To self manage or not...that is the question

[Randy Barnaby]

With 10 properties, I believe I may be close to needing a property manager. That being said, after a review of the time spent self managing properties over the past year, self managing seems like the way to go.  The calls were few and far between. When they did occur, they seemed to occur all at once. I always had a feeling of dread when the phone rang. None of those things were good. 

But... Overall there weren't that many and it was surely worth not having the 8-10% outlay to a management company. I do have some hacks that I do, and I would love to hear some of yours. 

We auto collect rent with software. 

I use a realtor when I rent out and negotiated a deal with him. (Better renters, fewer problems)

I use a google voice number for my tenants. (This one is key, lots of cool features)

I've developed professional relationships with vendors that also act as my eyes and ears when they are on-site.   I'm able to text the vendor the renter contact info and they will do the rest and send me the bill. 

It's all about saving time for me because my time is very valuable due to my profession. That being said, the time savings of a management company is not yet worth it when I conduct and roi analysis. If you employ some tricks and build some key relationships then you might be able to self manage until you have enough properties where you can really negotiate that management fee down. Or better yet, have a manager on staff. 

[Steve Vaughan]

Sounds like you have great systems in place and a good handle on things @Randy Barnaby. I used to think 10 was a magic number to turn things over as well, but 30+ now for a long time and still self-managing.  

If it's not broke... In the end it's a personal decision, but remember the PM does not own your property and will never look after it like you do. A couple of my biggest concerns are the high maintenance/repair costs ($100 breaker flips and faucet drips) and one month's placement fee. Neither take me much time. If I billed myself for all the little things I can take care of in 15 minutes I'd go broke or back to my cubicle.

Congrats on having 10 properties!