The rental portfolio math that changes the DIY vs. property manager debate

k9bmkDEC@?8m%96 C6?E2= A@CE7@=:@ >2E9 E92E 492?86D E96 sx* GD] AC@A6CEJ >2?286C 5632E6k^DEC@?8mk^9bm

kAm(96? C6?E2= @H?6CD 4@?D:56C 9@H E@ >2?286 2 8C@H:?8 A@CE7@=:@[ E96 2?DH6C @7E6? 4@>6D 324< 2D 2 49@:46 36EH66? EH@ @AE:@?Di 5@ :E J@FCD6=7[ @C 9:C6 2 AC@A6CEJ >2?286C] %96 sx* =2?5=@C5 A2E9 86ED A2:?E65 2D 492@E:4i =2E6\?:89E >2:?E6?2?46 42==D[ D=@H C6?E 4@==64E:@?[ E96 C:D< @7 D@>6E9:?8 72==:?8 E9C@F89 E96 4C24<D] %96 AC@76DD:@?2= AC@A6CEJ >2?286>6?E A2E9 86ED A2:?E65 2D E96 C6DA@?D:3=6 >@G6 7@C 2?J@?6 D6C:@FD 23@FE D2G:?8 E:>6 2?5 D42=:?8] !2J E96 766[ 92?5 @G6C E96 <6JD[ 7@4FD @? 24BF:D:E:@?D @C @E96C 2DA64ED @7 J@FC =:76]k^Am

kAm(92E E92E 7C2>:?8 =62G6D @FE :D 2 E9:C5 @AE:@? E92E 4@?D:DE6?E=J @FEA6C7@C>D 3@E9 @? 42D9 7=@Hi D6=7\>2?286>6?E H:E9 E96 @A6C2E:@?2= :?7C2DECF4EFC6 3F:=E FD:?8 AC@A6CEJ >2?286>6?E D@7EH2C6 E92E 2==@HD =2?5=@C5D E@ <66A >@C6 42D9 7=@H H:E9@FE 4C62E:?8 >@C6 H@C<]k^Am

kAm~G6C E96 A2DE E6? J62CD[ k2 9C67lQ9EEADi^^C6?EC65:]4@>^Qm#6?E#65:k^2m 92D H@C<65 4=@D6=J H:E9 E9@FD2?5D @7 =2?5=@C5D[ 2?5 E96 A2EE6C? :D 4@?D:DE6?Ei E96 C6?E2= @H?6CD H9@ 3F:=5 E96 C:89E DJDE6>D 2?5 DE2J @A6C2E:@?2==J :?G@=G65 <66A D:8?:7:42?E=J >@C6 @7 E96 :?4@>6 E96:C AC@A6CE:6D 62C? E92? E9@D6 H9@ @FED@FC46[ 2?5 E96J 5@ :E H:E9@FE E96 492@D E92E >2<6D D6=7\>2?286>6?E 766= 5:77:4F=E 2?5 @G6CH96=>:?8 :? E96 7:CDE A=246]k^Am

kAmq6=@H[ J@F H:== D66 H96C6 E96 >2E9 EFC?D 282:?DE E96 24EF2= 4@DED @7 AC@76DD:@?2= AC@A6CEJ >2?286>6?E :? EH@ 5:776C6?E D46?2C:@D 32D65 @? EH@ 9JA@E96E:42= A@CE7@=:@ D:K6D] %9:D 2CE:4=6 2=D@ 56>@?DEC2E6D 9@H sx* =2?5=@C5D :?4C62D6 E96:C 42D9 7=@H H:E9@FE C2:D:?8 C6?E 3J AFEE:?8 E96 C:89E DJDE6>D 2?5 AC@46DD6D :? A=246]k^Am

k9bm(92E AC@76DD:@?2= >2?286>6?E 24EF2==J 4@DEDk^9bm

kAmk2 9C67lQ9EEADi^^HHH]?@C252C62=6DE2E6]4@>^3=@8^9@H\E@\:?G6DE\a__<\:?\C62=\6DE2E6\:?\a_ae^RiOiE6IEl!C@A6CEJTa_|2?286>6?ETa_u66DTbpTa_(92ETa_E@Ta_tIA64EQm!C@A6CEJ >2?286>6?E 766Dk^2m EJA:42==J CF? gT\`aT @7 >@?E9=J 8C@DD C6?E A6C F?:E] %96 7F== 4@DE DECF4EFC6 2=D@ :?4=F56D 2 =62D:?8 766 W@7E6? 2 7F== >@?E9’D C6?E A6C ?6H A=246>6?EX[ =62D6 C6?6H2= 766D 2C@F?5 Sa__[ 2?5 >2:?E6?2?46 >2C<FAD @7 dT E@ `dT E92E @H?6CD >2J ?@E D66 :E6>:K65]k^Am

kAm(96? C6?E :D A2:5 E9C@F89 E96 AC@A6CEJ >2?286C[ E96C6 :D 2 A2J>6?E 56=2J E92E E2<6D ?6H =2?5=@C5D 3J DFCAC:D6[ 3642FD6 :E 5@6D?’E 2=H2JD D9@H FA :? 766 5:D4=@DFC6D] p7E6C C6?E :D 4@==64E65 @? E96 7:CDE @7 E96 >@?E9[ k2 9C67lQ9EEADi^^E96=:DE:?8C6>]4@>^H96?\42?\:\6IA64E\>J\C6?E\7C@>\>J\AC@A6CEJ\>2?286C^QmAC@A6CEJ >2?286CD H2:E 23@FE g\`d 52JDk^2m WD@>6 FA E@ b_ 52JDX E@ 5:D3FCD6 E96 A2J>6?ED E@ @H?6CD] %9:D “A2J>6?E 7=@2E” :D E@ 6?DFC6 E96 E6?2?E’D 4964< 4=62CD[ 3FE :E 27764ED E96 =2?5=@C5’D A6CD@?2= 42D9 7=@H]k^Am

kAm~? 2 C6?E2= A@CE7@=:@ 86?6C2E:?8 Sa_[___ 2 >@?E9 :? C6?E[ E92E’D 2 =@E @7 H@C<:?8 42A:E2= D:EE:?8 :? D@>6@?6 6=D6’D 244@F?E 7@C E96 36EE6C A2CE @7 6G6CJ >@?E9] %96 C6?E2= @H?6C =@D6D @FE @? FD:?8 E92E >@?6J E@ 62C? :?E6C6DE[ A2J 3:==D[ @C C6:?G6DE 5FC:?8 E92E A6C:@5 @7 E:>6]k^Am

k9bm%96 42D9 7=@H D46?2C:@Dk^9bm

kAm%96 D46?2C:@D 36=@H FD6 E96 7@==@H:?8 4@?D6CG2E:G6 2DDF>AE:@?Di 2 `_T !| 766 =6DD Sa__ 2??F2==J 7@C 2 7=2E 766 D@7EH2C6\32D65 >2?286>6?E A=2E7@C> WE9:D E2<6D :?E@ 244@F?E D@>6 6IEC2 >@?6J 7@C A2J>6?E AC@46DD:?8 766DX[ 2 `c\52J 2G6C286 G242?4J A6C:@5 H:E9 c_T C64@G6CJ 7C@> 72DE6C C6\=62D:?8[ 2?5 S`__ A6C F?:E 2??F2==J :? >2:?E6?2?46 D2G:?8D] %96J 3@E9 FD6 2 9JA@E96E:42= C2E6 @7 S`[g__ >@?E9=J C6?E A6C F?:E]k^Am

kAmkDEC@?8m$46?2C:@ R`i a F?:ED 2E Scb[a__ 8C@DD 2??F2= C6?Ek^DEC@?8mk^Am

kAmpE EH@ F?:ED[ !| 766 D2G:?8D 2>@F?ED E@ Sc[`a_ 2??F2==J] x7 J@F 255 :? G242?4J C64@G6CJ 2E Sgec 2?5 Sa__ :? >2:?E6?2?46 D2G:?8D[ E96 ?6E 2??F2= 42D9 7=@H :?4C62D6 :D Sd[`gc[ @C Scba A6C >@?E9] p? 2??F2= D2G:?8D @7 Sd[`gc :D 2 >62?:?87F= 2>@F?E @7 >@?6J E92E 42? 36 AFE E@H2C5D C6A2:CD 2?5 C6?@G2E:@?D[ 25565 E@ 2 C6?E2= A@CE7@=:@ 6>6C86?4J 7F?5[ @C 4@G6C D6G6C2= >@?E9D @7 F?6IA64E65 G242?4J] !C@A6CEJ >2?286>6?E D@7EH2C6 E92E >2<6D E9:D A@DD:3=6 4@DED =6DD E92? `T @7 H92E 2 AC@A6CEJ >2?286C 492C86D @? 2 D:?8=6 F?:E]k^Am

kAmkDEC@?8m$46?2C:@ Rai a_ F?:ED 2E Scba[___ 8C@DD 2??F2= C6?Ek^DEC@?8mk^Am

kAmpE a_ F?:ED[ !| 766 D2G:?8D C62496D Scb[___ 2??F2==J[ H:E9 2? 6IEC2 Sg[ec_ 7@C G242?4J C64@G6CJ 2?5 Sa[___ :? >2:?E6?2?46 D2G:?8D] %96 ?6E 2??F2= 42D9 7=@H :?4C62D6 :D Sdb[ec_[ @C Sc[cf_ A6C >@?E9] %92E 2>@F?E @7 255:E:@?2= 2??F2= 42D9 7=@H :D 2 5@H? A2J>6?E[ 2 DF3DE2?E:2= C6?@G2E:@? 3F586E[ @C E96 C6D6CG6 7F?5 >@DE C6?E2= @H?6CD <?@H E96J D9@F=5 36 3F:=5:?8[ 3FE >2J @E96CH:D6 DECF88=6 E@ 7F?5] |@?E9=J D@7EH2C6 4@DEi 2 7C24E:@? @7 E96 4@DE @7 2 >@?E9=J DEC62>:?8 DF3D4C:AE:@? @C 2 E2?< @7 82D]k^Am

k9bm%96 52E2 72G@CD D6=7 >2?286>6?E H:E9 D>2CE DJDE6>Dk^9bm

kAm%96 D46?2C:@D 23@G6 2C6 >@56=65] %96 A2J>6?E @FE4@>6D 36=@H 2C6 ?@E] q2D65 @? #6?E#65: :?E6C?2= A=2E7@C> 52E2 7C@> :?56A6?56?E =2?5=@C5D @G6C 2 7:G6\J62C A6C:@5[ FD:?8 2FE@>2E:4 A2J>6?ED J:6=5D 2 k2 9C67lQ9EEADi^^C6?EC65:]4@>^3=@8^2FE@A2J\96=AD\E6?2?ED\A2J\@?\E:>6^QmhhT @?\E:>6 C6?Ek^2m A2J>6?E C2E6] %6?2?E D4C665:?8 AC@5F46D 2 k2 9C67lQ9EEADi^^C6?EC65:]4@>^3=@8^E6?2?E\D4C66?:?8\=625D\E@\:?4C62D65\@?\E:>6\C6?E\A2J>6?ED^Qmh_T @?\E:>6 A2J>6?E C2E6k^2m] p55:?8 4C65:E C6A@CE:?8 2D 2 A2J>6?E :?46?E:G6 =625D E@ 2 k2 9C67lQ9EEADi^^C6?EC65:]4@>^3=@8^C6?EC65:D\4C65:E\3@@DE\:?4C62D6D\E6?2?ED\@?\E:>6\A2J>6?E\C2E6D^Qm`bT :?4C62D6 :? @?\E:>6 A2J>6?EDk^2m] p AC@A6CEJ >2?286C 4@==64ED C6?E[ 3FE E96 :?46?E:G6 E@ AC@5F46 @FE4@>6D =:<6 E96D6 :D ?@E 3F:=E :?E@ E96 766 DECF4EFC6]k^Am

kAmu:?2?4:2= G:D:3:=:EJ :D 2?@E96C <:?5 @7 25G2?E286 277@C565 3J DJDE6>2E:K65 D6=7\>2?286>6?E] p C62=\E:>6 A@CE7@=:@ A6C7@C>2?46 52D93@2C5 EC24<D A2J>6?E DE2EFD[ >2:?E6?2?46 C6BF6DED[ 6IA:C:?8 =62D6D[ 2?5 G242?4J 6IA@DFC6 24C@DD 6G6CJ F?:E D:>F=E2?6@FD=J] px\A@H6C65 6IA6?D6 EC24<:?8 42E68@C:K6D 4@DED :?E@ $4965F=6 t 2?5 AC@7:E 2?5 =@DD DE2E6>6?ED 2FE@>2E:42==J[ C6A=24:?8 E96 6?5\@7\J62C D4C2>3=6 E@ C64@?DECF4E C64@C5D 7C@> 6>2:=D 2?5 C646:AED] |@DE >2?286>6?E 28C66>6?ED 5@ ?@E :?4=F56 E9:D =6G6= @7 C6A@CE:?8[ 2?5 E96 @?6D E92E 5@ 492C86 6IEC2 7@C :E]k^Am

kAm|2:?E6?2?46 :D H96C6 >2?J @H?6CD 6IA64E AC@76DD:@?2= >2?286>6?E E@ 62C? :ED 766] qFE D@7EH2C6 C@FE6D E6?2?E\DF3>:EE65 C6BF6DED H:E9 A9@E@ 2?5 G:56@ 5@4F>6?E2E:@? 5:C64E=J E@ E96 @H?6C’D AC676CC65 G6?5@CD] %96 @H?6C <66AD E96 G6?5@C C6=2E:@?D9:A[ 2G@:5D E96 >2C<FA[ 2?5 >2:?E2:?D 7F== G:D:3:=:EJ :?E@ 6G6CJ @A6? C6BF6DE]k^Am

k9bmq67@C6 J@F 564:56k^9bm

kAm%96 564:D:@? E@ 9:C6 AC@76DD:@?2= >2?286>6?E 56D6CG6D 2 7F== 244@F?E:?8 @7 H92E E96 766 DECF4EFC6 4@DED 2??F2==J 24C@DD E96 H9@=6 A@CE7@=:@[ ?@E ;FDE H92E E96 A6C46?E286 =@@<D =:<6 282:?DE 8C@DD C6?E]k^Am

kAmw6C6 2C6 D@>6 6G2=F2E:@? E:ADik^Am

kF=mk=: 52E2\=:DE\:E6>\:5lQ6a3e7bb`55ba4eh7g_a_b`gg54233_hbdQmr2=4F=2E6 J@FC !| 766 2D 2 A6C46?E286 @7 ?6E 42D9 7=@H[ ?@E 8C@DD C6?E]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6``63h76`2ha257h`5a3ha54a`ah6_gfeQmpDD6DD H96E96C J@F 92G6 2 DJDE6> @C 2 923:E] &?DECF4EFC65 D6=7\>2?286>6?E 2?5 DJDE6>2E:K65 D6=7\>2?286>6?E AC@5F46 5:776C6?E @FE4@>6D 2E 6G6CJ A@CE7@=:@ D:K6[ 2?5 E96 5:776C6?46 H:56?D 2D E96 A@CE7@=:@ 8C@HD]k^=:mk=: 52E2\=:DE\:E6>\:5lQ62ce26353acfc5ch_cd6dcf44`fc25e`7Qm#F? E96 ?F>36CD 282:?DE J@FC @H? C6?E C@==] %96 7:8FC6D 23@G6 2C6 4@?D6CG2E:G6] |@DE C6?E2= @H?6CD H9@ H@C< E9C@F89 E96 42=4F=2E:@? 86E 9:896C ?F>36CD E92? H92E E96 >@56=D D9@H]k^=:mk^F=m

kAmp H6==\3F:=E sx* =2?5=@C5 @A6C2E:?8 DJDE6> 42? <66A >@C6 42D9 7=@H :? E96 C6?E2= A@CE7@=:@ E92? 2 AC@A6CEJ >2?286>6?E 28C66>6?E 5@6D]k^Am

kAmk2 9C67lQ9EEADi^^C6?EC65:]4@>^3=@8^5:J\=2?5=@C5\GD\AC@A6CEJ\>2?286C\42D9\7=@H^Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^C6?EC65:]4@>Qmk6>m#6?E#65:k^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am