6 units - looking to expand.

[Sash Joveski]

Hello BiggerPockets,

Just joined as a Pro yesterday, and looking to dive in. This is my first post. Im not a writer / blogger, so please bare with me and my not so perfect 'righting' lol

My question to you is what do you think is the best way to scale your portfolio.

We currently own 6 rental units. All of the are townhomes. Of the six units, one is a 4 unit that we own. Equity wise we have about 350k in equity in total among the 6 units.

Some backend info, we ( my wife and i) are both licensed real estate agents. Currently we manage all the properties ourselves. We dont have a software, its all done manually. Do you suggest we hire a property management company or get some software to do it ourselves. If Yes to software, which one do you recommend?

Do you suggest we sell some of the units to use the cash to purchase more units? We are located in Northwest Indiana ( ChicagoLand )

Thanks for your help

[R.J. Lange]

Saso- depending on how much you enjoy self managing will determine when you should bring on professional property management. That said, in Washington, with the changing legislation on tenant payment, leasing, renewal and notices dos and donts keeping compliant can be worth professional help on its own. 

Going for self management- There are great options for software and will likely be a necessity with more than 10 doors. 

With your most recent post it sounds like you have a good plan to work with!