First Time OOS Investor - Self-Manage or Hire a PM?

[Caleb Stevens]

Hi!

My wife and I plan on purchasing our first Out-of-State Property (about a 2 hour drive away) that is going to be a SFH in a small rural area. We have our agent, contractor, and lendor but we are now trying to decide if we should self-manage or hire out a PM for this first property?

There are pros and cons for both sides as if we hire a PM, it can help us transition into the real estate world without having to stress over tenants and other issues. However, if we self-manage, it can be a great way for us to understand about tenant expectations and realities, especially when dealing with only one family in a SFH.

So we wanted to ask the BP community which sides did YOU pick when first starting out and which side would you choose now in this current climate? 

We have read Brandon's book (The Book on Managing Rental Properties) and would feel comfortable with dealing with tenants, but that is not our main goal as we plan on retiring early and using PM for each property we own in the future. Is it worth it to self-manage or is it too much of a hassle? Should we focus on learning these self-managing traits or just hire someone else to do it?

Thanks!