Property Management When?

[Wendy Lovejoy]

I have a few properties I am holding onto for monthly cash flow.  The fun part to me I is finding the properties and wholesaling them.  Every now and then I find a property I want to add to my portfolio.  Normally they need some work.  

I also enjoy finding the tenants.  One of my sons helped with overseeing the repairs over the summer.  But his own business is booming and he no longer works on that end with me 

Is it time to find a property manager or should I wait until I have  more than 10 units?

Wendy Lovejoy 

[Jeff B.]

call / find PM's and interview for processes and bid for service given your door count.

Take the bind / door count = cost/door

Can you afford that hit in the cash flow?

[Bryan O.]

You're asking what color you should like... Whatever you think is good! You don't have to put all of them under management, or you can. Do you need more time? Do you need more money? You're asking what only you can answer :)

Best of luck and happy  investing!

[Kevin Kroll]

Agree with @Bryan O.I personally don't care for property management as in my area I don't feel they do as good of a job as I do in tenant attraction and retention, so bringing in a PM to me represents the cost of paying for their service + cost of lower rents than i can achieve + costs of longer vacancies than I can achieve. When I consider these costs in relation to the time I spend doing PM type work, the $/hr spent is really high, so I self manage.

I'd suggest focusing on systems and processes which allow you to continue to self manage, but to do so in a way that minimizes your time and headaches.

[Melissa Gittens]

@Wendy LovejoyI think this is a great question you posted. I would say it definitely depends on where the properties are located and how much time you are investing in them when you could be using that time to add more properties to your portfolio. If it is becoming to cumbersome to  manage on your own then I would suggest at least starting the process to find a get PM for your properties. Interview many companies and then hopefully you may come to some decision at that time.