Dude, chill. I'm not calling you out personally.
Ok, maybe I am. But I'm allowed to, cause I've been there too.
And I have found ways to turn that corner. And actually turning that corner freed up my time to focus on buying more real estate!
It sounds counter-intuitive, but I've found the more properties I buy the more passive it becomes.
So put your lipstick-hands back in your pocket and follow my lead.
Step 1: Hire a great third-party property manager
Hiring a dedicated full-time property manager is the easiest way to move forward. But everyone wants to save money and do property management themselves.
It seems easy, but let's be honest, every issue is your first time dealing with that issue. And then you have to source the right NEW person each time. And you don't really want to be doing this work, so you give everyone an attitude like you are giving me.
Yes, I know finding a good property manager may take some upfront work, but once you are rocking and rolling with a new PM, you'll mock your old way of doing things and ask what the hell to do with all this extra free time.
And then you'll say, "Dang, I should have done this earlier!" And then maybe send a shout out on social media telling the world Alan's a genius and you want to rename your pets after him, even the dead ones. All this to say that things might get really weird when you suddenly have idle hands.
To find a great property manager you have to do the following:
- Find ones with bad reviews online. I mean really bad. The worse the better. And read those reviews because they are all written by tenants, not by landlords. If the complaints are all 1-star and say "would not let me break lease" or "fined me for running an axe-throwing after-party brothel in my spare bedroom", then yeah, thats a good property manager. And maybe one you want to use as well. But if they say "won't return calls" or "I haven't had a front door in 6-weeks." Well, maybe pass on those.
- Find investors in the same zip code. Facebook groups, online real estate forums like BiggerPockets, and in-person REIA meetings are teeming with local investors who love to give out recommendations. Leverage their network as they have probably trialed-and-errored a few PM companies already.
- Ask the biggest realtor, lender, or closing attorney in town. They know all the major players that do high volume business with investors. Reach out and be part of their network and see your passive-income finally take shape.