Out of State Property Management for Large Apartment Buildings

[Jason Mak]

Hi there - I live in Los Angeles and own/manage my own portfolio of multifamily in LA county.  I have an in-house property management team and it works - I like it because I can control costs, be quick and actionable on delinquencies and other things that may come up.   It all works because I own the property and as the old adage goes "no one cares more about your property than yourself".

However, in contemplating going out of state - I know I'm not the first one here to ask this question - I wanted to some collective feedback and experiences from other people in my shoes.  Where are you investing?   How are you finding the property managers?  How are you holding them accountable?  What type of day to day/week to week/month to month involvement do you have as the owner?  Has the general experience been harder or easier than you expected?  And are the property managers meeting your expectations as well as your pro-forma?

Asking folks who are acquiring multifamily of 50-100 units buildings, and not for the turn-key SFH deals. Also - if you have any specific examples or experiences to share, rather than the typical "it depends"/general advice, that would be greatly appreciated!