Why do I manage Properties too?

In 2006 I bought my first home for rental.   It worked so nicely I bought another.   At first I was a terrible manager!  I lost money by getting bad tenants.  It didn't occur to me that tenants would lie.   That they wouldn't pay the rent.  They might damage the place.... I was so disgusted with what was happening to my favorite rental that I put it on the market by owner.   After a bit I realized the market had changed.   I couldn't sell it by owner.... I thought about and got my real estate license in the fall of 2006.  I put the property for sale or lease.  I got a dream tenant.  

Like the real estate business I analyzed what was good and what was bad.  I had to realize that 80% of the people who wanted to rent my place I didn't want.   I learned all sorts of tricks.  I made less and less mistakes.  My real estate business was somewhat successful.  In 2007 my father married a lady with a bunch of rentals.  I helped with one.  I was pretty good at that. Eventually I took over the 5 plex from the property manager (who was very bad).  I took over because it was easier then watching my step mother lose lots of money by getting bad tenants and/or not rent.

Meanwhile I thought I would flip a property.  I bought the short sale just as the market crashed.  I had $300 in my checking account (and I was running for Congress) when I decided I had better rent it out (I still own it).  I lost the election but I did very well managing all the properties.  Plus I would occasionally pick a buyer.  

We bought another duplex at the low of the market (it's my cash cow).  

After a while I started occasionally managing properties for my clients for pay.   I had become very good at it.  I know how to check a client out.  I know who will pay the rent.  I know how to say no you cant rent my place.  I do credit checks.  I maintain the properties well.  My tenants are happy and I am happy.   Now I manage 5 units for me, 6 for my step mom and 3 for pay.   It is a challenge and its my retirement income and residual pay.   It is time consuming but I am providing good housing for affordable rent.  I maintain my properties.  I have an extremely low vacancy rate.  If I get to busy I could hire the work out.  That is why I manage property too.   It is not for the faint hearted. 

By the way I charge a flat 7% of the rent for my fee.