If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate.The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful.Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY!In This Episode We CoverDeadly property management red flags and signs you should run from a property managerWhy you never, EVER give your entire portfolio to a single property manager/property management companySimple questions to ask that immediately show if a property manager is legitNegotiating fees and why Scott is okay with paying a higher monthly rateCommunication expectations and what a property manager should be sending you EVERY monthThe easiest way to find a great property manager wherever you investAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupNetwork with Other Investors on The Path to FIRE Through the BiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott on BiggePocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Find an Investor-Friendly Agent in Your AreaFind Investor-Friendly LendersProperty Manager FinderWant to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord”Ask Other Investors Your Property Management Questions on the BiggerPockets ForumsPast Episodes Mentioned in Today’s Show:Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and MindyReal Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental PropertyReal Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” TipsBiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme ManagerConnect with Ashley on BiggerPocketsConnect with Scott on BiggerPockets00:00 Intro01:20 Hiring the Property Manager 03:37 Things Start Going Wrong 06:12 Losing $40K!09:32 Property Manager Red Flags 15:39 Questions You MUST Ask23:34 Negotiating Fees 30:05 Asset Type Matters! 34:54 Communication Expectations 37:29 Vetting for Legitimacy 43:16 Find a GREAT Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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