San Diego partnership with property manager

[Tony Robertson]

Hello Big Pocketeers,

As Joe Fairless likes to jokingly say in his podcast, "you live and die by your property manager" and to a large extent, this is correct. A good property manager can make an average deal great or, on the flip side, can run down a well-purchased investment.

Being a property manager in San Diego, I have the management side handled, but as the market continues to heat up and the inventory is reduced, it is becoming very difficult to find investment properties that make sense. I've been considering the option of investing out of state but having worked in the industry for a while (12 years) and seeing how bad property management can be, I simply can't imagine letting someone else manage my investments. This led me to the idea that other people have the same concerns when handing over their hard-earned investments to a property manager. Of course, my next thought was that if I partner with someone who can find good deals and both sides do their best, the value to both partners would be unquestionable. Here is what I'm trying to find out:

1) Has anyone done that and if yes, how is it working out?

2) What would be a fair way to do such a partnership, e.g., I can provide the management part at no cost; what should I expect from the other side?

3) Is anyone out there interested in such a partnership?

Any advice or opinion is appreciated. Please PM me if interested in further discussion.