Let’s get one thing straight: if you want to manage a rental property by yourself, you need to brace yourself. It’s no simple task.
Do you feel like your rental property is a passive money-making machine? That you just have to push the ‘start’ button, and it’ll do all the rest while you kick back and earn your dough?
You couldn’t be further from the truth. There’s a lot that goes into managing a rental property, and if you’ve decided to handle it yourself, then you’ll have to be actively involved in every aspect of the process. Otherwise, you’ll be running at a net loss. There’s a reason why property management companies are on the rise – managing rental properties is generally more trouble than it’s worth for DIY landlords.
To become a DIY landlord, you’ll need vast knowledge of how to manage a rental property. The worst thing you can possibly do as a landlord who’s starting out in the property management industry is to eyeball it and see where it goes.
In this article, we’re going to go over a list of basic necessities that you need to successfully manage a rental property as a DIY landlord. Here’s an 8-step plan down below. Feel free to click on each of the steps if you want to read about individual sections.