401: Boost Your Cash Flow in 2024 with These “Self-Management” Tips w/Amelia McGee and Grace Gudenkauf

Real Estate Rookie

BiggerPockets

Business, Education, How To, Entrepreneurship, Investing

4.7 • 1.8K Ratings

🗓️ 3 May 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want more cash flow with less stress while running your rental property portfolio? Then you need self-management! Amelia McGee and Grace Gudenkauf, seasoned investors and the minds behind BiggerPockets’ newest book, The Self-Managing Landlord, show you exactly how to do it. This episode peels back the curtain on the misconceptions that scare most investors away from self-managing their properties (like those feared 2 AM toilet emergencies!). Amelia and Grace expose how these scenarios are less frequent than most people think and offer smart strategies to handle them effortlessly. The duo dives into the financial perks of taking the reins on property management, from dramatically cutting costs to boosting tenant retention and cash flow. They lay out a spectrum of management models—from DIY to hiring a dedicated team—and share their personal triumphs (and trials) within each approach. This is THE practical playbook for making property management a cornerstone of your real estate success. You’ll learn how to establish effective systems for tenant onboarding, routine maintenance, and urgent repairs, ensuring your property management is both stress-free and profitable. Whether you’re just dipping your toes into real estate investing with your first property or looking to refine your existing portfolio, this episode is packed with actionable tips that promise to make your portfolio more passive! In This Episode We Cover: How to lower your costs and boost your cash flow significantly with self-management What being a landlord is actually like, and why it’s not all 2 AM toilet calls Building your real estate team so you can handle less of the day-to-day and focus on the big picture Practical advice for setting up systems that streamline tenant onboarding and property maintenance Grace’s $8,500 bookkeeping mistake that you CAN NOT afford to make Tips for handling urgent property issues with WAY less stress And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Get Tips, Advice, & Support in the BiggerPockets Forums Get RentRedi Property Management for FREE with a BiggerPockets Pro Membership: BiggerPockets Pro RentRedi Real Estate Rookie 111 - 26 Doors in 1 Year? Here’s How You Can Do It Too! w/Amelia McGee Real Estate Rookie 161 - Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf BiggerPockets Real Estate 938 - Scaling from 0 to 20+ Doors Using These “Self-Management” Tools & Tips w/Amelia McGee and Grace Gudenkauf Tools Mentioned in Today’s Show: Loom Monday.com Connect with Amelia: Amelia's BiggerPockets Profile Amelia's Instagram WIRE (Women Invest In Real Estate) Connect with Grace: Grace's BiggerPockets Profile Grace's Instagram (00:00) Intro (01:10) The Right Way to Manage Rentals (04:42) What Being a Landlord is Like (08:20) Why You MUST Self-Manage (14:42) Onboarding Tenants 101 (20:41) Lease Agreements (26:56) The $8,500 Mistake (30:08) Do This RIGHT Now! (35:09) Building Your Team (41:40) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-401 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 401.
0:04.0	How can you increase your cash flow in 2024?
0:08.0	Reducing expenses is one key way and it may not be as time intensive as you think. My name is Ashley
0:15.6	Care and I am here with Tony J Robinson. And welcome to the Real Estate
0:20.0	Ricky podcast where every week, three times a week,
0:22.8	we're being you the inspiration, motivation, and stories
0:25.8	you need to hear to kick start your investing journey.
0:27.8	And today, we're bringing back to real estate Ricky alums.
0:32.2	We have a million McGee who was on episode 111 and we have
0:35.9	Grace Gootenkov was on episode 161 and these two ladies are the newest authors for bigger pockets.
0:43.8	So if you guys have two bigger pockets.com
0:46.1	slash managing book, you can see their new book that just launched.
0:49.1	But we're excited to talk to them both.
0:50.8	And really the premise of today's conversation is why investors get it wrong with
0:55.8	handing off their properties and also what are some of the risks of self-managing and what goes into
1:00.8	on boarding tenants and so much more. So ladies, so ladies Amelia Grace thank you so much for coming back
1:04.8	Welcome to the real state rookie podcast for the second time. Thank you so much. We're super excited to be here
1:09.4	Thank you. Okay, so Amelia, let's start with you. What is one big misconception that people have that maybe keeps them up at night as to a reason they don't want to be a self-managing landlord?
1:22.0	Yeah, I hear this reason over and over again.
1:24.3	It is that they're going to get that 3 a.m.
1:26.9	leaky toilet phone call, a tenant having an absolute panic attack
1:30.6	over some sort of a maintenance request. And honestly, the only landlord that I know
	...

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