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Updated about 8 years ago on . Most recent reply
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David ATL - Hiring a PM without Personal Experience
Good morning BP Community.
My name is David and I am a newbie from Atlanta, GA.
Disclaimer - I have never owned a rental property and I am at least 2 years out form investing in one.
I have a technical trade and I am a Management employee for a Fortune 10 Company. I have recently started a family and I have plans to eventually open my own business. All of which point to an ever increasing premium on my time.
I aim to take on real estate as a series of investments towards a passive income stream. I realize that a lot of learning and work will be required; however I would prefer to invest that effort on the learning and investment side of things while leveraging the time and expertise of others.
I am not a particularly handy person and I don't have an interest in actively managing properties, evicting tenants, or repairing property issues.
Through cursory research on BP and other sites, the consensus appears to be that it is recommended for new investors to "get their hands dirty" and manage their own properties starting out; for reasons including learning the trade and cost savings.
If the 10% cost savings is negligible to me and I intend to learn as much as I can about the discipline and conduct regular check-ups; what is the risk in hiring a Property Manager off the bat if I have NO personal EXPERIENCE managing properties myself?