I’m in contract on my first rental property. It’s a three unit house. I plan on doing a significant renovation, and then renting out the units.
My initial thought was to self manage. I have some relevant experience in a few of the areas that would be applicable, project management, some level of building management, light electrical / plumbing skills (I can replace a faucet, fix a toilet, computer/technology skill to set up and run management software, basic accounting and finance, etc.). I don’t live very near the property, but only 30-40 minutes away. I’m currently not working, so I would have the time to do it.
But I saw something that lead me to think I should look at professional management. What is the common thinking here? Should I get a manager, then concentrate on looking for more properties, or should I take care of it myself.
Any help appreciated.