This week I’m sharing a guest post I wrote for a fellow investor and blogger, Eric Bowlin at idealrei.com. The topic is about the nitty-gritty, practical side of rental property investing. I share in detail the 5 systems my business partner and I created to run our own rental business.
Why Do You Need Systems?
For anyone who wants to actually have a life and own rental properties, systems and processes are a must. They allow you to run the business more efficiently and effectively. And they allow you to begin outsourcing tasks while still getting a quality result.
We were lucky enough to learn this lesson early in our business by reading an excellent book all about the topic. The book is called The Emyth Revisited: Why Most Small Businesses Don’t Work and What to Do About It.
If you’re curious, the 5 systems I cover in the article are:
- Lease signing
- Tenant Move-in
2. Rent Collections
3. Bookkeeping & Admin
5. Tenant Turnover
- Security Deposits
This topic will obviously be helpful if you manage your own rental properties. But even if you outsource all of your property management, these systems are also important for you to learn and master.
When you hire property managers, your job is to manage the manager. And the systems I share are also the systems THEY should be executing. You will need to judge their performance based upon them. And if you ask and they don’t have systems and processes, you should move on to the next manager.
Meet Eric Bowlin and IdealREI.com
So, if this topic interests you, please go over and visit my friend Eric and idealrei.com. You can find my article HERE.
While there, you might also enjoy Eric’s incredible story of leaving the military and then retiring in 5 years using real estate investing. He’s got a lot of interesting information and stories to share.