property management Archives

How I plan DIY my property management team in Lubbock.

I have been a homeowner for the last 17 years and have been fortunate to have not needed major repairs like a bad foundation or busted water lines. There are the occasional faucets needing replacing, the dishwasher quits on us and it needs repairing, or the dryer belts burned and they need fixing. No biggie, those are easy to manage.

Property Management in Lubbock

Aside from being a home owner I also manage rental property. Going into the rental property where cash on cash ROI was a priority the easiest way to achieve a double-digit ROI was to DIY property management.

My parent’s home was under some remodel, large or small. As a result I am confident in my handy-man skills. This was out of necessity rather than pleasure as our house was on the smaller side. This was family entertainment every other month.

What about the repairs I’m not qualified to do

In the mentioned 17 years of home-ownership I have developed an extensive list of certified technicians that I call upon for home repairs. Most of the technicians are word of mouth recommendations. What better way to gauge the workmanship you can expect on any repairs. Consider this a interview.

I make it a point to call or text randomly to check in on him. For example, I used the same approach for bathroom remodel. I randomly text and check on the person whom I’ve previously hired. Of course they must have provided me quality work before considering adding them to the list of approved vendors.

It has happened when they are tied up. In these cases I will ask for a recommendation and can be confident they will provide a solid individual.

Don’t forget the human touch

Drive around Lubbock county and you can see the booming economy. You drive down a highway and you’ll see some type of construction going on. I will stop and visit with the persons doing the job. My thought is this can be a person I can do business with.

Here’s a bit of advice: Don’t speak directly to the project manager but rather the boots on the ground folks looking to make a side hustle. I will say this approach can backfire and can put you in a bind.

Why Rentals Now?

I wanted a hands-on approach to my investments. While investing in 401K, IRA, and individual stocks brings satisfaction the goal of ours was to have a tangible approach to measure returns.

The DIY property management may not appeal to you. I get it. The idea of rent collection, screening, and evictions is not for the faint of heart.

For those wanting to try DIY get with me and I’ll gladly share my process.

For those wanting to hand over the management side to a company I’ll provide a list below. Please note I have zero experience with the listed companies and have used the search engine rankings and page authority for the list.