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Updated over 1 year ago on . Most recent reply

User Stats

248
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240
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Peter W.
240
Votes |
248
Posts

Property Manager on First Rental

Peter W.
Posted

Folks I've heard contradictory advice on whether you should start with property manager or not.  I am hoping to get advice or stories to help me figure out my path.

Do it yourself
You need to do it yourself in order to develop the skills to make a good hire (and potentially train?) a property managers in the future.
The 10% of rent paid to the property manager hinders the ability to redeploy capital into the next project (where as with a few properties the time savings of the property manager is more important than the cost).

Hire a property manager
Using people who know what they are doing will prevent mistakes which cost $$$ (especially with regards to local laws).

Details of my situation
Have a young family so time is limited.
Intend to buy first property about at the end of this year (building up an extra cash buffer for things which could go wrong).  Intend to buy about 1 single family or du/tri/quadplex a year for 3 years and then reevaluate goals and plan.
Reasonably handy and will live close (<10 minutes) to the property.

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