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Updated over 6 years ago,
Using a Property Manager - bad idea?
I'm young and trying to learn as much about real estate property rental investing as possible. Like a lot of first time investors, I'm looking to break in through multi-family properties.
I reached out to my grandpa (50 years of RE experience and once owned 70 properties across the US) and sent him a deal analysis I calculated using the BP calculator. While members on BP said it was a good investment, my grandpa said it wan't because it was a couple hours away from where I live.
He then went on to tell me how I don't want to use property managers because they can be lazy and gradually loosen their grip on tenants. But many podcasts and forums and webinar videos here mention using property managers.
Is it not wise to use a property manager for my first investment purchase? Is it not wise to use them at all? Using property managers has been a part of my long term goal to own multiple investment properties across the states.