Property Management -- Does it make sense for me?

[Craig Montesano]

Hi BP

I got into REI about a year ago...Right now I have 4 SFR and about to close on my 5th. All of my properties are within a 5 minute drive. That being said I can manage them myself...not there is a whole lot of management involved with SFR to begin with. That is part of the reason I am focusing on SFR. I run a full-time business outside of real estate, which does not leave me a whole lot of time for much else....Plus I have a wife and 2 small children.

I am contemplating the jump into multi-family. In my immediate market there is not a huge market for multi family. There is however a decent market about 45 min away that would make sense. There are a few 4 plexes for sale, but I could not manage them. Are property management companies as good and easy as they sound? We as owners just sit back and collect a check each month? I have a lot of apprehension about leaving my properties in the hands of others. What about reapairs?? Does the management company just go ahead and fix a leaky sink and then send you the owner a huge bill on top of the 10% you owe them each month? I have researched this a bit and have found a few possibly good outfits, but it is still a fear I have...

OR should I just stick with Single Family in my market?????

Any advice??

Thanks in advance!!