How to Manage?

[Bryan P.]

I currently own two properties and my primary. My wife and I live modestly and make about 55-60k a year. I am currently 33 yrs old. Starting at age 40 our rentals will be paid off and will cover our primary mortgage. We will also have college debt paid off. All that being said, we will net over 2000 a month in reserve monies at that time. (might not be alot for some of you but it's good for us) I don't trust any other investment and I'm committed to real estate because it has a solid return and the tax laws are currently beneficial. I would like to buy one property per year when I arrive at that point in my life. Getting hard money lenders is an issue but the greater issue is the ability to personally manage 7-8-10 properties. If I do things right, I could legitimately have 8 or 10 properties, and I know from experience that two properties takes some work. Even keeping track of rent payments for 10 properties would seem difficult. I have a friend that owns 7 rental properties and he tells me it's getting to the point of having to hire a property manager. My question is: at what point did you, in regards to residential SFH rentals, have to hire a property manager? Also-what are the main challenges when owning 10 properties? What are things people would generally not account for?