When it comes to owning rental properties, the most common thing I hear from investors
is, “No thanks… I don’t want to be fixing toilets at 3 a.m.” Or maybe they don’t want to
field phone calls from tenants 24 hours a day or worry about dealing with the air
conditioning going out in the middle of the summer. Basically, they don’t want to spend
all their time fixing things at their rental properties or dealing with tenant issues.
If you’re one of those people, then I have something to tell you: it doesn’t have to be this
way! I own rental properties, and you can bet that I’m not there at 3 a.m. fixing anyone’s
toilet.

How to Manage Properties

There are really two ways to handle your properties without rolling up your sleeves and
doing everything yourself.

The first (and the one that I use) is property management.

I pay a property management company to handle all my tenant and maintenance issues
for me. I give them the autonomy to handle the day-to-day stuff, and if there’s a bigger problem or repair that needs to be done, they check in with me and get my approval on
what to do. So instead of fielding requests all day, I get maybe two phone calls a month.

You can also manage the properties yourself.

I have a friend that manages 50 units every month, and he’s not out there fixing a single toilet. He uses a system that allows
his tenants to get their issues solved without him having to field calls every five minutes.
What he does is give each tenant the number of his trusted handyman and instructs
them on who to call for certain emergencies. He provides them with the number of a
plumber for any faucet- or toilet-related emergencies, an electrician for lighting issues, a
locksmith in case they lose their keys… You get the picture.

But guess who’s number is NOT on that piece of paper? That’s right – my friend’s, the
investor.

It’s a win-win situation. The tenants have a number of people to reach out to who can fix
any issues that might come up, and my friend doesn’t have to worry about managing the
day-to-day issues that come up on his property.

Common Misconceptions About Owning Rental Properties

There are so many misconceptions in regard to rental properties. One of the big ones is
that potential investors think they’ll need to knock on doors every month to collect the
rent. Which just isn’t the case.

Thanks to technology, all you need to do is set up an automatic debit from your tenant’s
account that makes direct deposits into your account. That way, you get paid on time
every month, and there’s no room for human error. You can include this preference in
the lease so there’s no misunderstandings down the road. Let your tenants know you
don’t accept checks or money orders – only electronic payments.

If this sounds complicated, don’t worry – it’s super easy to set up. Any bank can do that
for you within 10 minutes. Problem solved, no door-to-door traveling required.

What It REALLY Looks Like to Own Rentals

Look, I get your fears. I felt the same way before I owned rentals. But let me tell you –
your fears are unwarranted. Fixing toilets at 3 a.m.? Spending hours on the phone with
tenants? I don’t do ANY of those things.

I focus on being an investor. On finding more properties and securing financing. On
building my wealth. And, if you manage your rental properties the right way, that’s what it
can look like for you, too.

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