Hello, I just bought a duplex and have some questions.

[Daniel Wang]

Hello BP members, My wife and I just purchased our first investment property. Both of us have 9-5 jobs. Here are my questions

1. Shall we hire a management company to manage our property to free us some time to learn and find more deals. Or we just learn how to manage by ourselves first.

2. Shall we renovate the property by hiring a contractor or do it on our own. We have never done this before. Probably take quite a bit of time to try and error. 

[Kathleen Osborne]

I started with a SFR a few years ago and hired a property manager. I sold that property last year and bought a triple. I'm self managing for now with few issues. I also have a full time job 7:30 - 5:30 most week days.

How many units is your property and what kinds of repairs are needed? I'd do the jobs I am qualified to do and contract the others out. Join local REI groups to connect and get recommendations for contractors, plumbers electricians, painters, etc.

My contractor showed up on time and gave me costs up front. But some things were not done to my expectations. Do not pay in full until the job is competed.

Good luck!