I subscribed your channel just watching only one video. I really like how honestly you share your journey without any extra promotional stuffs that others do!! Keep doing the good work :)
I will be starting from scratch, this gave me an overview on what to do but if you have a more detailed video how to start managing properties without prior knowledge nor experience, that would be super helpful!
Awesome advice, thanks! These were things that seemed daunting to me while researching real estate investment but you explained them in a clear and more approachable way than I've seen others do
This is great advice. Great content. When you start to grow, you should look into hiring property managers so your sole focus is finding mire deals and scaling with systems in place.
Can you please elaborate on how you keep all your information organized? Like, do you have it all in a google doc and if so, how do you format everything... thanks :)
Very informative video. I will be buying my first rental property this year so this is very helpful. As for topics for new videos, I'd be interested in knowing how to calculate monthly expenses in repairs before buying the property.
Sincerely, good video Mandy ! Very down to earth, give (not a lot), but specific case examples, and thus useful info. Your genuine nature and integrity comes across, even in a short video. Wish more videos would be like yours !
Thank you so much for the video Mandy! What are your thoughts on property mgmt software? Especially DoorLoop and PropertyMatrix that I'm currently comparing? thank you!
As an experienced multi-tenant property manager and Doorloop user, this is how I rate it. Tech support chat 10 Tech support on the phone 5 (must be scheduled) Software is a mix and needs to be polished. It's friendly and simple to use, but there are some features that are dumb, and confusing with limited customization. Price is fair for what they offer, as long as they stop increasing it. Overall, I will give it a 7 out of 10. Don't go by the internet reviews, they offer monetary compensation for reviews, that to me is bad practice and market manipulation. I recommend trying it hard before dropping your current method or management software.
Thank you Mandy. I bought my 1st Rental about a year ago and it was already rented. He bought a house and is moving out next month. I needed this kind of info to help me find a new tenant. Big help, thank you. 16 for such a young person, Impressive haha. New subscriber BTW.
Thanks for the video, only have one property but it’s the same process. i really like the fact that you took your video in front of a giant gun safe😂😂don’t mess with her🤪
Mandy, mad respect for your ability to manage your time and jobs! A tip somebody whos worked in Property Management for a while: be careful about how you select tenants/ describe your selection process. There’s a lot of laws/regulations that property managers are required to know- which is a benefit of having a property manager. If you prefer managing your own rental properties then I would look into your state laws regarding applications, screening tenants and MOST importantly- Fair Housing Regulations. Violating fair housing laws/regulations can get you in some serious trouble. Wishing you the best of luck!
Just wondering out of the 16 properties, if you own anywhere out of the state. We’re moving possibly overseas and if it’d be easier to hire or do ourselves.
Mandy when you ask your potential renters to fill out the cozy application, do you make them all buy the credit report? Or do you send it after having a verbal agreement?
Initially I say something like, "Please fill out the application, but do not submit the background or credit check at this time." That way if someone doesn't qualify for other reasons (like income) they aren't wasting money on the credit check.
@@ItsMandy Mandy, one last question from me. If a couple wants to rent and both are on the lease, do make both people fill out the application and run credit on both? Sorry for hounding you, but you’re helpful
@@-Silly-Willy-0 Yes, doing a credit check on each applicant is considered best practice and what most large management companies do. But I do think if they are a couple you would probably be fine with just doing a credit check on the main earner. You will just have to decide what works best for you and for your area. To be honest, even though I agree that you should check credit, I don't usually check it because of the area that I'm in. It's a low income, rural area and the large majority of tenants have bad credit or no credit.
What kind of property are you managing? I'm a property manager and property management in NYC and tri state area is not that simple. I wish. Friendly informative video for someone who's property is a house. 16 houses= 16 units. For me 17 properties = 300 units.
Great to watch you, I'm sure it's take lot of time to manage it, what else you do besides rental properties and I'm sure making youtube video take lot of time, and you reply almost everyone? Do you do everything by own or you hier someone behind the camera ? Lol
Thank you! When I made this video I was actually working fulltime as a server at Olive Garden. Before Olive Garden, I had been watching my dad (he has a brain injury and requires fulltime care). But we had finally found a nurse we could trust to watch him, so I was waitressing to make sure it worked out with the nurse before I looked for a more permanent job. The nurse was very good but she asked off at least once, usually twice a week. Which meant that I couldn't change jobs because I needed the flexibility that waitressing gave me. After about 10 months, my dad's nurse quit so I went back to watching him until my mom retired in August. Since August I actually haven't had a real job. I have been doing more of the rent house maintance myself, but I recently got married and I'm not sure if I will end up going back to work or not. I do do all of my filming and editing myself - sorry about that - I know the quality could use some improvement. I've never been very tech savvy.
@@ItsMandy your are awesome Mandy, you can do better then a job, I told my wife learn about stock market but she's said I don't have interest lol, nothing wrong with the quality, you are giving very good knowledge to people that's more important, you talk about 16 properties, you own that all of them ? Just wondering
Where in Arkansas do you manage properties. I also live in Arkansas and am trying to get into owning some properties to rent myself and could use a mentor to talk to for advice
Mostly through word of mouth. I've found that well respected handymen/contractors give the best recommendations especially when they work with that type of person a lot. For example, a plumber you trust would be a good person to ask for a septic installer recommendation and vise versa. You can also try your local hardware store for recommendations as well. Then you just sorta have to try people out until you find the one you like best. I would add that it isn't a bad idea to have more than one contact you can call incase of an emergency, especially with plumbers. This doesn't go so much for the skilled people, because usually I have a very specific job I am hiring them for, but when I try out new handymen I try to give them an easy job first to kind of test them out. If they don't do the easy job well, then I know I don't want to trust them with the harder jobs. And when you are meeting with them to look at the job, if you gut tells you they don't know what they are talking about then your gut is probably right and you should get a second estimate.
Great video, Mandy! Do you have a property management software list that you recommend? I tried Cozy and it was a bit complicated for me as I do not do well with technology. I've heard that DoorLoop and Property Matrix are pretty user friendly but I would love to know your thoughts.
As an experienced multi-tenant property manager and Doorloop user, this is how I rate it. Tech support chat 10 Tech support on the phone 5 (must be scheduled) Software is a mix and needs to be polished. It's friendly and simple to use, but there are some features that are dumb, and confusing with limited customization. Price is fair for what they offer, as long as they stop increasing it. Overall, I will give it a 7 out of 10. Don't go by the internet reviews, they offer monetary compensation for reviews, that to me is bad practice and market manipulation. I recommend trying it hard before dropping your current method or management software.
"To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already,got a new business my wife is managing, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made..😊😊
what kinds of investments do you make. I totally agree with you. I have a lump sum right now doing next to nothing in a savings account. but it's hard for me to take part in certain kind of investments right now due to the fulltime nature of my job.
Personally, I work with Regina Louise Collaro, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under her guidance. Regina is widely recognized for her excellent services, so you may already be familiar with her. Thanks to her expertise, I have achieved financial stability and now earn a consistent monthly income through her passive income strategy. I highly recommend finding a reputable investment advisor for yourself
That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
She is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message. I believe she works with anyone independent of their location.
You are correct Lawrence , I am only one of many who gained from working with Regina Louise Collaro. I had no reason to live when I lost my job due to COVID in 2020, and it will always be a memorable year in my life. Regina made it possible for me to live comfortably through passive income, thus I owe her my life. To be completely honest, I think she is an angel who was sent to help those who are struggling financially.
Hi Mandy. 1. How do you manage/organize tax & how often do you pay taxes? 2. Considering the pandemic, what does your attorney say about people not paying rent? 3. Do you know of any other applications you can collect rent from? Cash app? Thank you, Kevin
Hi Kevin, 1. I don't know a ton about taxes because we have a CPA who handles all that. So far I haven't paid any taxes, with the exception of property taxes, on the income from the rental properties. You will find this to be pretty common, especially if you have a good tax guy, as there are a lot of deductions in real estate. 2. I've actually been very fortunate that all my tenants have continued to pay rent. I've had a couple late payments but that's it. I haven't consulted an attorney about this, but my understanding is you can't evict for nonpayment until January. You can try and sue for the back rent owed but if the tenants don't have a job or any assets your chances of ever seeing any money are slim. If they have a job you may be able to get their wages garnished. 3. I'm really only familiar with Cozy/apartments.com. I know quite a few people use cash app, venmo, paypal, etc. without any issues. My only complaint about those services is that if you set it up correctly as a business transaction there is a fee, but if you do it as "friends and family" there is no fee but you run the risk of the renter being able to dispute the charge (even months later) and losing the rent money. If you don't mind the fee or your not afraid of your tenants getting angry and disputing the charges than I think they are very good options!
Hi Mandy, love your channel!! I literally watch your videos when I drive vs listening to music. I have a question for you. I am in California looking to invest in rental properties, but here they are so expensive. Living little room for return. So I have been looking into buying out of a state. My question is, would you ever Be interested in helping me by property managing for me if I buy property your state? Of course not for free! It’s just I love your videos and I feel you know so much, and my properties couldn’t be in better hands. I would love to work out a deal with you on this, and if not, maybe you can point me in the right direction to someone/a company you trust. Please let me know even it’s to tell me no!
Great video! I'm considering renting my home. Do you run criminal background & credit checks? What company do you use? Do you use a lease agreement? Can you share the one you use? Anything will help me!
Hi Mandy, super informative. My question is what is your Rental property mix? Are you mostly in single family homes or duplexes? Also have you found it more lucrative and/or less stressful for one over the other? Thanks!
Hey Jake, all of my properties are single family. The reason isn't because I necessarily prefer single family, but because that's really all we have in our area. I've only seen 3 duplexes listed in the last two years and they weren't any cheaper per unit than I could buy a house, but the rent was lower. The idea of multifamily appeals to me because it seems like maintance costs would be less per unit - the numbers just haven't made sense on anything in my area. I do think multifamily has the potential to be slightly more stressful just because people don't seem to get along that well with their neighbors. Even with single family I get a surprising number of complaints either from my tenants complaining about their neighbors or from neighbors complaining about my tenants - and I try to only buy on nice streets.
You mentioned Facebook being better than Facebook. There are plenty of scammers on Facebook. How about a video about some of the scams that renters have tired to pull and how to avoid them?
Hi I enjoyed your video. How did you find great contractors with reasonable prices? I have several properties and I found a good company but his last estimate for painting and minor repairs were more than I paid for the house.
Hey! 1. Good past rental references (no late payments, adhered to the lease, and they left the house in good condition) 2. No smoking 3. No more than two pets (under 50lbs, at least 1 year old) 4. No more than 2 occupants per bedroom 5. 3x the rent in income 6. No past evictions or bankruptcy 7. Must have full deposit and 1st months rent at time of lease signing 8. Good credit and background checks I might be missing something, but I think that's pretty much it.
I have the tenants transfer all utilities into their name before they can move in. If you don’t want to do it that way most apartments I have rented from bill the tenant retroactively - so usually the water bill is a month behind and the tenant would just pay it with the rent. Because it’s a month behind the final water bill comes out of the deposit. My strong preference is to have all utilities in the tenant’s name though. For one it’s just less complicated, but the main reason is if the tenant stops paying in most states it’s illegal for you to turn off the utilities so you could be stuck paying their utility bills until you are able to evict them (which could take a while). On the other hand, if water is in their name and they stop paying the water company will just shut off the water before they accumulate a huge bill.
Hi, Mandy! Thanks for including Tenant screening on your tips. This piece of advice is such a life saver, especially to those who are simply starting up or learning how to start rental business. Some landlords shared horror stories on Quora, and one of those is having their property seized due to civil forfeiture. Imagine losing something valuable just because you've missed figuring out that the tenant turned out to be a criminal. There are numerous reasons why you should conduct background checks. But the bottom line is to ensure that your prospective tenant is free from any illegal activities.
I was a chemical engineer for a company in Texas, but my dad got sick about 4 years ago and for the last 3 years I have been taking care of him so that my mom can keep working. She is actually retiring at the end of this month though. I do plan to buy at least a few more houses. Prices are high right now though. Our area has very little inventory and houses are actually going above list price, which is unheard of in this area. I'm going to wait and see what prices look like this winter.
No I haven't been, but I guess I would just let my plumber and my handyman know and give the tenants their numbers incase of an emergency. I would tell my tenants to call them if they have an emergency, but to wait until I get back for non-emergencies. That only works if you can trust you handyman though.
How do you manage the security deposits? Is there a difference between opening an escrow account vs regular savings account for SD? 99% tenants don’t care as long as they get it back “rightfully” but it’s good to follow law. Thank you Mandy! 😊
Your calls for maintenance being that less frequent is rare. I'm a PM of 7 millionaire estates. You have to vet your subs! Sounds like you pay them fast which is good.
I like the fact that you go straight to the point. Plain and simple: great job!
I subscribed your channel just watching only one video. I really like how honestly you share your journey without any extra promotional stuffs that others do!! Keep doing the good work :)
I will be starting from scratch, this gave me an overview on what to do but if you have a more detailed video how to start managing properties without prior knowledge nor experience, that would be super helpful!
Thanks for the time and advice...
I just seen your video review on Cozy and now this one. Thanks for the info. Definitely checking that software out.
Fantastic video! Really appreciate it!
Great video, great info! Thank you 😊
Really great video, thank you.
Thank you so much for sharing your experience. This information helped me a lot.
Fantastic video... Much needed information... Thank you
Thanks so much Mandy
Great stuff, inspiring to learn from others like you them managing properties is not so stressful
Hey Mandy i am so happy i found you here thank you so much you helped me out of this
Awesome advice, thanks! These were things that seemed daunting to me while researching real estate investment but you explained them in a clear and more approachable way than I've seen others do
Quality information 😊 thank you so much.
Omg you are so sweet. Thanks for sharing, great video.👍🏼
I just subscribed, you're contents are amazing! I can tell your passionate about what you doing!! it deserve a lot more subscribers!! 💌💌
awesome, thanks for the info
Arkansas!? Me too!! 🤠 first time listener. Thanks!
Useful information. Thank you.
Very good video thanks
Awesome video!
Your very motivating.
Thanks for the video.
Thanks for watching!
Very informative. Keep the videos coming :)
I like your style it's authentic
This is great advice. Great content. When you start to grow, you should look into hiring property managers so your sole focus is finding mire deals and scaling with systems in place.
Love your work mandi
Awesome video
Great video Mandy. I'd like to know which software you use to handle your 16 properties, which, if any others software you've tried and didn't like
Great video. Thank you for sharing and LOVE that gun safe in the background. 😊 Now I gotta find your video on the owner financing!
Great video! I have 1 rental property so no need for a PM company.
So good
Amazing video! This goes to show it can be done with no stress!
Very informative and helpful. Thank you!
Great info - very clear - well done with your success!
Thanks so much!
Thank you so much, keep up these videos. They are very informative and inspiring!
Thank you!
So pretty 😊. Thank you
Great video dear Mandy..All the best ..This is VSS Rao From Hyderabad, India🇮🇳
Thanks for great tips. But u worry too much, you do great job making videos!
l love you getting to the point and not a lot of fuff
Can you please elaborate on how you keep all your information organized? Like, do you have it all in a google doc and if so, how do you format everything... thanks :)
I would love to see a video on creating a tenant lease or at least list a site/provider that can be used to utilize one.
very informative video. appreciate if you can talk about how to avoid getting ripped by property manager
This is extremely helpful! Under contract for the 1st rental and will be using this as a guide for managing the rental myself! Thank you so much!
Hey how has your experience been so far as a landlord this first year? We are under contract and closing tomorrow and super nervous excited!!
Very informative video. I will be buying my first rental property this year so this is very helpful. As for topics for new videos, I'd be interested in knowing how to calculate monthly expenses in repairs before buying the property.
Sincerely, good video Mandy ! Very down to earth, give (not a lot), but specific case examples, and thus useful info. Your genuine nature and integrity comes across, even in a short video. Wish more videos would be like yours !
Mandy, can you send the list of the criteria list for qualification and before I showed the home
Thank you so much for the video Mandy! What are your thoughts on property mgmt software? Especially DoorLoop and PropertyMatrix that I'm currently comparing? thank you!
As an experienced multi-tenant property manager and Doorloop user, this is how I rate it.
Tech support chat 10
Tech support on the phone 5 (must be scheduled)
Software is a mix and needs to be polished. It's friendly and simple to use, but there are some features that are dumb, and confusing with limited customization.
Price is fair for what they offer, as long as they stop increasing it.
Overall, I will give it a 7 out of 10.
Don't go by the internet reviews, they offer monetary compensation for reviews, that to me is bad practice and market manipulation.
I recommend trying it hard before dropping your current method or management software.
Cool video! New subbie
do you have a company or LLC for each property or one big company or LLC all of the 16 properties?
You can ask your tenants to direct deposit to your account.
And here I am with anxiety about offering on my first (and only) single family rental property, with good, long-term tenants already in place.
Same lol
Thank you Mandy. I bought my 1st Rental about a year ago and it was already rented. He bought a house and is moving out next month. I needed this kind of info to help me find a new tenant. Big help, thank you. 16 for such a young person, Impressive haha. New subscriber BTW.
In Arkansas as well! Would love to connect!
Hi Mandy, what software do you typically use to manage your day activitie? such as invoices, rental, repairs cost, etc
Do you live close to your properties? For out of state properties, it might be tricky not to have a PM imo.
How far away is your rental property from where you live ? Also what about tax papers when tax session comes ?
Mandy... Question: Do you use Excel to manage these properties? If so, whats the best way to set up to make your life easier?
Thank you in advance
What software do you use to track rental and expenses. I use excel seem to work fine
Thanks for the video, only have one property but it’s the same process. i really like the fact that you took your video in front of a giant gun safe😂😂don’t mess with her🤪
16 properties but works a full time job? Please explain this. Thanks for separating 1,2,3
Mandy, mad respect for your ability to manage your time and jobs! A tip somebody whos worked in Property Management for a while: be careful about how you select tenants/ describe your selection process. There’s a lot of laws/regulations that property managers are required to know- which is a benefit of having a property manager. If you prefer managing your own rental properties then I would look into your state laws regarding applications, screening tenants and MOST importantly- Fair Housing Regulations. Violating fair housing laws/regulations can get you in some serious trouble. Wishing you the best of luck!
Thank you Johnna!
Just wondering out of the 16 properties, if you own anywhere out of the state. We’re moving possibly overseas and if it’d be easier to hire or do ourselves.
Mandy when you ask your potential renters to fill out the cozy application, do you make them all buy the credit report? Or do you send it after having a verbal agreement?
Initially I say something like, "Please fill out the application, but do not submit the background or credit check at this time." That way if someone doesn't qualify for other reasons (like income) they aren't wasting money on the credit check.
@@ItsMandy thanks for passing along your knowledge. Appreciate it!
@@ItsMandy Mandy, one last question from me. If a couple wants to rent and both are on the lease, do make both people fill out the application and run credit on both? Sorry for hounding you, but you’re helpful
@@-Silly-Willy-0 Yes, doing a credit check on each applicant is considered best practice and what most large management companies do. But I do think if they are a couple you would probably be fine with just doing a credit check on the main earner. You will just have to decide what works best for you and for your area. To be honest, even though I agree that you should check credit, I don't usually check it because of the area that I'm in. It's a low income, rural area and the large majority of tenants have bad credit or no credit.
Hi Mandy question can I make tenants go to the police station for a background check and bring me the official form back?
Hi Mandy, do you have an LLC for all or each of your properties? Please do a video on this, thank you. Love your content!
What kind of property are you managing? I'm a property manager and property management in NYC and tri state area is not that simple. I wish.
Friendly informative video for someone who's property is a house. 16 houses= 16 units. For me 17 properties = 300 units.
The are all SF and in Arkansas. Yes if I had 300 units I would definitely have a property manager or maybe even two!
What is cozy? Could you maybe provide a link?
Great to watch you, I'm sure it's take lot of time to manage it, what else you do besides rental properties and I'm sure making youtube video take lot of time, and you reply almost everyone? Do you do everything by own or you hier someone behind the camera ? Lol
Thank you! When I made this video I was actually working fulltime as a server at Olive Garden. Before Olive Garden, I had been watching my dad (he has a brain injury and requires fulltime care). But we had finally found a nurse we could trust to watch him, so I was waitressing to make sure it worked out with the nurse before I looked for a more permanent job. The nurse was very good but she asked off at least once, usually twice a week. Which meant that I couldn't change jobs because I needed the flexibility that waitressing gave me. After about 10 months, my dad's nurse quit so I went back to watching him until my mom retired in August. Since August I actually haven't had a real job. I have been doing more of the rent house maintance myself, but I recently got married and I'm not sure if I will end up going back to work or not. I do do all of my filming and editing myself - sorry about that - I know the quality could use some improvement. I've never been very tech savvy.
@@ItsMandy your are awesome Mandy, you can do better then a job, I told my wife learn about stock market but she's said I don't have interest lol, nothing wrong with the quality, you are giving very good knowledge to people that's more important, you talk about 16 properties, you own that all of them ? Just wondering
@@ItsMandy I wish you were in California and I can take classes from you.
Where in Arkansas do you manage properties. I also live in Arkansas and am trying to get into owning some properties to rent myself and could use a mentor to talk to for advice
ma'am am new and learn but maybe a more in formation about cozy possibly
How do you select the plumbers, electricians, HVAC, septic, etc. workers that you hired?
Mostly through word of mouth. I've found that well respected handymen/contractors give the best recommendations especially when they work with that type of person a lot. For example, a plumber you trust would be a good person to ask for a septic installer recommendation and vise versa. You can also try your local hardware store for recommendations as well. Then you just sorta have to try people out until you find the one you like best. I would add that it isn't a bad idea to have more than one contact you can call incase of an emergency, especially with plumbers.
This doesn't go so much for the skilled people, because usually I have a very specific job I am hiring them for, but when I try out new handymen I try to give them an easy job first to kind of test them out. If they don't do the easy job well, then I know I don't want to trust them with the harder jobs. And when you are meeting with them to look at the job, if you gut tells you they don't know what they are talking about then your gut is probably right and you should get a second estimate.
Great video, Mandy! Do you have a property management software list that you recommend? I tried Cozy and it was a bit complicated for me as I do not do well with technology. I've heard that DoorLoop and Property Matrix are pretty user friendly but I would love to know your thoughts.
As an experienced multi-tenant property manager and Doorloop user, this is how I rate it.
Tech support chat 10
Tech support on the phone 5 (must be scheduled)
Software is a mix and needs to be polished. It's friendly and simple to use, but there are some features that are dumb, and confusing with limited customization.
Price is fair for what they offer, as long as they stop increasing it.
Overall, I will give it a 7 out of 10.
Don't go by the internet reviews, they offer monetary compensation for reviews, that to me is bad practice and market manipulation.
I recommend trying it hard before dropping your current method or management software.
Youre the one taking all the homes from first time buyers
"To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already,got a new business my wife is managing, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made..😊😊
what kinds of investments do you make. I totally agree with you. I have a lump sum right now doing next to nothing in a savings account. but it's hard for me to take part in certain kind of investments right now due to the fulltime nature of my job.
Personally, I work with Regina Louise Collaro, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under her guidance. Regina is widely recognized for her excellent services, so you may already be familiar with her. Thanks to her expertise, I have achieved financial stability and now earn a consistent monthly income through her passive income strategy. I highly recommend finding a reputable investment advisor for yourself
That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
She is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message. I believe she works with anyone independent of their location.
You are correct Lawrence , I am only one of many who gained from working with Regina Louise Collaro. I had no reason to live when I lost my job due to COVID in 2020, and it will always be a memorable year in my life. Regina made it possible for me to live comfortably through passive income, thus I owe her my life. To be completely honest, I think she is an angel who was sent to help those who are struggling financially.
Can you increase rent more than once a year in Arkansas? Like $100 minimum.
Mandy how much would you pay a property manager a month for managing the amount of properties you have?
Probably somewhere between $800 and $900 depending on vacancy.
Hi Mandy.
1. How do you manage/organize tax & how often do you pay taxes?
2. Considering the pandemic, what does your attorney say about people not paying rent?
3. Do you know of any other applications you can collect rent from? Cash app?
Thank you,
Kevin
Hi Kevin,
1. I don't know a ton about taxes because we have a CPA who handles all that. So far I haven't paid any taxes, with the exception of property taxes, on the income from the rental properties. You will find this to be pretty common, especially if you have a good tax guy, as there are a lot of deductions in real estate.
2. I've actually been very fortunate that all my tenants have continued to pay rent. I've had a couple late payments but that's it. I haven't consulted an attorney about this, but my understanding is you can't evict for nonpayment until January. You can try and sue for the back rent owed but if the tenants don't have a job or any assets your chances of ever seeing any money are slim. If they have a job you may be able to get their wages garnished.
3. I'm really only familiar with Cozy/apartments.com. I know quite a few people use cash app, venmo, paypal, etc. without any issues. My only complaint about those services is that if you set it up correctly as a business transaction there is a fee, but if you do it as "friends and family" there is no fee but you run the risk of the renter being able to dispute the charge (even months later) and losing the rent money. If you don't mind the fee or your not afraid of your tenants getting angry and disputing the charges than I think they are very good options!
@@ItsMandy thank you so much! also, do you have ig? I’d rather watch on IG than UA-cam haha. Great content.
Do you paid to retain a property lawyer? Or do you pay per issue?
Do you have to be certified and or have a license?
Hi Mandy, love your channel!! I literally watch your videos when I drive vs listening to music. I have a question for you. I am in California looking to invest in rental properties, but here they are so expensive. Living little room for return. So I have been looking into buying out of a state. My question is, would you ever Be interested in helping me by property managing for me if I buy property your state? Of course not for free! It’s just I love your videos and I feel you know so much, and my properties couldn’t be in better hands. I would love to work out a deal with you on this, and if not, maybe you can point me in the right direction to someone/a company you trust. Please let me know even it’s to tell me no!
Great video! I'm considering renting my home. Do you run criminal background & credit checks? What company do you use? Do you use a lease agreement? Can you share the one you use? Anything will help me!
This has been the struggle for me for over a year, but luckily I found some useful information in your vlog.
Hi Mandy, super informative. My question is what is your Rental property mix? Are you mostly in single family homes or duplexes? Also have you found it more lucrative and/or less stressful for one over the other?
Thanks!
Hey Jake, all of my properties are single family. The reason isn't because I necessarily prefer single family, but because that's really all we have in our area. I've only seen 3 duplexes listed in the last two years and they weren't any cheaper per unit than I could buy a house, but the rent was lower. The idea of multifamily appeals to me because it seems like maintance costs would be less per unit - the numbers just haven't made sense on anything in my area. I do think multifamily has the potential to be slightly more stressful just because people don't seem to get along that well with their neighbors. Even with single family I get a surprising number of complaints either from my tenants complaining about their neighbors or from neighbors complaining about my tenants - and I try to only buy on nice streets.
Great video! Do you use any software for keeping track of expenses, agreements, other documentation? If not, how do you organize all that?
You mentioned Facebook being better than Facebook. There are plenty of scammers on Facebook. How about a video about some of the scams that renters have tired to pull and how to avoid them?
Hi I enjoyed your video. How did you find great contractors with reasonable prices? I have several properties and I found a good company but his last estimate for painting and minor repairs were more than I paid for the house.
Lmao!!!
Hi Mandy what is your criteria for screening Tenants?
Hey!
1. Good past rental references (no late payments, adhered to the lease, and they left the house in good condition)
2. No smoking
3. No more than two pets (under 50lbs, at least 1 year old)
4. No more than 2 occupants per bedroom
5. 3x the rent in income
6. No past evictions or bankruptcy
7. Must have full deposit and 1st months rent at time of lease signing
8. Good credit and background checks
I might be missing something, but I think that's pretty much it.
Hey Mandy what's in the safe 🤔
For single house. How do you collect the money for water, trash and sewer? Thank you in advance!
I have the tenants transfer all utilities into their name before they can move in. If you don’t want to do it that way most apartments I have rented from bill the tenant retroactively - so usually the water bill is a month behind and the tenant would just pay it with the rent. Because it’s a month behind the final water bill comes out of the deposit.
My strong preference is to have all utilities in the tenant’s name though. For one it’s just less complicated, but the main reason is if the tenant stops paying in most states it’s illegal for you to turn off the utilities so you could be stuck paying their utility bills until you are able to evict them (which could take a while). On the other hand, if water is in their name and they stop paying the water company will just shut off the water before they accumulate a huge bill.
@@ItsMandy Thank you so so much! I am in York PA. I hope I can find someone like to manage my properties. You are an awesome young, beautiful person.
Hi, im trying to rent my first property and zillow is trying to verify my (landlord) identity by social security. Is this normal.
your opiniun about home insurance?
Hi, Mandy! Thanks for including Tenant screening on your tips. This piece of advice is such a life saver, especially to those who are simply starting up or learning how to start rental business. Some landlords shared horror stories on Quora, and one of those is having their property seized due to civil forfeiture. Imagine losing something valuable just because you've missed figuring out that the tenant turned out to be a criminal.
There are numerous reasons why you should conduct background checks. But the bottom line is to ensure that your prospective tenant is free from any illegal activities.
What is your day job Mandy? Do you plan to keep buying rental properties?
I was a chemical engineer for a company in Texas, but my dad got sick about 4 years ago and for the last 3 years I have been taking care of him so that my mom can keep working. She is actually retiring at the end of this month though. I do plan to buy at least a few more houses. Prices are high right now though. Our area has very little inventory and houses are actually going above list price, which is unheard of in this area. I'm going to wait and see what prices look like this winter.
What's the name of the company you use to collect rent?
Are you ever out of cell signal for days at a time? If so how do you handle that?
No I haven't been, but I guess I would just let my plumber and my handyman know and give the tenants their numbers incase of an emergency. I would tell my tenants to call them if they have an emergency, but to wait until I get back for non-emergencies. That only works if you can trust you handyman though.
How do you manage the security deposits? Is there a difference between opening an escrow account vs regular savings account for SD? 99% tenants don’t care as long as they get it back “rightfully” but it’s good to follow law. Thank you Mandy! 😊
How do you handle needy tenants?
Do you schedule the showings with multiple parties at the same hour and date?
Yes, I usually pick one day to show the property and I show it to the top 3 to 5 applicants. I typically schedule them 30 minutes apart.
@@ItsMandy Thanks! Subbed and will watch all your videos, like em and watch commercials!
@@SylphBeliver Lol, thank you!
Your calls for maintenance being that less frequent is rare. I'm a PM of 7 millionaire estates. You have to vet your subs! Sounds like you pay them fast which is good.
I have a question do you have a landlord license to manage your own property