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“You need a property manager. That s today s episode let s dive into it it hey everyone i m natali morris and i m clayton morris that s clayton and this is the investing nin. Real estate show. We are so happy you joined nus because today.
We want to talk about the expense nof hiring a property manager. Now this is something a lot of ntimes. I think when people get started. They think oh i ndon t want to spend that i definitely have been none of those people and i can tell you horror nstories about what happens.
When you don t i do want to say nthough. This is not something that s for neverybody. But we want to help you weigh the options right so who are we well we are longtime nreal estate investors we ve done thousands of deals we own many dozens of rental nproperties across the country. So we know a thing nor.
Two about working with property management. Nteams and also trying to do it yourself. We ve heard horror nstories from investors who have written to us over nthe years who have tried to do things on their own. So.
Let s ask that nquestion today. Why should we have a property nmanagement company in place. You might be just getting nstarted in real estate investing so you re nlooking at buying your first rental property and i always like to nsay. It s the allure of that first nproperty that gets you kind of moving in this ndirection.
Where you re like i m going to i m going to manage nit myself. Because it seems like it s easy it s in my backyard. But what happens when you nmove to the second property and the third and the nfourth and the fifth do you keep managing nthem yourself. No it doesn t scale that way and what seems easy nwith.
The first one will seem like an nabsolute full time job by your fifth property. Yeah absolutely right now of course. There nare people who are going to be good at this i think of my sister. Her husband is an namazing contractor.
He builds big houses nout in boise. Idaho. And so they own a multifamily. I think it s a fourplex and anything that ncould go wrong.
He can fix in a nhot minute right and so for them. It s nin their backyard. He is a good contractor and so that s an expense they ndon t necessarily need right. But can he collect rents right can he do background checks.
So there s like many layers nto this kind of thing should he be interacting nwith. The tenants. So maybe. He s good at like nthe fix.
It part right where they don t nhave to contract out these kind of things a lot of times that s nwhere your expenses start to really rack up. But then you need like the more nlegitimate business end of it too so if you can do both of those nthings and you have the time and you think that nyou know that s not going to interfere nwith whatever dream you re pursuing in your nregular life go for it right. But there are so many facets nto good property management. That this is something you nhave to get real with yourself.
Now remember paying nthe property manager. A lot of times is na nominal expense and it is a business expense right. It is a write off so when you look at your nreturn on investment. If you re new to the channel nplease check out our episode on roi make sure you watch nthat.
So you understand return on investment nand. Exactly figure out the calculation. We show you the nmath to understand what it should look like that property management. Expense nis built in to your numbers.
Ok. So. When you re nacquiring that property you re already thinking or at nleast. We train you to think that there s going to be na property manager taking care of this for me and that.
8 a month 10 na month 12 a month that comes out of the rent nthat the tenant. Is paying that 8 10 or. 12. Is going nto go to the property management company for doing their job.
They ve placed the tenant. They ve done the background ncheck on the tenant. They want to make sure that nthe tenant stays a long time and then of course nfor placing that tenant. They re going to make a little nbit of money every month on it so it s incumbent upon them to nwant to get a tenant in there and a good tenant a lot of times.
I ll nsee these statements from my property manager and say the house is nrented for 800 a month and they are taking noff their 80 right that s 10 . And i think they were paid n. 80 to collect the rent and sometimes now tenants nhave that automated they go and pay somewhere nor they send in something. But if they don t 80 to ndrive there pick up a rent and come back like that s nnot that much money right and then consider the nfact that they deposit.
It they send me the check they send me a statement and then if something ndoes go wrong. They ve got to nanswer a phone call figure out who to send nthere for something like we had one of nour tenants. Yesterday. Said that one of nher backyard door looks like an animal ncame.
In and out. Like some big rodent of unusual nsize had come through the door and then come back out. And she doesn t have pets. And she s like i don t know nwhat the heck just happened now if i had no property nmanager and i she d get that call had to get that call and nsolve it i do not know what like hire mega exterminator.
I don t know what ni would do right. But she knows what to do she s going to charge nme for it clearly. But i was like ok thanks for solving that well what i want to nknow is why do you even how d you even find nout about this was this an expense. See most nof.
The time with a property management team they will have na threshold of things like i call. It like the don t call nme number is like it s 200. If it s less than 200 ndo. N t call me about it i don t want to hear about nthe toilet.
You had to fix i don t want to hear about nthe ceiling fan that blade that needed repair if it s under 200 bucks njust bill me for it i think this one nshe. Just didn t know how much it would cost and it was so unusual this package of properties nwe have the weirdest stories. If you heard the episode nwe did about the cat in the furnace in the duct work. Yeah that like nsomehow escaped alive and continued its nine nlives somewhere else.
That s the kind of thing and this is like an nurban new jersey town. I don t know why this none has all the like weird weird things that happen maybe it was bigfoot maybe. It was bigfoot. We just don t know oh yeah.
Like that nepisode of finding bigfoot where they saw the hand print the hand print yeah if you haven t seen that watch animal planet go watch that yeah check out animal nplanet finding bigfoot. I think it s on animal planet. It s so good anyway so these are nthe kinds of things that a property nmanagement company will take care of for you and they won t probably nnecessarily give you a call when something like nthis actually happens i mean an email is no big deal she didn t call me right. But if it was the ntenant.
It would have been a more immediate need and she would have nhad to call me and then i would have nhad to solve that and these are just nthings that i don t know how to solve because we ninvest all over the country so sometimes i m like nwe. ll do you you know i had a property nin. San francisco that i did not have a nproperty manager on and so they would call nme and i would either get my brother in law nthat. I just talked about to go and fix the ngarbage disposal.
Which i felt awful about and then he wouldn t ntake payment so i paid him in like nruth s chris gift cards steakhouse gift cards yeah that s not a good way nto go about it right and then if it was nsomething more immediate like i need a nroto rooter. I m like ok i can give you nthe number. But you got to call them yourself. And then i will take nthat off your rent like that s no that s a pain.
It s messy. It s not a good nway to go about it and let s. Go 40000. Foot nlevel and think about this.
What kind of a life ndo. You want to live ok. If you re creating nfinancial freedom for yourself right if you are taking nthe steps in your life to create passive income. So you ncan enjoy more of what life has to offer with your nfamily and travel do you want to create nanother job for yourself right calling roto rooter right by finding out what nthis weird rodent was that came in nthe back door of one of your rental properties no have a dedicated team nthat can handle it otherwise you re nin small business.
You are a self employed nsmall business owner. If you are every day. Nanswering phone calls and dealing with nthis kind of stuff. You do not run a business.
Ok you are not an investor nyou are in that you re an employee nof your business you re an employee nof your business get out of being an nemployee of your business. All right that s today s episode please hit the subscribe nbutton and hit the like button. Too nlittle thumbs up lets us know that you like nand. Appreciate everything that we do here on the channel.
We really appreciate it yes we do we ll see you next time i thought maybe i d make another npoint. But i guess i m done he cut be off all right i ll be done then bye. y exploiting. The provinces yes.
I know it feels dirty to exploit your own people. But sacrifices must be made for the greater good just exploit the top provinces till you get to 60 manpower. Which you should get from eight or nine provinces and just like that we have completed. The mission and now we have the sea beyond scotland.
And so we are going to declare on them. But france will come to their rescue. Which means our new vassals would be in trouble so what we will do is enable scourge on the vessels. This gives us 50 percent more money from them.
While they are not called into wars. Really a win win situation for everyone at this point when except for scotland. But we don t care about them scotland. Might also have a minor irish ally.
Which isn t a problem once we declare war we will start seizing down the nearest fort and scottish army will most likely move to pay. Lucy stat down let them move and once they have crossed over to ireland. We will put some of our navy to block the strait and now we can freely siege the hole scotland without any distractions. Just keep.
An eye on the french transports and make sure that don t land english navy is far superior and the ai is not going to find it once we are at war with france it completes. Another mission. The hundred years war valuables in scotland france will seize down calais. Which is fine.
We are going to eventually unseat. It once we are done with scotland then ask for access from burgundy. If you don t already have it and go directly to paris. Don t worry about any other provinces and don t split your army.
Paris is only a level. One fort so the siege won t take long and once you have it it completes. Another mission and gives a restoration of union sea beyond france. We will just fight.
These france for now and then we will take scotland as a vassal and take the outer and inner hebrides islands for ourselves and peace out scotland. This completes. Another mission and gives claves on the north atlantic islands. Now scotland will be the soil so start improving relations with them and the other two subjects should be okay.
If you have been improving relations with them during this time. And so. It s only been three years and and we already have scotland as a vessel. Which is huge tactically because now you don t have to watch your back.
While you re fighting a war in europe. Payne land or ireland. We have a five year truce with france. Now so we will start conquering ireland.
Instead and who you attack will depend on the diplomacy. There so let s go through my game. And see how that turned out the irish miners really don t stand a chance against england so these wars will be quick. I first attacked ulster who were allied to desmond and sliggoo iko belligerent both of them and declared war.
It was a quick war and i full annexed all three of them then i immediately attacked lynnster who were allied too awfully and munster again the war will be easy. And you can just take over all of ireland this way. The limiting factor is the aggressive expansion and it is a big factor. Which you have to look out for so at this point.
I recommend just sitting on the hundred percent war score. And not piecing out till. The call for peace comes in i kept declaring wars on other irish minors and full siege them. But i didn t piece them out just yet this gives a a chance to cool down.
A bit. This is also a great time to put one of the advisers on improving relations with outraged countries and keep investing the papal influence in becoming the curia controller. It really helps with a along with some great other bonuses also keep a lookout for an improve relations adviser. That will help to soon the truce with france will expire and now you might be tempted to attack them.
Especially if they are involved in another war. But remember the aim for that war is to bring france under pu. Which means a huge amount of an ss of expansion. So my advice is to wait a little longer you can try to go to war and force france under pu and even aragon my join on your side.
But the result will look something like this that amount of aggressive expansion is not sustainable. It s a recipe for a huge coalition and you will likely lose that war and he will also likely get excommunicated. If you are not already curia controller compounding. The problem even further getting back to my game.
Luckily i became the papal controller. Which has some amazing perks. I slowly pieced out the irish one by one the reason i like to attack them all at once. So that dick don t get a chance to ally someone big or join a coalition in my game.
I went slow and got them all by 1458 clan ricard proved to be the only smarter. One who had allied denmark. The area is very manageable. And i kept two of my diplomats and improving relations with outraged countries after a couple of more years.
It was finally time to take the last province in ireland. So i attack land record. Which meant fighting denmark. We had the name of supremacy.
So the war isn t hard at all i managed to take iceland from norway. And piece them out and finally all of ireland was mine in 1465. This also completes another mission and still a ii was looking ok. That s when i noticed that france was fighting burgundy.
So it was definitely time to attack france before that i had allied austria. Which meant going about relation limit even more. But that s fine. We will get a lot of a from france wars.
So it s good to have strong allies to deter coalition s from attacking and so i declared on france and called in aragon only genoa would join the war on their side and we were doing really well. But then the iberian vetting fired two years into the war and now it was just me against france in genoa. I piece our genoa eventually then finally in 1468. I forced union on france.
It only takes 60 war squad to do it. So. It s not that hard one thing you can win max here is the prestige. This peace deal will give you a lot of prestige and prestige cap set.
100. So you could use some of your existing prestige to placate rulers. On scotland or other vassals. Just so you don t waste.
It in my game. Transfer is still fighting burgundy. So now i was fighting them as well the four screen said that i was the war leader. But after a couple of months.
The war just ended in a draw as austria and force peace on burgundy. So now i had france under pu and ae was not that bad considering the amount of territory. I just gained i immediately started improving relations with france obviously and i also started deploy annexing gascony. So 1468 england isn t looking too bad.
I have all of ireland. And i haven t lost any of my european course then i have scotland as a vassal and france as a pu subject with portugal and austria as allies with all these wars. I was hoping the king would die in some battle or siege. But he did not so i finally decided to abdicate him and immediately after i got the water frozen event that gives 50 new air chance and the disaster starts ticking again.
But i got an air fairly soon who had great stats at five four six. Now i wanted to cut down denmark. Even more so i supported sweden s independence. And was called into war.
Very soon during the course of this war. The annexation of gascony ” ..
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