Newbie deciding to DIY or hire property managee

[Julie Felts]

Hi friends! I'm Julie, a newbie from the Detroit, MI area. Planning to list a SFR in the very near future, after a few repairs are completed. Full disclosure - it was our previous home and we are still upside down. My husband bought it right before the crash (and before we met) and we are planning to hold it, and hopefully expand to other properties in the future that are a better investment. We have been doing a lot of research and I feel that we are as educated as new landlords can be, but I am really concerned about what mistakes we could be making that I don't realize, and considering a property management company instead of doing it ourselves. We both work full time and have a 1 year old, but i am trying to balance our available time with the fact that we might not have positive cash flow if we have to hire someone. Any advice? Also, any recommendations for property management companies for a single SFR on the east side of Detroit?

[John D.]

@Julie Felts Welcome to the Party!!

I would go the DIY route initially until I have enough properties that it does not make sense for me to self manage.  As a newbie myself, I just feel that it would help me "learn the ropes" and eventually have enough knowledge to be able to manage the PM when I scale up and don't have time to manage the properties myself.

I agree with @Carolina E.  If repairs are being done now, your repair expense should be minimal in the beginning.

Its been said in these forums on more than 1 occasion...nobody is going to care for your property as much as you will as the owner.

Good Luck to you!!