Property Management Pro's and Con's

[Michael Lightwood]

Collecting all the intel I can and this place is scoring high in the ranks. That aside I have a question for all of you.

I know people that rent and flip for that reason I am getting involved. However the part of property management and the laws I have some worry. For sure there are good people out there with good intent, however you also have the troubled ones as well. So I am weighing the options of paying for property management or just going at it alone. Can you share your views and experience with property management. I would appreciate it. 

[John Warren]

@Michael Lightwood there is no right answer to this question. There are some phenomenal property managers out there who will do a wonderful job managing your property for you. There are also plenty of terrible property managers! It is actually a very low margin business and it is tough to do profitably. 

I always recommend that investors think through how much there time is worth. If you are buying your first property and you aren't making multiple six figures, manage it yourself. You can always hire a 3rd party PM, but managing it yourself is normally the best route. No one else will care for your property like you will since you are the most invested financially in its performance!

I personally have moved to the point where I am building my own vertically integrated management company. I am a control freak, and as an agent that focuses here in the area in Chicago it is hard for me to give up the control since I am already on the ground anyways!