Self-Managing a Small Portfolio of Single Family Rentals with Elenis Camargo
Elenis Camargo – co-founder of Third Stone Properties talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Elenis and her husband began their real estate investing journey when they bought their first investment property sight-unseen, long-distance from their home in Brooklyn, NY before they made the move to their investing market of Jacksonville, FL. They have since built a portfolio of four single-family rentals and continue to grow their portfolio while self-managing.
Post-Interview Analysis
- Key Lessons Learned: Don’t be afraid of inherited tenants. Don’t let it be a reason you don’t buy a good deal.
- How did they acquire their knowledge or what knowledge did they need to acquire? Learning to develop processes for effective property management
- How much money did it take to get started? $23,000 to buy and do light rehab on a $90,000 property
- How much time does it take now? Difficult to determine exactly, but probably 30+ hours per week.
- Could they do this strategy from anywhere in the world? Yes, but she’s probably going to have to hand over property management to someone else.
Episode Highlights:
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
- How Elenis and her husband bought their first single-family rental off the MLS long-distance, sight-unseen from their previous home in Brooklyn, NY.
- The challenges of dealing with an inherited tenant
- Details of the purchase of their first single-family investment property
- How they used listing agents to place their tenants but self-manage once a tenant is in place, thereby increasing their cash flow
- And much more…
Books and Resources Mentioned
- The Road to Family Freedom: roadtofamilyfreedom.com
- Instagram: @investoremc2
- Website: Third Stone Properties
- Resource: Cozy.co
- Resource: Quickbooks
- Resource: Stessa
- Resource: Zillow
- Resource: Trulia
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About the author, Neil
Neil Henderson is the co-host of The Road to Family Freedom, a self-storage investor, and avowed proponent of short-term rental house hacking. He founded The Road to Family Freedom to guide busy parents to financial freedom through passive real estate investing.