Managing multiple deals

[FreezingandHot]

Just wanting to know how any of you manage 2 or more properties in one time frame. I have 2 under contract now for the first time since I started, 1 is a buy & hold, the other I am trading I was wondering how to deal with managing the process of renovations and getting them rented/sold etc.

One has gone unconditional today and settles next week, the other goes unconditional next week with settlement in May as this is currently tenanted.(42 dys)

I have never managed 2 at the same time and would like any advice on what steps to take to get them both done with as little down time as possible, I have my partner helping with managing the process which is great, also we are not doing any of the work ourselves which gives us more time to manage the process. I am trying to leverage other peoples time as much as possible, I have learnt my lesson from trying to do everthing myself previously and the pressure was far too great to do again. (still working for the man)

Thanks

FH.

[Josko]

I have learnt my lesson from trying to do everthing myself previously and the pressure was far too great to do again.

What made you think only project managing two would be easier then doing it all yourself on one?

Good effort by the way!

[xris]

I have never managed 2 at the same time and would like any advice on what steps to take to get them both done with as little down time as possible,....


..... I have learnt my lesson from trying to do everthing myself previously and the pressure was far too great to do again. (still working for the man)

Thanks

FH.

Hello fh,

If you have learned a lesson then why are you repeating part of the mistake?

Why not use a rm to tenant the rental and devote your time to doing up the trade while listing with an agent to sell it while you're painting?

There, I've reduced your workload by two-thirds, sort of.

xris

[Ivanhoe]

Hi Patrick.
I use a strange techniques one can call "permanent crisis management". The idea is simple - normally things do not go according to your plan, so you get only sketchy plan of what needs to be done and in what order - and then tweak it as you go. By doing PM this way you don't have a rigid plan so you don't become stressed up when things don't go according to your plan!
Two properties together is cool as you put lockboxes on each and if tradespeople cannot do one house - send them to another!
Building and educating your team is important - my tradespeople know I don't have a clue why plastering should be done before painting - so they now do it in correct order without asking me!
As for managing selling, renting out etc - right a handwritten plan outlining what you need to achieve and then what you need to do to achieve and see what could be leveraged - so xris is right on money suggesting that rental manager and RE agent could be of great help - you just swap headaches, energy and time for money - so you can do more deals!

I'm actually thinking more and more about structuring business in a way that allows me to be elsewhere doing something else while properties are bought and onsold, managed and redecorated.

I even invented a concept of Double DIY (gives twice the return of conventional DIY) - it's "Don't Do It Yourself" - still working on implementation though.

[cube]

Why not use a rm to tenant the rental

Freudian slip?

[Ivanhoe]

Freudian slip?

RM=Rental Manager. Who's freudian slip is it then?

[Shan]

hi Patrick,I used to do one property at a time live in it do-up then sell average profits.I will never do this again and I do several trades at one time regularly.Tip never do the painting etc yourself the money is in the deal not in using your time to lower the tradesman cost I found this hard to understand until I actually did it.IMHO if you cant fit the costs of tradesman into the deal to make a profit then find a deal that does!
second tip when doing multiple deals use tradesman that show up this has huge impact worth paying little xtra to use these guys ,priceless when you look at bigger picture.
Always forward plan tell tradesman when you need them and if you pay your guys on time they will always fit you in.Communication!
I use prior access clauses to keep holding costs down and most of my renos take approx 7 days.Then I lease option or flik.
Good luck
Cheers\
Shannon

[FreezingandHot]

If I intend to manage the property myself, can I still use a rental manager to find a tenant?

FH

[Ivanhoe]

If I intend to manage the property myself, can I still use a rental manager to find a tenant?

yes - some agencies will do it so ask around

[FreezingandHot]

Thanks Ivanhoe. I like the way you manage your projects so are going to sit down tonight to write out a plan for them both.

Thanks


FH

[Cliffy]

Patrick, there are companies you can use who have multiple tradesmen and can manage the whole reno project for you. Of course this costs a bit more, but may be worth it if saves your time.

[FreezingandHot]

Cliffy

Thats sounds like an option, especially since I still work during the day and having to manage the properties while working is difficult. (but not impossible)

FH

[Dean@Massiveaction]

Always remember leverage Pat.
Your time is worth a lot more than a tradesman. Your time is better spent finding and managing the next deal. So set up a system as Ivan and Cliffy suggest that gets others doing the work while you make the money.

[FreezingandHot]

Thanks Dean

I will remember that!!

FH

[cube]

If I intend to manage the property myself, can I still use a rental manager to find a tenant?

FH

Yes, but I'm always suspicious that they will tenant the properties that they manage first, and then look at yours.

cube