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Updated about 13 years ago on . Most recent reply
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Getting property management company for first rental property?
I'm looking to get my feet wet in buying rental property soon. And I was wondering if it's a completely foolish idea to hire a property management company for my first rental house, probably single family.
I understand that I would want to do it myself to get a handle on everything and to gain experience, but my main goal is to get a small amount of cash flow (around $100) a month and get the first property out of the way.
What are your thoughts?
Most Popular Reply
I would also advise against the PM. They don't care about your property, and they don't care about your cash flow. Nobody will manage your property better than you do. It's really not that hard once you get the first few tenants behind you. I would recommend joining your local REIA group, or finding a landlord group on Meetup. Asking other landlords about how they handle situations is a great way to learn.
I have never met a landlord that was happy with their first PM, or with PM's altogether. They are constantly getting screwed and looking for a new one, which in my opinion is just as time consuming as managing it yourself.
Some PMs offer a tenant placing service, for around $500 they will advertise, locate and screen a tenant and guarantee they stay for 6 months. Then you would handle the property after that.