Video Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
back with his thursday expert and ceo of
him lane miss dana dunford how are you
doing dana i’m great thanks for having
me michael thank you for giving us some
time every other week it is awesome that
a ceo of a company is willing to
contribute to one rental at a time so i
just want to thank thank you for me
as well as the entire audience they
really like your videos
great well thanks for having me i always
have fun on these shows and i always
learn something from you as well there
you go well hey one of the things i
thought we should talk about first is
when to self-manage when is it a good
idea uh and then when to pay a property
manager obviously i chose from the jump
to pay a property manager but i think
you’ve shared with me before something
like 76 or 71 percent of folks
self-manage
so i thought you and i should talk about
it because you really provide stuff for
folks that self-manage which is awesome
i’ve gotten great feedback and for some
people it just doesn’t make sense pay
the 10 percent pay the 10 points and be
done right
yep yeah and it’s um 72 percent of
rental property i knew it was 70
something
you were right in the middle there or
it’s right in the middle of what you
mentioned that’s funny that’s funny so
when you when you uh when you developed
him lane right from the beginning your
aim i’m guessing you can correct me if
i’m wrong was to be that platform to
help facilitate and improve
and really lessen the burden for folks
that self-manage that’s that’s what i
take away from jumping around in the
application yeah that’s correct it was
also to provide a new
basically a new category in the industry
where it was like great you have these
two options of like do everything
yourself or
hire a full service manager and most
people fall somewhere in between yeah
like hey i really want control and
transparency over my assets especially
when you’re just getting started and
you’re getting property one two three
because it actually helps you understand
should i buy another property down the
street should potentially look somewhere
else and once you’re into those details
you know that a bit however the
administration is really hard like
physically giving tenants your phone
number and they call it 2am for
its request
a lot of folks are like well i don’t
want that so i do want to hire a manager
but they always go back to
cost and control and then go back to the
self-management and so it was really
saying how do we have the industry work
together better where you can get
property management services from
licensed professionals when you need it
but you also have that control where you
know rent is going to you
you’re able to control all of that and
then plug and play where you need
support and so it’s really that kind of
middle option that we saw that was
really lacking in the industry
yeah folks and if you’re a part of my
programs even just the free course you
need to take a look at that because
dana’s put together a pdf on how to use
their 30-day trial i strongly recommend
a lot of people are reaching out to one
rental at a time getting in the course
doing the daily discipline but you want
to do more because i only ask for 20
minutes if you’re new i strongly suggest
you executing the 30-day poc
and and see what it’s like to be a
landlord because a lot of you i think a
lot of folks
i don’t know how to say this without
being
without pissing somebody off
they kind of glamorize being a a
landlord right it’s going to be so much
fun i could do this and this and it’s
you know it’s
it’s it takes work and there’s a lot of
checks and balances and audit trail and
history that you need to collect that
if you’re new to it you may not be
thinking about there’s a lot of
back and forth that i think hemlane
really helps people with
yeah and and that is so true that if you
don’t set yourself up and you’re not
educated on how to do property
management you know you fantasize of
being a landlord and just getting a
check in the mail every month massive
income right mailbox money um and it’s
not passive at all um from that
perspective and you know it depends
sometimes you can get lucky on one
property your first property and you’re
like oh this really easy the tenants
never bother me for anything and
then you get the next property which is
quite different or there was a reason
the tenants were never bothering you
yeah you could have known about so that
happens as well yeah i mean you’re
absolutely right
i did an audit of my
uh rentals this summer and there was one
house that i hadn’t had any issues or
issues no calls for like eight years
and then then i had a triplex that i had
five turns in a year and i’m like well
that triplex is not going to make any
money this year yeah turns are expensive
so
uh that’s awesome so again i think 72
self-managed that’s that’s amazing um
you know sitting back when there’s a
couple of things
that you think of you’re like no you
should not self-manage is it are there a
couple
so i think there’s two things it’s um
property as well as personality i think
those are like the two those two p’s are
oh yeah
the things to consider um and what i
mean by that um with personality and
property i’ll start with personality
there are people who are terrible with
operations
and they you know they don’t check their
emails they are a little bit aloof when
something comes up and they don’t like
mitigate risks in advance like if an
email comes from a tenant they’re like
oh yeah i’ll file it away and i’ll check
it later
um
and um they’re potentially just too busy
right
and you really have to know with your
personality are you willing to put the
work in a couple of hours and there’s
it’s more hours up front once you have a
good process in place the hours reduce
over time so that’s why it’s really hard
people say how long does it take to
manage your properties and it’s like
well depends on your property it depends
on you it depends on how much you’re
educated on property management what
tools you’re using all of that but that
personality is really important and
there’s some people um which i think you
know michael you were really at the
beginning
um really busy oh yeah i mean you were
traveling and then like 10 different
countries and had no time to even look
you were that person to say hey go to
not an option full service manager
versus someone like me who i like to
spend my weekends going and checking how
the properties are performing and things
like that so there’s that personality
the other one is property um and so from
a property perspective
if you have a property in an area where
you know the tenants aren’t tech enabled
and you literally have to go down to the
property
and collect the the rent um in cash
which we don’t recommend but that still
happens today
um if it’s if there’s a lot more work
that needs to happen with the property
then that comes down to okay is it worth
your time doing that or is it worth just
paying the 10 for a property manager um
so i i really do think it comes down to
personality and property
and um then to some extent you know
property also has to do with location so
we have investors who successfully
manage out of state really well because
they know the properties they’ve been
there they might have made connections
with the handyman
um they’ve leasing agent on ground who’s
local who they trust to do the turnovers
for them and place
a qualified tenant um but there are some
people who like literally by sight
unseen don’t know anything about the
neighborhood don’t know
like you and i obviously don’t recommend
we cringe when we hear that and no one
on this um
the best uh does that but i think that
comes down to the property and knowing
the property and knowing yourself and
you do you can ask those questions um
because you’re right your property
management fee significantly reduces
when you self-manage but what you have
to take into account is your own time as
well yeah make sure that you say okay
how much is my time worth am i willing
to do this and make this operationally
efficient where it is a game because
sometimes when people self-manage and
you see how long they’re taking and how
manual it is it’s like wait okay you
definitely should have hired a property
the process is down and that 10 of
monthly rent
is much less than what your time is
doing it today yeah i totally agree what
i would strongly suggest people that are
in the one rental at a time course the
free or the paid one is really play with
the 30-day trial because i think hemlane
gives you a fighting chance to
self-manage when i started this in 2002
hemlane wasn’t there it was really
pay somebody or try to do it myself i
was in five different countries a week
or whatever it was it was just like not
an option
it just wasn’t even an option to
consider so i really love what you’ve
done in him lane giving somebody a
fighting chance and i agree
you know my market’s two and a half
hours away you can get a lot of places
in two and a half hours on an airplane
so i think out of state with him lane
could work but yeah please don’t buy
sight unseen and just hope it works
please don’t do that that’s that’s not
good yeah that’s not good and and the
other thing about it is a lot of people
think that it’s i have to select a
solution now and stay with it oh yeah
that’s true also seeing it successful
where you might say hey i don’t have the
time now to self-manage
and i haven’t built up a network or list
i don’t know what the benchmark number
should be for vacancy rates and
um or the rental rates and you could use
a full service property manager who has
that expertise and then after a year or
two we’ve seen folks move over to
hemline and be like okay i know that
this is the rental rate i should be
receiving
average days on market is around 15.
okay i’m good to go i i have a really
good understanding of um what’s needed
or like what my benchmarks are as well
as i have more time now i’ve educated
myself over the years
and and so it’s not uh like hey you
choose a solution now when you have to
stick with it you can obviously change
between solutions and we have people who
come to hemline where we tell them it’s
not a good fit for them yeah it’s hard
to say that but it’s probably the best
thing to do for sales and like that um
making sure that it’s the right fit
there are some people who come and like
never respond to emails to like set up
showings with agents and things that’s
like okay if you’re not on top of it
right now you’re not going to be on top
of it with the tenants and that’s not
fair to your tenants yeah just use yeah
we’re going to document how bad you are
that’s not good and and so it’s
interesting because there is that as
well on our side that we’ve been doing
and it makes it a better experience for
everyone because don’t forget the
tenants are your customers and so we’re
looking out for you if we say you
probably shouldn’t be self-managing yeah
um and we’re we’re it’s because we’re
looking out for your customer who’s the
tenant that’s awesome so folks again if
you’re in the course you follow the
channel you want to pretend to be a
landlord for a little bit you have to
try the 30-day trial dana where can they
find that
you can go to www.hemlanehe
and then just
mention the one rental at a time show or
michael zuber’s name because either way
you’ll get 20 off your first year that’s
very cool folks and again in the show
descriptions there should be a link down
there as well but yeah himalayan.com
take the 30-day trial it’s it’s the
holidays a lot of you will be off work i
strongly suggest if you own zero rentals
get the pos or poc get the pilot or
trial god i’m getting my software where
it’s messed up get the trial play with
it use the pdf or even watch the video
series in the course thanks dana great
thanks michael