Manage my own properties or find a property management company?

[Johnny Youssef]

Landlords, I am at a place where I am managing 38 properties. Most of them are single family, couple are duplexes, and couple are student housing (near a college so I rent by the room for higher profit margin). It's becoming overwhelming managing them and I am at a fork in the road: Either use what I built on and find a full-time property manager and create my property management company for my personal properties to grow on OR hand it to professionals in a local property management. One part of me wants the first option because it means more control, better profit, and ability to grow bigger to justify a full-time team. But another side of me feels that I am hindered with investing until my management is in place which makes it more appealing to "hand it to the professionals". Anyone have gone through this? What's your thoughts?

[Stephen McClanahan]

Congrats on building the business to the point that you're facing growing pains.  That's exciting because you are moving to another level.  There's no harm in contacting several local property management companies and interviewing them.  You'll figure out if they are any good and if you decide to roll your own prop management company, you'll have a good idea about the competition. You might find out that there aren't any good prop management companies, and might be able to grow that side of your business.  If you do decide to use an outside company, I recommend splitting your properties and going with two if possible.  I've heard of cases where a company decided to drop its investor client and the investor was left with having to self manage again.  Having two companies on hand is a great hedge against this.  Best of luck!