Long-distance rentals: Do I need to hire a property manager?

[Matt Lopez]

Is it absolutely necessary to hire a property manager when owning long-distance rental properties? I’m concerned they would not always have mine and my wallet’s best interest at heart.

I plan to purchase my first rental property in the coming months and could use some advice. Thanks!

[Ryan Howell]

I would say its not required, but you should consider it anyway.  Find someone who you are comfortable will have your best interest.  Know that they will cost you more money than you can do yourself typically.  Look at that extra cost (10% of rent and maybe 20% extra expenses) and determine if that extra money is worth the headache and devoting your time and mental energy.  I would treat the PM role as a job that pays $X and determine if that's a job you want and separate that from your investment return. There is lost opportunity costs potentially, where you can be spending your time and energy more effectively finding deals, etc where you will make more money.  If you factor that in and you think you want the job of being the PM for that property, then you should go for it.