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Updated over 4 years ago,

User Stats

152
Posts
90
Votes
Erica Larence-Penna
  • Attorney
  • Rhode Island
90
Votes |
152
Posts

Managing Properties While Out of State?

Erica Larence-Penna
  • Attorney
  • Rhode Island
Posted

I have a four-unit in Rhode Island, where I currently live, but I am moving to Florida at the end of the year.  We have good tenants and have not had any major issues since we bought the property in October 2019.  I was considering getting a property manager when we move, but the property currently grosses about $3,275 and I am a little hesitant to pay someone 8%-10% of that just for collecting rent each month.  I am also worried about handing over the reigns and giving up some control of my own property.  I could possibly have a family member assist when I move and I'd pay them some sort of fee.  Does anyone have experience with managing their own out-of-state properties?  Should I just suck it up and pay a property manager?

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