Top Tips for Managing Your Own Properties w/Dana Dunford, CEO of Hemlane

Michael: Hey everybody, welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum and today we're gonna be doing our weekend wisdom. I'm joined by Dana Dunford, the CEO and co-founder of Hemlane, who we have on an upcoming episode to dive deeper into what they do as a company. But I wanted to talk with Dana today about some recommendations that she has for folks who are doing self-management. Let's get into it.   Michael: So Dana, curious to get for our listeners, your best advice, input, recommendation for folks that are looking to self manage, because you've been on the professional management end of the things you've done on the self management end of things, and now you've got hemline kind of in the middle? If someone's looking to self manage, what can you what tips tricks, advice would you share?   Dana First is education hands down. And I do believe that Roofstock has an academy for this as well. But educating yourself on how to mitigate risk? And really what I mean by how do you qualify tenants? How do you set up the lease contracts like the lease contract will make or break you? And then how do you make sure that as you're going through with repair coordination, which service professionals you're sending out, even rent collection? What are the best ways to collect rents like Venmo, credit cards, PayPal can all be disputed in a heartbeat like that. Those are terrible ways to collect rent,   Michael: I thought you're gonna say those are all great ways. I was like, Oh, awesome.   Dana No! So I think one of the biggest things is education. And then the second thing is do what you love. Because there's so much when you think about property management, you have to be a jack of all trades. You have to be good at accounting at sales at being a lawyer, right lease, contract, maintenance and repair, you're not good at all of it. So if you're going to self manage, figure out what you're really good at, and use other folks and other professionals to help you with what you're not good at. And that will really help you succeed.   Michael:                                                Well, that was our episode, everybody. Thank you so much, Dana for the weekend. Wisdom really, really great tips for everybody out there looking to self manage, greatly appreciate it. If you'd like this episode, feel free to give us a rating and review wherever it is using your podcast. We'd greatly appreciate it as they really help us out. Thanks so much for listening. We'll see on the next one. Happy investing

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