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Updated over 4 years ago,
Manage small multi family - Southern Maine
I am new to Bigger Pockets but do have some limited experience with real estate investment.
I'd like to start investing in small 2-5 unit multi-family properties. I have some money, solid credit, and am confident in being able to determine if it is a profitable deal. Where I struggle is the eventual management (renting, repair, upkeep) of the smaller properties. Unless and until I am able to collect a reasonable number of units I'm not sure I can make the $ work when paying someone to take on this task (that is assuming I could find someone interested in managing one single duplex / triplex, etc). I wouldn't have a problem doing this work myself expect for 2 primary issues:
1) I travel a fair amount for business...often being out of town for and entire week or so
2) Difficult to locate a small multi-family where I live that would fit my profitability model; however, 10 - 30 miles out of town (Portland, ME) there could be some real opportunity...when I am in town if I am being realistic I am not sure how eager I would be to drive 30 miles to check this or fix that
Reason # 2 has been the primary issue that is keeping me from re-starting my investments -- maybe the thing to do is to do this with single family properties and put the upkeep on the tenants...or of course I could look at 10+ unit property but I'm not sure I am ready money or attitude wise for that.
Any ideas? very difficult to locate a 2 or 3 unit that will provide and upside while still covering a management service