Feedback: managing 10 rental properties alone
Philippe, 54, has been managing 10 rental properties alone in the Liege region for 15 years. Organisation, tools, mistakes and real figures from an investor without an agency.
- 01 My journey
- 02 The organisation
- 03 The tools
- 04 The mistakes
- 05 The figures
- 06 The limits
- 07 Review at 15 years
My journey: from 1 to 10 properties in 15 years
My first buy-to-let purchase was in 2010: a 35 m2 studio near Liege-Guillemins station, bought for 75,000 EUR. I was 39, had a permanent contract as a sales manager, and wanted to prepare for retirement differently from a traditional pension plan.
Fifteen years later, I own 10 properties: 7 flats and 3 small houses, spread across Liege city centre, Chenee, Grivegnee and Verviers. Estimated total portfolio value: approximately 1.2 million EUR. All purchased progressively, financed with bank leverage, and managed by myself from day one. Never an agency. Here is how I organise myself — and why it has not always been straightforward.
The organisation: the key to everything
With 10 properties, management is not complicated. It is repetitive. The danger is letting small tasks pile up until they become unmanageable.
My typical week looks like this:
- Monday morning (1 h): checking rent payments for the month, follow-ups if needed
- Wednesday evening (1 h): processing tenant requests (repairs, questions, documents)
- Saturday morning (2-3 h): property visits, minor works, inventories if turnover
At cruising speed, that represents 4 to 5 hours per week. But 2 to 3 times a year, there is a peak: tenant changeover, major works, dispute. Those weeks, I can spend 15 hours on it.
Each property has a digital folder containing: lease, property inventory, EPC certificate, insurance certificate, repair history. When a tenant calls about a problem, I can find everything within 30 seconds. It is basic, but it changes everything.
The tools: from Excel to dedicated software
From 2010 to 2018, I managed everything on Excel. One file per property, one tab per year. It worked for 3-4 properties. At 6 properties, it became a nightmare: broken formulas, forgotten indexation, receipts generated manually.
In 2019, I switched to a rental management software. The improvement was immediate:
| Task | Before (Excel) | After (software) |
|---|---|---|
| Monthly receipts (10 properties) | 2 h/month | 10 min/month |
| Annual indexation | 45 min/property (calculation + letter) | Automatic |
| Arrears tracking | Manual, sometimes forgotten | Automatic alert at D+5 |
| Tax return | 1 full day of sorting | Export in 1 click |
The software costs me approximately 15 EUR per month. It saves me the equivalent of 30 to 40 hours per year. It is the best investment I have made after the properties themselves.
The mistakes that cost me dearly
In 15 years, I have made every possible mistake. Here are the three that cost me the most:
Mistake no. 1: no rental guarantee on my 3rd property (2013). The tenant left after 8 months leaving 3 months of unpaid rent and a flat in a deplorable state. Total loss: approximately 4,200 EUR. Since then, I systematically require a rental guarantee of 2 months in a blocked account, without exception.
Mistake no. 2: works without written quotes (2016). I had a bathroom redone by a “trusted” tradesman without a signed quote. The job took 3 weeks instead of one, and the final invoice exceeded the verbal budget by 40%. Since then, everything goes through a written and signed quote, even for minor works.
In 2020, a tenant started paying late, then partially, then not at all. I waited 4 months before reacting, hoping it would sort itself out. Result: 6 months of unpaid rent (4,200 EUR), proceedings before the justice of the peace lasting 5 months, and a flat returned in a deplorable state. Lesson: at the first delay of more than 10 days, I send a reminder. At the second month, formal notice. Never let it drag on.
The figures: what 10 properties really yield
Here is the real financial overview of my portfolio in 2024:
| Item | Annual amount |
|---|---|
| Gross rents collected | 94,200 EUR |
| Vacancy (4%) | -3,768 EUR |
| Property tax (10 properties) | -8,400 EUR |
| Landlord + fire insurance | -5,200 EUR |
| Maintenance and repairs | -6,800 EUR |
| Loan repayments (4 properties still outstanding) | -32,400 EUR |
| Net income before tax | 37,634 EUR |
That is approximately 3,136 EUR net per month on top of my salary. The 6 fully repaid properties generate pure cash flow. The 4 still under loan are self-financing.
If I used an agency (7% on average), it would cost me 6,594 EUR per year. That is what I save by managing myself. But it also represents 250 hours of work per year. Per hour: approximately 26 EUR/h. Less glamorous than one might imagine.
The limits: when solo management reaches its boundaries
At 10 properties and a full-time job, I am at my limit. The telltale signs:
- I sometimes postpone minor repairs because I do not have time during the week
- Exit/entry inventories always fall on weekends, which eats into my personal life
- The mental load is constant: even on holiday, I check payments and reply to messages
My son tells me I am “a slave to my flats”. He exaggerates, but he is not entirely wrong.
Beyond 12 rental units, I believe a landlord with a main job must either delegate part of the management or go part-time. The quality of management — and of life — deteriorates beyond this threshold.
If I buy an 11th property, I will probably delegate day-to-day management (receipts, reminders, minor repairs) and keep only tenant selection and renovation decisions.
Review at 15 years
In 15 years, buy-to-let has allowed me to build a portfolio worth over one million euros, generate a substantial supplementary income, and prepare for retirement with peace of mind. But there is nothing passive about it. It is real work, with its emergencies, its unpaid rents, its difficult tenants and its nights spent searching for a plumber.
What I recommend to those who want to get started:
- Start small: one property, full mastery, then scale up
- Get the right tools early: a management software from the 2nd or 3rd property, not the 6th like me
- Always keep a safety reserve: minimum 3 months of charges per property
- Build your network of tradespeople: it is as important as finding good tenants
- Set your threshold: decide in advance from how many properties you will delegate
If I had to do it all over again, I would do exactly the same thing. But with software from day one and a plumber on speed dial from day two.
- “**Systematise everything you can from the 3rd property onwards.** I waited until I had 6 properties to create templates for leases, receipts and formal notices. I should have done it much sooner. Every template document you create once saves you hours in the long run.
- “**Build a network of 3-4 reliable tradespeople before you need them.** My biggest source of stress has never been unpaid rent, but technical emergencies on a Sunday evening with no plumber available. Today, I have a plumber, an electrician and a locksmith on speed dial.
- “**Do not exceed 10-12 units in solo management if you have a job on the side.** Beyond that, the mental load becomes too heavy. At 10 properties, I am at my limit. If I buy an 11th, I will delegate part of the management or go part-time.
Frequently asked questions
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At cruising speed, count 4 to 6 hours per week for 10 properties: rent monitoring, communication with tenants, minor repairs, paperwork. This time can double during turnover periods (property inventories, ads, viewings) or when major works are needed.
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A rental management agency charges on average 6 to 8% of collected rents in Belgium. For a portfolio of 7,850 EUR in monthly rents, that represents 470 to 630 EUR per month, or 5,600 to 7,500 EUR per year. If you are organised and have 5 hours per week available, self-management is significantly more profitable.
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Three tools minimum: rental management software for rent tracking, receipts and indexation; a cloud storage space for documents (leases, inventory reports, invoices); and an address book of reliable tradespeople. A spreadsheet can work for 2-3 properties, but beyond 5, a dedicated tool becomes essential.
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In Belgium, the question becomes serious from 5-6 properties onwards. As a natural person, property income is taxed on the basis of the indexed cadastral income, which remains advantageous. Through a company, actual rents are subject to corporate tax (25%), but you can deduct all actual expenses. Consult an accountant for a detailed simulation tailored to your situation.
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