Hello, and welcome to another episode of Passive Real Estate Investing. I'm your host Marco Santarelli. Thank you for joining me today. I have a turning guests, someone who I've had on once or twice already. She is a real estate investor and someone who has spent years self-managing her properties. And we were talking the other day and she wanted to see if we want to talk about her very, very simple, but still very useful five rules to remote property management. I think it makes a lot of sense as I've been getting more people asking me and my team about self-management and how they can go about doing it. Not that there's anything wrong with professional, full service, property management. It's something that I use and believe in. And that's by choice because of my work schedule and my lifestyle and all that kind of stuff.
But it's something I'm slowly venturing into because I think that I will have the capability capacity and time for it. And so I'm learning as much as I can about self-management my guest today Dana will talk about these five rules and hopefully you get a lot out of this episode. Of course, I'm always open to feedback and if you're new to the show, remember it to subscribe. I hope you enjoy the episode. Let's jump right in.
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Okay, well, I'm very pleased to bring back a returning guest, Dana Dunford, and she is the CEO of Hemlane, a technology enabled property management platform. She's also like me a strong advocate of purchasing rental properties anywhere in the US, as long as it's a good deal, because as we both know that the best investments are not typically found in your backyard, Dana received her MBA from Harvard Business school in 2018, she was named one of the top 20 women leaders and influencers in commercial real estate tech. She previously worked at apple on their worldwide financial planning and analysis team, and then as well as Nest, which is as the home tech company acquired by Google for 3.2 billion and she worked in business development. So she's a very smart lady. And with that, Dana, welcome back to the show.
Great. Thanks for having me back on the show, Marco.
Well, it's great to have you interesting topic for today. It's centers around remote property management. Something that I know a lot of investors have questions about out and some of them certainly think about, but let's start off by talking about what remote property management is and why we're even talking about it today.
Yeah, the, the background on remote property management actually has to do with the investor. And when you look at investors around the us, so those who will own rental properties, 72% are self-managing. And what you're noticing more and more thanks to you, Marco, is that it's much easier to purchase properties outta state and get better returns than it was 10, 20 years ago. And so now you have these two different trends. One is purchasing properties that aren't in your backyard, and two is managing your properties yourself because majority of real estate investors do that in this need to merge the two together. However, I will would say that most people and I'm pretty conservative with real estate investing and operations. Most people do it incorrectly. They think great. I'll buy a property in Florida. I live here in California and I'll be able to manage it myself remotely.
And I will do all the communications online. I will have a smart lock box and that will solve everything. And that's not actually the case. There's ways to do remote property management correctly. There's ways that you can set yourself up for failure. And if your goal, which hopefully it is, is to purchase more rental properties, have diversity.