all this stuff. Like, you make way more than that and you're going to lose money if you use that time to manage your property, versus then over here in your business, that makes you way more money. So like, um, the point of having uh an investment property is to make money, not lose money. So, uh, the time itself is a factor as well of that um, of that price, of that fee that you pay for a property manager. So don't think of it of like, oh man, I'm I'm losing 145 dollars per uh per month for a property manager, where I could save that money uh in in managing the property myself.
Violeta:But like, don't think about the time factor, because time is money as well and even if, let's say, even if you just work and it's like, okay, whatever, what is the time with your family to be able to go to a spa, go get a massage, go work out or whatever? What is that value to yourself? Because you don't want to, like aqui and I'll get to the story in a minute, because this is what happened to me that you're over here enjoying time playing with your kids and then te llama, a tenant with an issue, right, and now you gotta stop what you're doing with your kid to handle this tenant issue. It's like, what is that worth to you? Is that $145 a month? Um, so important, more important than you know. Making sure that in the evening, when you're, you know, giving the, your kids, a bath, or playing with them, or whatever, or just spending time with your husband or just yourself, if you, if you don't have a family, like being able to just enjoy your uh, your favorite show, or whatever. Like, what is that worth? And for me, I'm more than happy to pay that one. 45 for the peace of mind, for, uh, my time, like I'm always going to pay that.
Violeta:And so a lot of people, when they get started, they want to manage these properties, and I know a few. In matter of fact I'm in like um, this group where it's uh real estate investing, uh military women, and one of them, like she's managing themselves and she's to the point to where she's just gonna. She wants to just like sell all her properties because she's overwhelmed. And I'm like, just get a property manager, like you're going to lose cashflow because, uh, you don't want to get a property manager and that's the other thing. You're're seeing the, the 145, as a loss, but you're still getting money. So maybe instead of 400, you're only getting, you know, like um, three, 300 or whatever, depending what.
Violeta:How much they charge you on the fee is like you're still making money monthly and on top of that, that fee gets deducted when you go do your taxes, so it helps bring down the, your tax liability. So that fee is still, you know, putting in work for you, uh, not just helping you save time and making sure that you have somebody that knows all the legalities, the experience and you get their resources. For example, with mine, when I had my section, when I took over the Section 8 property, again, como dije, I didn't know anything about Section 8. So, but they have a section in this management property. They have, you know, two people that that's all they do. They know how to deal with the Section 8 housing authority, how to do everything and everything like that.
Violeta:Because when I took this property over, it was a little bit complicated because there was a little hiccup which I'll get into. You know, I keep saying I'll get into in a minute, but I don't want to to, like you know, uh, get lost in the sauce and then forget to tell you about this stuff, and so you're, you're getting those resources. Uh, they have their maintenance people. They know how to find contractors and vet them and everything like that. Um, they have, like, the lawyers and stuff like that. So, like, for my eight percent, that 145 a month, mine goes such a long way, such a long way that I'm more than happy to pay that.
Violeta:And so that brings me into the next thing is like, how do you find a good property manager? Because, uh, I know how it is to find a bad property manager. Uh, like when I first, with my first rental property, my first house that I turned into a rental, that property manager was not very good and you know, I was inexperienced. Yo no sabía. Like you know, this property manager was actually an old supervisor of mine. And when I was going to leave Virginia for Texas, I didn't know what I was going to do with the house. I didn't know if to sell it or what, or, and you know these. He told me, like me, like hey, just make it a rental. I'm a property manager, that's what I'm getting into. And, to be fair, he was just starting out to be a property manager, like I think he maybe had been doing it for like maybe two years or something like that at that point. But yo no sabia. You know, I didn't know. And then I didn't know anything either. And of course, I also trusted him because he was a supervisor of mine and he was a pretty good supervisor. Right, he was a little bit laid back because he was about to retire from the military, so, but you know, couldn't fault him for that. Like even me right now that I'm getting out, I'm just chilling at work and um, but yeah, he told me he charged me 10% and he was going to handle the property for me.
Violeta:And the thing with, uh, when you find out that something isn't good, is that sometimes, like you know, something has to happen for you to figure out that that's not a good property manager because at the beginning it was smooth sailing, right, he got somebody in there and it was easy peasy, uh. But there's a few things that, in hindsight, I should have looked for and made sure that he was doing and um. So, with that, whenever you are looking for a property manager, like I said, he had only been doing it for like a year or two. He was starting now, which, okay, whatever, um, but he was inexperienced, right.
Violeta:So when you're looking for a property manager, check how long they've been um in the industry, right, how long they've been in a property as a property manager. How many properties do they manage? Because you want to make sure that they're not over stretching themselves, like if it's just one person and they're managing like 20 properties with no team, um, that that's going to be difficult to do, like, um, things are going to fall through the cracks and you know it's going to um, not be good for you. So you want to make sure that your property manager is experienced, that, uh, they are not over, don't have way too many properties for themselves, that they have a team, they have over a certain amount or whatever. Look at reviews, especially from the tenants, because the last thing you want to do is hire a property manager that has a bad reputation and the tenant doesn't treat tenants well, and then you're going to lose tenants and you're going to have a high turnover rate, and you don't want that. You want to try to keep your tenants long-term and keep them happy and, um, make sure that they're taken care of, because, um, that's important to me too. It's like, yeah, I want to make money, um, with real estate, but I don't want to, you know, take advantage of people and just be like a slumlord, right? I want to have a good balance.
Violeta:So whenever I interviewed this property management, I asked them, like you know, how did they handle tenants? Um, you know how often did they raise rents and they go off of they? They raise rents at certain rates, but they also go off of. Like, for example, with me, I told them not to raise rents last year because they were going to raise rents. They send an email out like, hey, we're planning to raise by. I forgot what the percentage was. It was a small percentage, so that's another good thing. They don't raise like by a huge percent, but they were just. I think they just stay on track with inflation, um, but they also asked the property owners, like for feedback, like, do you want to raise rents, yes or no? And I said no cause at that time I was good, right, and so that's what I want they a good relationship. Um, how often do they uh relay information for you? What does it include?
Violeta:So with my property management, they do again. They find the tenant, they screen the tenant, they do the evictions, they handle basically A to Z with the property. Like I don't have to do anything, I don't even have to do the bookkeeping, like that was another thing with the other property manager. He didn't do proper bookkeeping. I never knew, like you know, like if a maintenance thing happened or whatever, uh, he would tell me like eventually, uh, for big ticket items, which is kind of the norm, is that for anything? I think mine is like 200 dollars, is the threshold, anything 200 and below they don't have to ask for my permission, because that's usually like, maybe they need to come fix a leak, they need to replace a doorknob or whatever. Anything above that is bigger maintenance things that they want to get approval from me, and then that's when they had to get a contractor or whatever.
Violeta:So, um, make sure that that? What kind of process is that? What's the threshold? Is it $200, $300? Of where they have to ask for approval? You know how do they handle maintenance. How do they find their contractors? Uh, how fast are they good at maintenance? Uh, with mine they're pretty quick.
Violeta:As soon as a tenant submits something, the turnaround is pretty much 24 hours. So, unless it's the weekend, of course, unless it's an emergency right, which would be heat and water type stuff or AC, those are emergencies. So how often they do that? How often do they go check the property? That was one of the things with that property manager is that he wouldn't go check my property and so there was a few things that he could have caught that would have prevented the damage to the property. For example, the deck started rotting because there was leaves. If he would have done his inspections yearly or twice a year is a good. It's a good frequency, I would say, depending, and because you want to always check um before the winter time, so you want to do your fall check and then um after winter to kind of see if anything happened after that got hidden by snow or whatever, and stuff like that. So mines does it like twice a year. I always get the email notification, so very, very the communication frequency is really good.
Violeta:And then just ensuring that your values align, like I said, with mine, is, yes, I want to make money, but also take care of the tenant, make sure I have safe and affordable housing for them. So it's like a win-win and so their values kind of align with mine. And so what other things are they going to take care of for you, like evictions, things like that? So it's just really ensuring that you're interviewing them and make sure that they are going to be a good fit for you and that they do everything the legal way, right, that, no shady stuff. They start kind of like not answering your questions straightforward. They're probably being a little bit shady and you need to go somewhere else. So definitely take your time. Um to to um, find a good property manager that the benefits you know outweigh the costs and stuff like that. And a quick little plug I do go more into depth in this with my rental property bootcamp.
Violeta:It goes over from A to Z on what you need to know to buy your first rental property. So if you are interested in buying a rental property or you just want to brush up on your skills. I do have a rental property bootcamp. It's a self-paced course. It's linked down below and if you're not ready for that, I do have a free guide as well. That just goes over the six steps to get you started and then later on, if you want to take the course, that's fine too. If not, that's cool, but it's down in the description. If interested, all right.
Violeta:So now let me tell you the chisme of what happened to me a few weeks ago. But let me give you the background of it first. I, just like I mentioned a little bit earlier, I bought a rental property which is section eight housing recently and it was kind of weird because when I was doing all the paperwork, you know, doing the contract and stuff, it only said that the top unit was um, was uh, occupied. But as they, when I closed and when they sent me the, the documentation of, like the lease of the top tenant and all that stuff, I ended up getting two leases and during closing I actually got the prorated rents of the top and bottom units. So the bottom unit was apparently occupied in the pictures of the listing in the um uh walkthrough. When you know when I went to go.
Violeta:Well, not when I went, but when my uh realtor went over there to show me the property, we actually thought that the bottom unit was vacant. Because it was so weird, because there was like, uh, two air mattresses, one in each bedroom, but that was it. Like it was just air mattress on the floor and in the middle of the dining room was just like a folding table with a few folding chairs, like the ones that you get at walmart with a few cups, but they were all like set up just like neatly. Um, and then we looked at the, uh, the listing, and it was exactly like that. So I was like, and this listing had been there for a while, so, like this stuff has not moved. And we're like, well, maybe the, the owner was just trying to kind of like stage or something, I don't know, we were just so confused. So, anyways, we closed and I got the money and everything like that.
Violeta:And then we're like, uh, it looks like the bottom unit is, you know, rented out. And you know, yeah, we talked to the, the previous owner, and he's like, yeah, the bottom, you know, has a tenant in it. And we're thinking that maybe he didn't realize that the tenant moved out or whatever, because there was nothing, not even like a couple like water. There wasn't. Like trash, you know, like when someone lives somewhere, like there's trash, there's, you know, maybe things, toothbrushes, whatever. There was nothing besides those things that I said. So I was like so confused.
Violeta:So when I gave the property over to my property manager, I let them them know it's like, hey, you know, I'm not sure if the bottom unit is rented. Like I have a lease, I have um prorated rent that I received, but like I don't know where this tenant is, like it doesn't look like they live there. And so they went, did the inspection and they said the same thing, like they don't believe the tenants actually living there. So I don't know, it was a weird thing. And we couldn't get in contact with him because the seller wasn't giving me their contact information. He was supposed to. So one thing if you ever take a property over with tenants, make sure you get their contact information so you can notify them of the change and, you know, start that whole process and collect the rent. So, yeah, they posted a notice for like two weeks, I think, saying that hey, you know, we're going to change the locks because it doesn't seem like someone's in there, and this was back in the beginning of January, and so they go change the logs, right, whatever.
Violeta:So then, all of a sudden I think it was like the first week of February, it was like a Thursday or something like that I got a phone call from the tenant downstairs. I guess she had gotten my phone number from the seller, I don't know. Somehow she got my phone number, she called me and she was stressed out because she was worried because, again, this is section 8, housing and she could lose her, her benefit. If you know housing, like we tell housing that like she moved out and didn't say anything whatever, because they're supposed to let housing know if they move out, or whatever, because you know that's government money, and so I guess that's what happened. Maybe she got a phone call, I don't know how she found out.
Violeta:Um, because she called me, she was stressed out, saying that like she was worried that she was going to lose her housing benefits, uh, that she was still in the tenant and she was a little annoyed, right, uh, understandably, you know, uh, again, you know I'm not an asshole. So I, I heard her side of the story. Apparently she has been uh going back and forth with um to I forgot where she said but she's going out of state to help take care of her grandpa, or something like that. I forgot what a family member that is. Like. Um, basically, you know, uh ill, terminally ill, and uh, I guess she comes back or whatever.
Violeta:Now I don't believe the full story, um, but I think maybe what happened was like, you know, giving her the benefit of the doubt is that maybe you know family member got sick and you know going over there and then just ended up staying there long term but just was going to wait till the end of the lease to just like then move or whatever, I don't know. But she did say that she did plan to move at the end of the lease, but she wanted to make sure that we didn't tell housing um that she wasn't living there, but cause she was that she had. She mentioned the air mattress and I was like, okay, cool, all right, uh, so she was a little bit stressed out about that and this was like Thursday evening. So then I told her I was like, okay, I'll talk to my property manager about it and blah, blah next day. And, mind you, she was texting me and had called me throughout that night. So again, and this is when I was, like you know, feeding my daughter and everything like that. So that's why I said I got a good taste of what it would be like to manage a property by myself. And right then, and there I was like, yeah, I'm so glad I have a property manager.
Violeta:Because this was like, um, when I was trying to take care of my daughter next day, then I had to spend time emailing and contacting my property manager and telling them that the story about this and that whatever. And they're like, okay, let's you know, figure it out, they're like I'm. I was like they. They said kind of similar thing. They're like I don't, you know, figure it out. They're like I'm. I was like they. They said kind of similar thing. They're like I don't believe she's living there, but, whatever, we're gonna do our part. You know she's gonna move out in april anyways. So let's just like, you know, not do anything crazy. Let's help her out, we're good, whatever.
Violeta:And so they, they started to taking care of that because they needed contact with housing, but she's still freaking out because she hasn't heard from them she, we, you know and I was like hey, just be patient, because she's calling me like the. The next day she called me early and I'm three hours behind, so it was early in the morning, it was like 6 am for me, uh, I guess 9 am for her, but just that in itself waking me up. And then then, you know, again, understandably she's stressed and worried and everything like that. But just told her like hey, you know, we're working on it, just be patient, give them a few days. I know it's a Friday, but like you know, and then again all weekend, just like texting me, and you know, had to reiterate, like I'm sorry, but like my property management, they're they don't work on the weekends, right, and neither does housing. So you can't really do anything over the weekend. You just, uh, she's not in the state, she's still over there.
Violeta:Now she did say that she was planning to fly down here, like well, not down here but to over there, but I don't know if she was or not. But you know, either way, monday came around and my property management team got it fixed and, you know, contact her, let her know that everything's good and so everything is taken care of. We're just going to wait for her to move out. I don't know if she's going to get access to the unit or not. I think I got to ask my property managers on what they're going to do with that, because then I got to change the locks again, and that's another you know, money that I have to, because I had already spent money to change the locks the first time.
Violeta:But, yeah, it was a stressful weekend because I was getting constant texts and phone calls, understandably because she's, you know, worried. But that's one of the reasons I have a property manager, because, like, I want to be able to enjoy my weekend and on top of that, I can't really do anything because, again, I'm three hours behind. So, by the time, you know, I could probably try to call during work, but most of the time, you know, the house housing's already closed, or three hours ahead, um, and then she's calling me early or whatever. You know, uh, it's just a difference in time. Uh, my time itself, um, you know, having to deal with that while I was just trying to spend time with my daughter, my husband and all that stuff, and just the stress of it, like of of dealing with the tenant, like, of course, like I care, but that's a lot of time all weekend that I had to, like, you know, calm her down and, you know, let her know like, look, I do care, I'm trying to take care of it. It's just you got to be patient because of X, y and Z and so all those things, and I have six, have six tenants. So I can imagine like six people calling me and then, as I grow and buy more properties, then I get like eight and then like 10 or whatever, and then have 10 people that can call me for issues. What if I'm trying to be on vacation and I'm in Mexico or whatever is like, um, that stress I just rather put it on somebody else. So, again, that 8% is worth it for me.
Violeta:So, um, if you are thinking of managing your property yourself, just think about all these things, because you might think and say like you know what, I'm going to save myself that fee and get more cash in my pocket, but in reality it really isn't, because your time and the mental workload and all that stuff is going to really affect you and eventually some people just like end up just bailing out of real estate investing, like the girl that is in my group. She's really at the end where she's just like ready to just give it up all because she's stressed of dealing with tenants and the property and all that stuff and the bookkeeping itself, like making sure you're tracking all that stuff and everything, and you still don't want to like review the report that they send you monthly. But yeah, you don't want to go to that point where you're tempted to give up the property Because I know firsthand of like then you'll like kind of regret it later. It's like man, I could have just gotten a good property manager or whatever. So trying to convince her to just do that switch, and even if let's say you do have the time and you want to do that, um, always when you're doing your calculations for the property for cashflow, your calculations for the property for cashflow include that in there you know, figure out how much.
Violeta:Um, well, do like 10% just to be like at the top of the of your rental income per month and just account for that so that later on if you do decide like you know what actually this isn't for me. I don't want to manage the property, I don't want to deal with the tenants. Like you do have the extra um funds. You already accounted for it at the beginning that you could go get a property manager and not have to, like, sell your property. Um, but yeah, that's that's, uh, the crazy thing of. Of. That reinforced the idea that I'm always going to have a property manager. So, yeah, hopefully this was helpful. Let me know if you have any questions. Always remember there's resources down in the description. Um, but yeah, that's it for this episode and I will see you in the next one. Bye.