How to Manage a Rental Property Yourself: Introduction to the Self-Managing Landlord Guide

Anyone who's owned and self-managed rental properties will tell you it can be a great way to build long-term wealth, but it can also be challenging and full of surprises.  Self-managing is completely doable, but it requires patience, careful planning, and sound execution to succeed. Done right, self-managing rental properties can build long-term wealth, give you control, and save thousands in management fees. Done wrong, it can drain your time, money, and peace of mind. This Self-Managing Landlord Guide is broken into three phases of the rental lifecycle. Each phase explores crucial steps required for successfully managing your rental properties.

Below is an outline of the guide:

Phase 1: Preparation (Before You List)

a.       Know the Law: Fair Housing and Landlord-Tenant Regulations

b.       Setting Market Rent

c.       Policies, Procedures, and House Rules

d.       Required Disclosures & Compliance

e.       The Lease Agreement

Phase 2: Finding and Securing Tenants

a.       Marketing Your Rental Property

b.       Tenant Prescreening and Screening

c.       Lease Signing and Move-in

Phase 3: Managing the Property

a.       Maintenance, CapEx, and Contractors

b.       Tenant Communications, Conflicts, and Evictions

c.       Turnovers and Preparing for the Next Tenant

Each post in this series will explore one part of the rental lifecycle, giving you the tools and knowledge to self-manage with confidence. When the series concludes, we’ll package everything into a single downloadable guide for easy reference.