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Updated over 4 years ago,
Property management question for remote property
Friends,
I have invested in a single family home in Virginia and I live in California. I was planning for a property management to be done with a company local in Virginia. Though I have another realtor, who is a friend of mine, and willing to do property management for a cheaper rate, who is also local to the city. This being my first property, I would like to know if it is better to go with professional company to do property management or go with single person. He is good, and willing to and able to support as needed. Though with him not having official license for property management, all the contract and documentation will be done through me as an owner, and he will be behind the scene doing the regular management. The difference is almost $900 per year in cost. He has already helped me finding a tenant. So he is good in his service.
Though being so far from the property, I am bit leaning towards going with professional company to manage any worst case scenario with tenant.
Do you have any suggestion?
Thanks.