Managing a multifamily(+16)

[Mario Am]

Hey.

I am considering purchasing a multi-family/building that has between 16-21 units, most articles out here that I’ve read focus on 2-6 units so I couldn’t find a clear answer on this.

Before I really start it out, I have a few questions for the ones that have experience with those type of investments.

1. I live in CA and considering purchasing one out of state,

Is it possible to manage those out-of-state or do really need to pay a big chunk for a property manager?

2. If I do decide to move out there and manage it myself, wouldn’t it be like buying yourself a full time job?

Like how many hours a week would it take to manage this kind property?

I am trying to get an estimate because I just love my time haha.

TIA, Mario

[Greg Dickerson]

@Mario Am - a property manager for that would only be 10% and they will likely pay for themselves since you do not have any experience. 

If you do choose to manage the property yourself you need to get fully educated on the laws, process and all the tricks of the trade in dealing with tenants. This could occupy 20-40 hours of your time each week until you are fully up to speed. After that depending on the type of and condition of the property and the tenant mix you could spend 10-20 hours a week or more.