15 min
Ep 179 - Our Journey Episode 9 - Property Management Freedom Through Passive Income
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- Investing
The plan was to vet and outsource property management to an existing PM company. We went through 5 property management companies and reluctantly concluded that we needed to bring property management in house. If we messed something up then at least we would have more control over making it right. In this episode we share the pros and cons of owning a property management company and the roller coaster ride of Independence Property Management. It was never our intention to create a PM company and there were many hard and expensive lessons learned, but in the end it was what needed to happen to bring the best possible service to our clients.
Download your Free Private Lending Report here: www.freedomcapitalinvestments.com/lending
Download your Freedom # worksheet here: www.freedomcapitalinvestments.com/worksheet
Click on the Social Media links below and listen in on our Private Group Conversations about how to achieve Financial Freedom through a consistent pipeline of passive income investments:
https://www.facebook.com/groups/freedomthroughpassiveincome
https://www.linkedin.com/groups/14048250
—————————————————————————
Property management takes a level of stamina that most people do not possess. It is not for the money or the glory, or for the most part, it is not a profit center and often is a thankless job that rarely gets its due. Here is our 5 category breakdown for property management as a strategy.
1) Risk Tolerance - Yes, there is the liability of managing another’s assets.
2) Time Availability - Yes, all the responsibilities of managing the asset takes a tremendous amount of time, which only goes up with the more doors you get.
3) Knowledge - Yes, you must be licensed and have specialized knowledge in this area. Experience is also an expensive teacher in this field.
4) Inner Circle - Yes, attorneys, vendors, and PM colleagues etc.
5) Access to Capital - Depends. Property management does not become profitable until you hit enough doors under management that can pay for expenses, until then it is operating at a loss.
Join our groups on Facebook and LinkedIn.
https://www.facebook.com/groups/freedomthroughpassiveincome
https://www.linkedin.com/groups/14048250
www.FreedomCapitalInvestments.com
Invest Smart. Live Happy.
—————————————————————————
Connect with us here:
FB personal pages
https://www.facebook.com/Flipster
https://www.facebook.com/dani.lynn.robison
Linkedin personal pages
https://www.linkedin.com/in/fliprobison
https://www.linkedin.com/in/danilynnrobison
Instagram personal pages
https://www.instagram.com/fliprobison
https://www.instagram.com/danilynn23
TikTok personal pages
https://www.tiktok.com/@danilynnrobison
https://www.tiktok.com/@fliprobison
The plan was to vet and outsource property management to an existing PM company. We went through 5 property management companies and reluctantly concluded that we needed to bring property management in house. If we messed something up then at least we would have more control over making it right. In this episode we share the pros and cons of owning a property management company and the roller coaster ride of Independence Property Management. It was never our intention to create a PM company and there were many hard and expensive lessons learned, but in the end it was what needed to happen to bring the best possible service to our clients.
Download your Free Private Lending Report here: www.freedomcapitalinvestments.com/lending
Download your Freedom # worksheet here: www.freedomcapitalinvestments.com/worksheet
Click on the Social Media links below and listen in on our Private Group Conversations about how to achieve Financial Freedom through a consistent pipeline of passive income investments:
https://www.facebook.com/groups/freedomthroughpassiveincome
https://www.linkedin.com/groups/14048250
—————————————————————————
Property management takes a level of stamina that most people do not possess. It is not for the money or the glory, or for the most part, it is not a profit center and often is a thankless job that rarely gets its due. Here is our 5 category breakdown for property management as a strategy.
1) Risk Tolerance - Yes, there is the liability of managing another’s assets.
2) Time Availability - Yes, all the responsibilities of managing the asset takes a tremendous amount of time, which only goes up with the more doors you get.
3) Knowledge - Yes, you must be licensed and have specialized knowledge in this area. Experience is also an expensive teacher in this field.
4) Inner Circle - Yes, attorneys, vendors, and PM colleagues etc.
5) Access to Capital - Depends. Property management does not become profitable until you hit enough doors under management that can pay for expenses, until then it is operating at a loss.
Join our groups on Facebook and LinkedIn.
https://www.facebook.com/groups/freedomthroughpassiveincome
https://www.linkedin.com/groups/14048250
www.FreedomCapitalInvestments.com
Invest Smart. Live Happy.
—————————————————————————
Connect with us here:
FB personal pages
https://www.facebook.com/Flipster
https://www.facebook.com/dani.lynn.robison
Linkedin personal pages
https://www.linkedin.com/in/fliprobison
https://www.linkedin.com/in/danilynnrobison
Instagram personal pages
https://www.instagram.com/fliprobison
https://www.instagram.com/danilynn23
TikTok personal pages
https://www.tiktok.com/@danilynnrobison
https://www.tiktok.com/@fliprobison
15 min