Rental Property - No Property Management Company Advice

[Hansel Akers]

Hi everyone. I am 25 years old and a little over a year into my purchase of a condo in a very expensive, fast growing area. Although I have been saving up for a little while the funds will be used for relocation to Philadelphia, PA. The rental property is in too good of a location to sell and make a small amount of money, so I want to keep it and rent it out. I want to also avoid the unreasonable property management expenses. Any advice on this matter? The rent will barely cover all that I am currently paying: Mortgage, Condo Fees, HOA. So I want to avoid using an entire month's rent on a property management company.

Any advice would be awesome!

Thank you all

[Joseph Scorese]

Hi @Hansel Akers

Welcome to BP!

The phrase to bite your nose will spite your face if not going with either a maintenance or pm company if you are an out of state owner. Also, you should consider becoming a member of the Landlord Association of Philadelphia (HAPCO) if you plan on playing Landlord long term in Philadelphia County. Condo rentals could be risky especially with a change in the HOA fees or Association members. Might consider a single family row home to avoid the unforeseen.

Let me know if you have any questions.

Regards,

Joe Scorese