Anyone go from using a Prop Manager to self-manage during a lease

[Pranitha Shandi]

I currently manage a property myself (I live close to this). Another property that I own is being currently managed by a property manager ($200 monthly fees). I am not happy with my Property Manager and plan to take it upon myself. My contract with Prop Management is a 30 day heads up to discontinue the Management service. There is still 5 more months left on the lease of current tenants. The current tenants seem to be nice and no complains so far. I will inherit about 4 months of current tenant (hope he renews the lease 😊). 

From the peers here, I would like to know what are the items that I need to be wary of, taking it on myself. Would you recommend waiting until the end of current lease? 

[Isaac S.]

I have only self managed multi family in a 90 year old building. I have very extensive maintenance but, I am in hot market so turnovers are fast.

That being said...it has been my experience that their are two types of investors, those that are great at the financing/accounting/deals and those that are great at the maintenance/day-to-day operation.

Even the numbers-investors are still required to manage the management company, so, it can frequently be just a bit more work to do all the management yourself and get substantially better return, as long as you are handy or have a good reliable handyperson.

Good luck!