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Updated over 5 years ago,
Self Management Tipping Point
My first post in BiggerPockets. Pain is the ultimate motivator. I recently purchased my 3rd building giving me 11 units in first 18 months of REI. Cash flow has been great and I really enjoy real estate (some may say obsessed).
I am in the process of completing renovations on the final unit (rehabbed 3 units total) of the new purchase as well as updating all windows etc. During this time I have had a couple tenants turnover at my existing buildings, had several maintenance issues along with managing the rehabs. My time to self manage prior to this purchase and renovation was very minimal. But this 3-4 month stretch has extended me.
I can see the light and the end of the tunnel but have been trying to turn over the reigns to a professional PM company. I nearly signed a contract with one company but fortunately I asked around and it was highly recommended not to do business with them.
A positive result of having to juggle all these items (and a business as part of my career) is that I have been able to develop systems/software that now streamline certain aspects like payment, pre screening, showings, etc. However the maintenance and contractor management is something I don't enjoy.
Ultimately, I'm wondering:
- What the Tipping point (in # of units) was for those that decided to move from self management to professional PM?
- Forthose that still self manage: how many units do you have and what systems have you implemented to assist you?
I've got the real estate bug and am excited to grow my portfolio.
Thanks in advance
Ryan