property manager/ renting out of state?

[Eric Brandenburg]

Hello,

I am thinking of buying a duplex vs quadplex in Syracuse New York, FHA loan, live in for one year while other units are rented out. In the next 1-2 years I will be moving to South Carolina. Does anyone have any advise about property managers and if managing rental properties is difficult from another state? This would be my first rental property. I would like to wait, but my rent is insanley high. Would be much better in my own duplex/quadplex. Please give your advice. Thank you

[Neil Goradia]

I've been living away for a while now and the key is to find someone really good while you do live there. There are so many bad PM's out there that say the right things during an interview but do not perform. Try to stick to the following;

1. Try to find one that has between 10 and 100 units. I feel like the ones that have 500- 1,000 units don't have time for you and don't perform well. 

2. Try to use one 6-8 months before you leave which will give you time to find another one if they don't work out before leaving. I had to go through 3 before I found one that did the things I wanted them to do for a reasonable price and had an online portal where I could check up on the status at anytime. I am very happy with the one I have now.

3. The key is to find one where labor charges are reasonable. Nothing kills your cashflow like ridiculously high rehab charges.