Cash Flow Friday Tip #24: Why self managing your rental properties is a HUGE no-no and what you can learn from my mistakes
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.8 • 679 Ratings
🗓️ 26 June 2015
⏱️ 14 minutes
🧾️ Download transcript
Summary
In this week's Cash Flow Friday tip I'd like to discuss a recent dilemma I faced with the "one" property I self manage and how it added an obscene amount of stress during my recent 2 week family vacation to Europe and why it's prompted me to sell this property asap.
The takeaway lesson behind this recent personal story is why you need to focus on being an investor and never take on the role of being a landlord if your goal is to build a scalable real estate empire. Learn from my mistakes and be the smarter investor!
Recommended Resources:
- Download my free success guide, “7 habits of highly successful multi-family investors” by going to www.KevinBupp.com/guide
- Schedule your free 30 minute "no obligation" call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
- Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/FGF7S
Transcript
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| 0:00.0 | Welcome to Kevin's Cashflow Friday Real Estate Tip, where Kevin shares with you strategies and tips that will help increase your cash flow, |
| 0:12.8 | make you a more sophisticated investor, and provide you with the tools necessary to take your real estate business to the next level. |
| 0:19.5 | Now, here's the man you've been waiting for, Kevin Bub. |
| 0:23.4 | Hey guys, Kevin Bubb here with episode number 24 of the real estate investing for cash flow. |
| 0:28.7 | Cashlow Friday tip. |
| 0:30.1 | Thank you for joining me today as I share tips and strategies that will hopefully bring you a ton of value and help take your real estate business to the next level. |
| 0:38.1 | And in this week's Cashful Friday tip, I like to discuss a recent dilemma that I faced with |
| 0:43.6 | the one and only property that I self-manage and how it added an obscene amount of stress during |
| 0:51.1 | my recent two-week family vacation to Poland and why it's actually prompted me |
| 0:56.2 | to sell this property ASAP. In fact, I'm going to be putting it on the market next week. |
| 1:01.4 | Let me tell you the story behind this property and why we actually own this property and why we |
| 1:05.8 | self-manage it. It's a property we bought about four and a half years ago. My wife and I |
| 1:09.9 | own an e-commerce company and we were looking for an office space to purchase. |
| 1:14.6 | And we thought it would be great instead of just buying a standalone office building, we thought |
| 1:18.3 | it would be great if we could find something with either some additional revenue from tenants, |
| 1:22.2 | so maybe a multi-tenanted office building or some other type of scenario. |
| 1:26.6 | What we ran across is the property that we own today. |
| 1:29.6 | So it's a standalone, it's two buildings on one parcel. |
| 1:32.1 | It's a standalone office building, which is about 2,500 square feet in size. |
| 1:36.6 | And then on the back half of the property, there's a six-unit apartment building. |
| 1:40.4 | There's six studio units. |
| 1:42.3 | And for what we paid for this, and we got it back at the bottom of the market, what we paid for |
... |
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