My 4 Secrets to Hands-off Property Management - YouTube

This is Rich from richonmoney.com i'm a military  vet and self-certified expert in long-distance  

real estate investing including property  management i'm going to teach you how to manage  

all your properties with at least 75% less work  than before the way we traditionally manage our  

properties is out of the ice age all those phone  calls trips to the bank trips to the property  

personally showing your listing post office runs  retrieving cash payments all unnecessary i'm  

gonna show you a better way the solution is simple  it's leverage technology make it smartphone based  

here's a summary of how you can do it then i'll  break down each section in a little more detail  

applications and leases all done online no paper  no need to ever meet anyone in person unless you  

want to showing listings does not require your  time or presence communication with tenants and  

contractors are done by text not phone calls and  lastly my favorite payments all electronic no  

checks cashiers checks cash or money orders here's  a deeper dive into each part of online real estate  

management listing the property i use google voice  to get a free phone number that has texting and  

voicemails that you can change to be specific to  the property this number is now separate from my  

personal calls and texts and it can be managed  on my smartphone or laptop with the google voice  

app your market may be different but i do very  well listing on Zillow and Facebook Marketplace  

my answering machine messages tell applicants  about the property i list the criteria of three  

times the rent no evictions and all good rental  history and tell them i'll text them with more  

info anyone that texts me or leaves me a message  about the property gets an automatic text from me  

with all the info they get a link to the listing  with pictures and instructions on how to fill out  

an online application for free you'll get lots  of inquiries from zillow on facebook marketplace  

i text those back with that same prepared text  it takes them to my listing link hosted on the  

tenant cloud property management website which is  what i use for most property management functions  

you can also use something like buildium or cozy  for this most people are going to ignore your  

text when you send it to them because they  don't even meet your minimum requirements  

they likely are getting evicted or have poor  income or a bad previous rental situation some  

will try to argue with you make an exception  for me my two evictions weren't my fault etc  

i don't waste much time with these people if they  meet the minimum criteria that i text to them  

i ask them to fill out a short free online  application if they don't meet it i ask them  

to reapply when they do end of conversation  i have a few cut and paste texts that i use  

over and over again it's much quicker than taking  phone calls you screen out 97% of your applicants  

in your first text to them not wasting time on  people who have evictions or don't have jobs i  

made you a separate video on the specifics of this  where i actually show you my script comment if you  

want that showing the property many people argue  with you that they want to see the property in  

person before filling out an application this is  usually a waste of time because many people that  

inquire about the property don't meet the minimum  qualifications to rent i simply text them and say  

look my application's free i have plenty of  applicants and this is my process if you fill  

out this easy free online application you'll be  able to do a self-showing at your convenience once  

you're pre-qualified and people like this using  the online application i get i verify that these  

people have a good income good rental references  and no evictions or felonies i verify they're  

telling the truth on their applications and then i  allow them to do a self-showing i know what you're  

thinking but this is actually a safe thing to  do because i already have a copy of the driver's  

license paycheck checking account statement and  lots of other personal information contained on  

the application i've also verified income and  rental history before this and i've asked them  

to estimate their credit score note i don't charge  them to run their credit until they've seen and  

liked the property i use a digital lock that  you can buy at codebox.inc here's a picture of  

it i can give out close to the door that lasts for  one day i can use this for tenants or contractors  

people you trust can have a permanent code if  the applicants like the property then i send them  

an electronic request to run their credit check  background and evictions and they pay for this i  

also send them an online lease from a tenant cloud  website and i ask them to pay a holding deposit of  

one month's rent electronically so i can stop  showing the property to other people pro tip i  

don't stop showing the property until i have that  holding deposit and i'm clear and vocal about this  

if somebody loves a property they're going to give  you that deposit so they don't lose it to somebody  

else communications so far everything you've done  with your tenant has been texting and online i  

let them know if they have a maintenance issue  to text me and i'll get it taken care of when  

they text me to say for example the ac isn't  working i put them in a group text with myself  

and my ac guy he'll coordinate with the tenant  by text and get it taken care of i will monitor  

that group text until it gets done then i pay him  electronically i often use Cash app for this in  

Alabama i can also use a bank bill pay option  to send a check in the mail if the tenant's  

maintenance request seems a little iffy i can  have them text pictures or video and i'm often  

able to solve the problem realize it doesn't need  attention and maybe even save a wasted service  

call pictures really help contractors bring the  right equipment as well i get my contractors and  

handyman handy women used to doing everything by  text and taking pictures of their work both before  

and after in exchange for this they typically  get immediate payment which they like speaking  

of payments a huge time saver for me is taking  electronic payments exclusively instead of taking  

cash money orders cashier's checks or even normal  checks i never have anything mailed to me so there  

is no lost in the mail excuse and i don't need  to go to a tenant's house or to the bank i don't  

have to chase people down and get paid worst case  scenario i send the text to remind them the tenant  

cloud service i use for property management has an  online system built in for payments it's connected  

to the accounting for the app additionally i  use another payment system that many like here  

in Alabama cash app other services are Paypal,  Zelle, Venmo, Apple Pay, Google Pay to name a  

few i'm able to track all income and expenses in  the tenant cloud app and i keep all receipts in  

the cloud electronically i have zero paperwork  for my property management business anywhere  

it's all cloud-based with 30 doors my taxes and  accounting are pretty damn easy i do it myself i  

really should buy more properties and self-manage  them but damn prices are getting high that's a  

video for another day what flaws do you see in  my strategy this is rich on money subscribe let's  

see what other videos youtube thinks you might  like watch mine of course everybody else sucks.