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Updated over 8 years ago,
Real Estate Team & Property Manager Fees
Hello,
I currently own 1 rental property, which I've had for 6 months. I'm continuing to look for additional investment properties. My first question is, what does a typical real estate team look like for those that own 3+ rental properties? Do I need to assemble investors, a property manager, a lawyer, a contractor to work on repairs, etc? I know each of those would come at a cost, but I'm just wondering what others have done to address these needs.
Second question: What is a typical property manager fee structure? If I invest in another state I will likely hire a property manager. Are property managers typically paid a salary, a certain % of rental income, or some other payment structure?
Any guidance is appreciated, thanks!
Jon