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Updated 10 months ago on . Most recent reply
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What should I know about self-managing D-properties remotely?
I'm looking into investing in Ohio (possibly Cleveland), because of the cash flow. But I heard a lot of bad reviews about property management companies. Is it possible to self-manage in D areas? Here's what I'd want to do either way: I want to install security cameras on each property I buy and put them on a sim card plan so I can view my properties at any time. Perhaps I should also get one of those smart locks like they have for airbnbs.
The problem is, how do I have someone do showings for tenants? I would actually like to screen the tenants myself and set my own minimum specifications for them.
I currently own rental property in a high cost state, and I've never used a management company. I just use an online platform to collect rents automatically.
Another question I have is - how would evictions work with a self-managed D property? How much does it cost to hire someone to evict a tenant, or are there all-in-one services for just eviction only?
Any other tips on self-managing D properties from out of state? Or should I just forget it and hire a property management company?
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You couldn't pay me to take a property in a D area. But if you must, you'll need a good local manager for sure. You won't get the cashflow that the spreadsheet promises though. You'll probably end up cashflow negative and selling it to the next wishful out of state investor in 2 years after dealing with a bunch of BS and losing money. You'll find it's a whole different game than your rental property in a high cost state. Location, location, location. Good luck!