First property - professional or self management?


#1

Hello,

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.


#2

If you buy it such that the cash flow allows for it, hire a good manager. As an investor, the best use of your time is finding money, finding good deals, and making profitable offers on them, not babysitting properties and doing work that can be hired out for $10 to $20 an hour or so. Just my opinion.

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#3

That makes sense. The next question then becomes, how does one find and vet managers for small properties?