The pros and cons of the different ways of managing your multifamily properties?

[Henry Hsieh]

On the top of my head there are different ways of managing your multifamily properties, (7-12 units) I am curious as to your experience of how to best manage it in a B to C class neighborhood.  

1.  Managing it yourself - You or your team collect the rent, deal with local contractors for repairs, in essence hands on 

2.  Property management company - You outsource it to a property management company and your approach is more hands off

3.  Getting a tenant within the unit to manage it for you - You somehow convinces someone in that property to manage it for you.  I assume you would either give them a discount on their rent or free rent for their service as a result.  They become a part of your team in some ways and deal with all local contractors for you related to the property

Which one of the three above have you found to help you in your journey and how did you scale it from there?

[Michael Smythe]

@Henry Hsieh if you choose #3, have tenant sign lease MTM at full rent amount. 

For payment, pay them separately NOT via rent credit. If you part ways with them, they get to stay at the lower rent amount:(

With MTM lease, you can then give them 30-Day Notice if you part ways.