Hire Prop Manger or DIY

[Charles Press]

Hi everyone,

Buying my first nvestment property. It is a 7 unit building, 100% occupied. Nice neighborhood, many tenets have a long history 5+ years. It's 30 miles and 35-40 minutes from my primary residence.

I have a full time job (sometimes more) operating another business I own, family, etc. and no have experience in land lording or property management.

There is currently a property manager in place that the seller was using. I'm debating keeping them or attempting to do it myself.

I have been reading on this forum n how to be an effective landlord. I do think I have the temperament and attitude on dealing with tenets, firm but fair. And treat it like a business.

The time is what concerns me more. I don't want the 2am phone calls (who does?) or really any calls for that matter needing something. Comes with the turf I know. Naturally you could find repair service or contractors to have tenants contact. And then dealing with filling vacancies. Tenet screening is something I would not look forward to.

Long term, my plan is to be a real estate investor along with other businesses I am involved in. I'm buying this property to test the waters to see if real estate fits me or I fit it. I don't look to become property manger (that could change) if I purchase more investment properties I the future. hat said, I would prefer not to have to pay 6 to 10% to somebody else to avoid some hassles. Seems like a lot if you do have decent tenets.

Looking for opinions now from everybody else' place experience, would you go with a manger or attempt to do it yourself?

Thanks!

[Account Closed]

Charles,

It can go either way, Sounds to me your already busy in work and other business. You do need to learn the ropes in being a landlord tho, whether you end up doing it full time or not in the future. Maybe what you could do is keep the the management in place for now learn from them for a while see were it takes you then make your decision. Sounds like to me they know what they are doing and no sense in up setting the apple cart at this early stage. There are other variables to think of like, what is the diff in savings if you do it versus the time lost from your other business and the possible stress you may have with your JOB, Trust me nothing like getting a call during work that the ceiling is leaking or the toilet is over flowing. UGH! If your employer is ok with you handling the call or leaving during work then ok. But at the end of the day your goal is to have multiple streams of income coming in at the same time. If you try to do all of it yourself something will lack.