Property management unnecessary , even while working full ti.....

[Mark Douglas]

Looks like my 1st property will be an FHA owner-occ quadplex. I've heard time and time again that there's no need to hire out property management for this small multifamily.

What I'm unsure of is how I would handle problems that came up during the day, while I'm literally at work...??  I do have some flexibility, where I could step outside for a minute to make/take quick phone calls, but would that be enough? 

I don't have a "team" or "systems" in place like they discuss on the podcasts, so I would be the tenants' only point of contact, at least in the beginning.

Anybody else care to share their real life beginner experiences with investing while working 10-12hr days?   Pros? Cons?

Many thanks!

Mark Douglas

[Sarnen Steinbarth]

Mark,

I started out with just a few properties and worked full-time.  Eventually I began acquiring more - to the point that I decided to start a rental property management company (still while I was working full-time), mainly to help with my own properties.

At the start I think you will find it is usually fairly manageable with under, say, 10 units.  Make sure you have a good plumber (and probably an electrician) on speed dial.  In my experience most issues that need immediate attention are water / plumbing related and to a lesser extent electrical.  Most other issues (roommate issues, non-payment of rent, etc) would not require you to do anything immediately while at work.

If and when you start to get to 40+ units it may be worthwhile to have a part-time person helping out during the day. 100+ units will probably require a full-time employee.  

This all, of course, depends on the type of rental units, age, deferred maintenance, etc.

I hope this helps!