Tired Landlord or Just in Transition

[Tony Castronovo]

Ha! Realized today that I am smack dab in the middle of what some classify as a "Tired Landlord" aka a person with 3-10 properties (I'm at 6). I guess the concept is that 1 or 2 is quite manageable and once you get over the 10+ hump you've scaled your business and have solid processes in place. 3-10 is where you have to grind it out. Any buy & hold investors that have 10+ properties have any advice for getting through the transitional phase?

[Rory Cummins]

@Tony Castronovo Have you considered allowing a property management company take over some or all of your current rentals? Perhaps just the most time intensive ones? I used to manage my rentals until having been forced to get a property manager when I had left the country for more than a year. Once I returned, I decided I never wanted to go back! I know most managers can charge upwards of 10% or more for their monthly management however, my manager not only charges 7% (will do for less if you have a lot of rentals) but I realized it was more than worth it, especially as they handle all the accounting/bookkeeping for me as well for year end taxes as well as have their own in house repair services. Normally they can get volume prices from contractors better than I can since they give them so much business on 1000's of rentals. I know you may not want to go this route but I'd consider it, especially if you have a few key properties that seem to be more management intensive than others... It'll also help you scale up to more properties too since you'll be able to focus your time on finding new properties and then you can just put them on auto-pilot w/ your mgmt company and then spend your time managing the company itself. Not sure if that advice will help but has worked out well for me in the past. The key is just finding an affordable manager and one that really does care and does a great job