A couple of years back we were living in a condo, my wife and I. Then my father-in-law and daughter passed away, so we had to move out of the condo and into my mother-in-law's place as we couldn't leave her alone. Essentially we became an accidental landlord as we rented out the condo. We had to quickly learn how to be like landlords. I wish we had Landlord Studio a couple of years back. Then we bought four other properties and now manage a total of five properties. We originally got into it as we wanted to make a side income, and get extra security. More about trying to have a little nest egg later on.
It has its moments. Sometimes you have good tenants, and challenging tenants, and you have to manage all those parts. It's like hiring an employee for example. The employee comes in on his best behavior, 90 day period, next thing you know six months in its something different compared to when they walked in the door as.
Well at this point in our development, in terms of our landlord knowledge, we felt that self-management would be better. Let's put it this way - I do 99.99% of the management for the properties. My wife once in a while will show through an apartment, but I do most of the management for the properties. So it all falls on me. I also have two thoughts in my head. Managing for today, and managing for later. It's like a legacy... if I got hit by a truck tomorrow, what's my wife going to do in terms of managing the properties? So what I was looking for was some kind of software. Not too heavy-handed, not too complex, to manage our small portfolio. After trying Cozy, I came across Landlord Studio and once I got into it... I was sold. Because my particular concentration was in the numbers management, and I find Landlord Studio compared to other things I've used is very keen on helping me manage my expenses.
All I have is stories. I haven't really sat down with a property manager, but a very close associate of mine from work is a real estate agent. She knows property managers. She gave me some ideas of what it might cost to hire a property manager. Anything from $250 - $1000 depending on the property, complexity, and unit number. So I believe we are saving money by using Landlord Studio.
Buy the right property and one that is suitable for your lifestyle. Do you want to buy a 'fixer-upper' and spend a lot of time? Do you have a lot of time to manage 'fixer-uppers'? If you want to be constantly fixing this, and fixing that... if you lifestyles okay with that then go ahead. Second, you have to get the right software. I would definitely say that you have to get the right software. I wish I had it in the beginning, so you can actually start managing your property from the beginning.
What're your thoughts? Were there any pros and cons that you would like to share with our Landlord Boss community? Leave a comment below - we would love to hear from you!