Self managing STRs from long distance

[Adhirai M.]

Hello all, I am looking to invest in STRs out of state (from West Coast to East Coast). My biggest concern / worry is how to self-manage the property, considering that I am brand new and I have no experience in any sort of real estate niche. I want to hire a property manager but the 20-30% fee messes with my numbers. 

I've read other forum posts and looks like most people successfully self-manage from out of state. My main question - What happens if there is an urgent issue with property and my handy man is not available to get there immediately? Also both my husband and I work full time jobs and we have a toddler who keeps us occupied as well. 

I really don't want my venture into short-term rentals and real estate investment to turn sour. Please advice how you all successfully self manage STRs from long distance.

[Yiwei Cheng]

Okay, unpopular opinion: if you are new to STR, self managing from far away is not setting your property up for success. You are starting from the beginning on learning how to do STR and that's something the property manager in the area have been doing for years. I would recommend finding a great property manager and they will be able to generate more revenue than you would be able to do. The hardest part of managing a STR is the boots on ground work and how are you going to find someone to trust to do the work - when it needs to be done & done correctly - if you are not there to vet people constantly? Don't worry about "saving" property management fees. Great property managers will generate a lot more revenue than someone who is new to STR. They have the experience and systems and people to get things done.