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Updated about 6 years ago on . Most recent reply

User Stats

9
Posts
1
Votes
Davey Davanoski
  • Berlin
1
Votes |
9
Posts

Getting a property management firm or doing it yourself?

Davey Davanoski
  • Berlin
Posted

When you buy a multi family building for first time or when your decide to grow your portfolio with second, third and so on multi family building. How do you do property management? 

Do you do yourself, and if you do how:? 

How should i choose property management firm? 

Is it bad move to do it yourself? 

What skill or experience i need to have to do it myself? 

Is it worth it? Or its better to assign firm until  your rental portfolio start to grow and to open my own property management firm?

Sorry, too many questions :D

Most Popular Reply

User Stats

687
Posts
329
Votes
Craig Bellot
  • Property Manager
  • Connecticut
329
Votes |
687
Posts
Craig Bellot
  • Property Manager
  • Connecticut
Replied

If your long-term goal is to invest in more properties it is worth it to invest in a solid property manager. Most investors suffer from death by 1000 cuts trying to do it all.

Your time as an investor is infinitely better spent analyzing markets and deals.

You want to move up the 80/20 leverage curve from technician to investor/entrepreneur.

In Bridgeport, CT the cost is about 10% of rents collected which frees you from taking resident phone calls, coordinating maintenance, leasing vacancies, accounting P&L's, conducting inspections and making property bill payments.

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