Are you a brand new landlord or you're looking to close your first rental property? In this video, we're going to give you a broad stroke of what you MUST know about property management!

Want to grow your real estate investment portfolio? Learn how we went from 0 to 75 rental units in just one year: https://0to75units.com

1. Determine Whether you want to manage your property yourself or Hire a Property Manager!
Now, there is no right or wrong answer to this question... But what we find to be true is that it takes certain skill set, personality, as well as traits to become a successful property manager. Property management is NOT for everyone.

2. Choose Your Neighborhood & Tenant Base
Determine your "Customer" as people would say before you "open" your business. Depending on your tenant base, you may also have to adapt your management style and strategy

3. Property Management Begins At Due Diligence
Most investors and landlords think that property management begins AFTER they buy their property. We completely disagree... Property Management begins BEFORE you buy your property. It starts while you're in the due diligence period!

4. Put Your Management Team Together Before you actually close on your property! Don't look for your team, contractors, and talents after... Because by then, you'll be too late! Find your team before you get into the "action"

5. Familiarize Yourself with the Local Laws! Whether it's the Landlord Tenant Act, Fair House Laws, or Fair Credit Reporting Act, you need to know the "rules of the game" if you want to win the game of property management.

6. Get Eviction Proof!!! Consult with an attorney about creating an eviction proof lease as well as clauses in your contract that will protect you when you go through the evictions with your tenant.

7. Understanding the Tenant Screening Process!
WATCH THE DEDICATED VIDEO ON THIS TOPIC:    • Avoid DISASTER Tenants and Evictions:...  

8. Create Your Policy and Stick to it! Otherwise, you'll start following your tenants' policy about your rental property!

9. Properly Market Your Property For Rent! When you focus on the quality of your marketing, you'll also attract a higher quality of tenants!

10. Properly Set Your Rent Amount! Even a $25 difference can create a HUGE difference in how fast you can find a tenant!

11. Automate Your Property Management! This is a little shameless plug for our automated property management software! Learn more about our software: https://automatemyproperties.com

#PropertyManagement #Landlord #realestate

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The Kwak Brothers are millennial real estate investors who have acquired over 76 Units of Rental Units and have raised over $20,000,000 in capital for their real estate deals. They are based out of the Chicagoland area and they are dedicated to helping ordinary people become real estate investing champions and rockstars! They specialize in owner financing negotiations and multifamily rentals.

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DISCLAIMER The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.