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Updated over 10 years ago,
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!