Tenants and PM in place. Do I keep the PM for now?

Question

Hi all,

I'm under contract for a duplex with tenants in place. One tenant has nearly a year remaining on the lease and the other is around 6 months remaining. This is my first purchase and I was planning to manage the property to maximize returns, but should I keep the PM in place for the duration of the existing leases?

Thanks in advance!

Theresa Harris · Answer

If you planned on managing the units yourself, then why keep the PM? Make sure you get the deposits and the prorated rent at closing.

Scott M. · Answer

If you want to self manage there is no reason to keep the PM in place. Your deal, you are the boss, do you. If you don't want to self manage well, then you have a PM in place you can start with and try. You get to choose.

But no reason to keep the manager in place just because they are in place. You can step in and take over no problem.

Peter Mckernan · Answer

I would not keep the PM in place, take them out of the loop and continue as you stated you want to self manage. It will bring you more experience and reduced costs for the first couple years before you ramp up to have a massive amount of units.

@Jake Foehr

Jake Foehr · Answer

@Peter Mckernan @Scott M.

Thanks guys!

Tenants and PM in place. Do I keep the PM for now?

Tenants and PM in place. Do I keep the PM for now?

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