Minimum number of units before I can hire a property managers

[Joshua Engemann]

I'm an in the beginning stages of real estate investment, as in I'm getting my finances in order and saving for my first investment. My target is investing in multi family rentals. Duplexes, quadruplexes, and eventually apartments. I love my full time job and want to continue, so I would like to know hire a property management company to handle my rentals. I guess my question is, what is the minimum number of units I must have before a company will manage my property. My plan is to take the income from my first investment and invest it in another property. And then repeat.

[Dan Krupa]

@Joshua Engemann, any residential PM company will take you on with one property. Do your homework and ask around. A great PM can be a blessing, but most aren't. Only you have your best interest at heart.

Don't forget - you are the boss! You hire and fire them. Never sign a contract that forces you to stay with them for 12 months. Allows them to make decisions when and when not to make repairs. Gives you no input into the tenant placement process, etc...

Also, structure varies PM to PM. 8 to 12% is standard and that will vary depending on how placement cost is passed on to you. 

Best of luck to you and listen to the BP podcasts. Tons and tons of great free info. Many of them deal with PMs and land lording. Best of luck to you.