When managing your rental properties

[Erik Tarver]

If my goal is to own 100 rental properties, when is it best to have a property management team step in? And does this make it easier to handle out of state investments as well? 

I currently have 1 rental property as of now, working on an owner finance for my second, but I am trying to plan out my path so I can achieve my goal. 

[Steve Rozenberg]

Erik, that is a tough question for anyone to answer. I say that coming as an investor that also created and own a pm company. I made a ton of bad decisions, purchased wrong properties and basically lost a ton of money. I can blame many things and people. But at the end of the day I did not take being an investor seriously. I never learned fair housing laws, Texas property code, tenant rights etc.. Nor did I take the time to understand that a rental property whether it is 1 or 50 homes is a business. You have laws /regulations, income  , expenses P & L statements etc.. I never created a business plan or did any homework. I was doomed to fail and get sued... which both . happened to me. I basically sucked as an investor, I took that and learned and created a PM company that is now very successful. My point is that if you take the time to learn and be successful with a business plan and homework you can do it yourself until your time is too valuable for this and it can be leveraged off. If you are not planning to create a successful business plan and learn all the laws I would suggest now is the time to hand it off. It only takes one law suit to lose everything you own. I am not trying to scare you but the reality is that there a lot of laws and landlords are the highest sued in real estate. Mainly because they do not ever learn those laws. Just my opinion