Nick Perry, who owns over 114 rental properties, lays out three rules for owner-operated rentals: form an LLC and use a separate phone number, don't let tenants know you're the owner, and charge $100 late fees after the 4th and file for eviction on the 8th.
$100
After the 4th of the month
On the 8th of the month
Over 114 rentals (across the state)
If you're going to manage your own properties, you need to listen to these tips. Number one, run this like a business. There are tenants out there who can sniff a rookie out that want to play the system. So create yourself an LLC and have a different phone number for people to contact you. Number two, do not tell these tenants that you are the owner. Even if you are, this will create a barrier between you and them and they cannot ask you for anything unnecessary like upgrades and tip. Number three, set expectations on late payments and evicting tenants. That means after the 4th of the month, if they're late, we charge $100 no matter what. And if they're still the 8, we file for eviction. I own over 114 rentals across the state and this is what my property managers do across all of them. So follow me for more tips. Just like these ones.
