938: Scaling from 0 to 20+ Doors Using These "Self-Management" Tools & Tips w/Amelia McGee and Grace Gudenkauf

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 17 April 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

If there’s one thing that’ll make or break your real estate portfolio, it’s property management. When done correctly, property management can feed you consistent, passive income without the everyday stressors of being a landlord. Whenever you hear people talking about bad tenants, midnight phone calls, or surprise maintenance problems, they’re really talking about property management gone wrong. So, how does a rookie real estate investor, with even just one rental property, start managing the right way so they can scale their portfolio faster? Amelia McGee and Grace Gudenkauf, authors of The Self-Managing Landlord, did it all wrong initially. They were picking up every tenant phone call, placing every service request, taking rent payments every which way, and here’s the thing—none of it was working. As they scaled their portfolios, things only got more difficult until finally, one day, they stopped and developed a system, and like that, their businesses took off. Now, only a few years into real estate investing, both Amelia and Grace have dozens of rental units to their names and less stress than ever before. How did they do it all WITHOUT hiring everything out to a property manager? In today’s show, they’ll share the self-managing principles they used to explode their rental portfolios while staying sane! And if you’re a new investor or are about to be one, these tips could save you YEARS of headaches! In This Episode We Cover: Why EVERY real estate investor should be self-managing when building their portfolio How to start building your property management “system” that’ll save you HOURS a week What brand new investors NEED to start doing once they have their first property Three apps/software that every real estate investor should have Tenant selection 101 and simple mistakes that could cost you months of rent How to know it's time to start outsourcing and signs you need some help And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Join BiggerPockets for FREE Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Real Estate Investing Question Dave's BiggerPockets Profile Dave's Instagram Henry's BiggerPockets Profile Henry's Instagram BiggerPockets' Instagram Rookie Podcast 111 - 26 Doors in 1 Year? Here’s How You Can Do It Too! w/Amelia McGee Rookie Podcast 161 - Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf Self-Management vs. Property Management Company: What’s Right for You? Book Mentioned in the Show The Self-Managing Landord by Amelia McGee & Grace Gudenkauf Connect with Grace & Amelia: Amelia's Instagram Grace's Instagram Amelia and Grace's Website (00:00) Intro (01:48) EVERYONE Should Self-Manage (04:06) How Bad Management Burns YOU (09:31) Start Doing This NOW (14:08) Tips for Your First Rental Property (19:26) 3 Apps/Software You Need (22:44) Tenant Selection and Screening (26:56) Outsourcing vs. DIY (32:21) When to Hire it Out (36:11) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-938 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	Henry, when you first became a self-managing landlord, would you say that you knew what you were doing?
0:07.0	Yes, Dave, I absolutely did not know what I was doing. I was terrible.
0:13.0	Okay.
0:14.0	I was about to call BS here if you said you did.
0:17.5	I was terrible.
0:18.7	I was just so excited that somebody actually wanted to pay me rent that I would take their money however they would give it to me
0:26.0	no matter what that meant for me down the road.
0:28.3	All right, well I'm glad I'm not alone and we're going to dig into this topic a lot on the show today.
0:34.0	We're going to cover everything that you need to know as a self-managing landlord.
0:39.0	Hey investors and welcome to the BiggerPockets podcast.
0:42.0	I'm your host Dave Meyer, and with me today
0:44.3	is Henry Washington.
0:46.3	Today we're going to be talking to Amelia McGee
0:48.6	and Grace Gootenkov.
0:50.0	They are two young investors who both scale to 20 years to piece with no systems or processes
0:55.6	in their real estate business.
0:57.3	And today we're going to learn from their mistakes and give all of our investors a toolkit
1:02.2	to become excellent self-managers. I think this is going to be a
1:05.4	really cool episode because Grace and Amelia make a compelling case and I personally
1:11.0	agree with this that not for everyone but most people should consider being a self-managing landlord because you learn so much that you can apply over the rest of your investing career and one of the cool things about these two guests
1:25.0	is they've actually written an entire book
1:27.7	on the topic of being a self-managing landlord.
	...

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