Managing 20 Rentals On The Side Without A Property Manager With Sheila Konecke (ep 6)

How to manager 20 properties on the side without a property manager.  Sheila Konecke's main business is flipping houses.  She flips about 3 houses a month.  But, she manages to find time to manage 20 rentals on the side without a property manager.  This episode will show you how she does it.

Keys To Sheila's Success:

Sheila has had luck selling rentals to tenants, by telling tenants if they are interested in buying the house to let her know if they want to buy and she will give them a price

Sheila is fair to her renters.  They see this, and they don't want to leave her

Finding Renters
Sign in the Yard
Craigslist
MLS
Trulia
She usually finds tenants in 2 - 4 weeks

Screening Process:

Checks Credit - But, she warns credit doesn't really predict how the person will be as a renter
She charges a small fee mainly to make sure they are serious
References
Mainly she checks to see they do what they are going to do.
She likes people that take action.  "They need to get from A to B quickly"

The 3 Things Sheila Wants In A Tenant:
Pays the rent on time
Keeps the house nice
Doesn't call you for every little thing

It's hard to find all 3 things in a tenant.  She warns you are lucky to get 2 out of the 3

Budget To Fix Up Property Between Tenants:
$4,000 - $6,000

Favorite Real Estate Books:
Rich Dad Poor Dad by Robert Kiyosaki
Think And Grow Rich by Napolean Hill