When to Hire a Property Manager

[Blake Hrabal]

Hey BP. 

I'm curious, at what point in your investment journey did you get a property manager? How much do they typically get paid - salary or hourly?

Also lets say the investment journey started out the mud with $0. I have a lot of property management experience myself so I plan on managing my own properties, however, the goal is to build a team of awesome individuals who can support and elevate me to not have to manage all the properties once the portfolio grows; work on my business not in my business.

However, let's say you paid the property manager $20/hr for 40 hrs a week, that's 3200 a month...which means I'd need 8 properties cashflowing $400 each just to pay this person...then I lose out on all my cash flow haha, so obviously that's not the answer.  

I have a buddy who is a decent property manager and I think with my coaching & leadership he can be a great property manager and be on my team. But I would need to obviously pay the guy consistently so he can make his own living and help me build my company. 

I'm also thinking a property manager doesn't need to work a full 40/hrs per week unless you had 20+ units, but i'm not sure and looking for some insight and to hear some stories.

What did you guys do?