Ep 179 - Our Journey Episode 9 - Property Management

Freedom Through Passive Income

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.
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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.
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