Updated over 11 years ago on . Most recent reply
Career in property management to augment REI
I'm currently considering changing career paths into property management. Not only would it increase my salary, even starting out, but I think it could provide for a critical eye in REI, to really evaluate what needs to happen to a property, what it's worth, and in general augment my ability to be a buy and hold investor.
I am curious just how much property management itself would help my cashflow. I'm assuming that when I have a few (1-5) properties, my skills acquired on the job (and supposed connections i would acquire, like handymen and contractors) would make being the PMan for them entirely doable. But would the savings I make by being my own PM be significant?
Beyond that, about when would most of you estimate that being my own PMan would have diminishing returns? By that I mean: how many properties can a PM reasonably be expected to juggle simultaneously, if they are not in one building? While I understand that my efficacy on the job is a determining factor, and that everyone is different, I would really appreciate a rough idea of this. Is it unheard of for one person to juggle thirty properties at once? Would managing thirty properties at once essentially be a full-time job, as I imagine it might? Would juggling those thirty properties and also continuing to build my little REI empire be too much work for most?
In general, I am interesting in hearing about the merits (and problems) of being a property manager for your own investments. Thanks!