managing 40-60 units out of state

[Neil S.]

How difficult is it to manage 40-60 units as an out of state investor? I want to be hands off as possible, can a property manager handle all the headaches full-time. Is this enough units to have a live in super? What other staff would I need to employee full-time vs part time?

[Chris Tracy]

I would shoot for a deal that is at least 75 units.  It's tough to get quality property management that actually cares for deals smaller than that and for it to make sense from a cash flow perspective.  When you first close on a deal, you'll be working closely with the property manager so you can get on the same page and make sure everything is dialed-in.  After a while, things start to iron-out and the deal practically runs itself.  It's pretty awesome.