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Hi Reader,

Today I'm sharing the worst mistake I made self-managing. And I bet it’s not what you think.

Grace here this week! 👩🏻👋

When I first started self-managing I made sure to soak up information like a sponge - so many BiggerPockets podcast episode & following other self-managers on Instagram and absorbing their tips and lessons learned and more.

Because of this I was able to skip over the most common mistakes self managers make like…

⛔ Not having a robust property management system, and trying to do it all by hand

⛔ Not having an boundaries between you and your tenants, like a separate phone number or business hours

And so much more.

Speaking of self-management...check out our recent podcast episode on Handling Problem Tenants Like A Pro! ⭐️

So let me tell you one of the worst mistakes I had to learn through trial and error, because NO ONE ever talks about this.👇🏻

...One of my biggest mistakes is pricing rentals too high. 😬

Even though I managed to fill my rentals at a higher rate, it turned out to be a mistake that brought in less-than-ideal tenants.

Let me explain...

You might think bumping up your rent by $50 or $100 above market rate isn’t a big deal—after all, people are still applying, right?

👉🏻 But here’s the catch: the tenants you really want are the ones who can comfortably afford your rent and are smart with their money. When you start overpricing, these savvy renters will notice and move on to something more reasonable. They’ll stick to their budget and find a place that’s a better fit!

The people left who are still willing to pay over market rent likely have a few things in common.

1️⃣ They may be desperate for housing because they are being kicked out, evicted etc and are therefore willing to pay a higher market rate.

2️⃣ They are simply bad with their money and therefore willing to pay the high rate

We know that tenants are the most important part of our rental properties. We need great tenants, who pay on time, take care of the property and stay a long time. Tenants who are already running from their last landlord, or are not financially stable in the first place are not the people you want to be in your properties.

I'll be sending out another email next week with my actual story of what happened when I overpriced my rental and onboarded a less-than-ideal tenant (hint hint...an eviction was involved) 😮‍💨

In the meantime, if you're considering self-managing, we can help! Check out our FREE property management checklist ⬇️

What’s your biggest mistake? We want to hear from you! When investors like you share their stories it makes it easier for the rest of us to avoid mistakes and put our best foot forward.

Cheers,

Grace, Amelia & The WIIRE Team 💗

P.S. Need fast funding for your BRRRR or Fix & Flip? Meet Backflip, the ultimate app for real estate entrepreneurs! With Backflip, you can swiftly analyze potential deals and secure the financing you need—all in one seamless experience. Don’t wait—kickstart your investment journey with Backflip today!

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