Self managing multifamily from a distance.

[Troy Zimmerman]

Ok guys, anyone have any recommendations for books or strategies to self manage multifamily (20+ units) from a distance? Specifically managing turnover and leasing. I’ve always used property managers, but im considering self managing a very specific property and could use some insight! Thanks

[Manco Snead]

I bought my first OOS property last year; a duplex. It's been a full time job since I bought it, even with the PM I ended up firing for incompetence. Now on the second PM and maybe (maybe) it will be better. I still do most of the work to try get the current turnover finished; organizing all the contractors/vendors from a distance in an area I don't really know has been dicey and stressful. It's coming together, but if I could rewind I wouldn't have bought the property. And this is just a duplex. Other people with more experience than I have made all this work, but for me it's not really been worth it.

If I were to do this again, especially if it were a bigger property, I'd go live near the property for a few months so I could oversee getting everything dialed in, meet the contractors, check work, do some of it myself. From that I'd have my own go-to vendor/contractor list as I don't always trust the PMs vendors. Also meet tenants and try solve current problems with them. Then I'd interview all the PMs in person and go from there. I'm no authority on the topic, but just my thoughts.