Should I hire a property manager?

[Devyn Grillo]

Hello everyone, I have a SFH that we will be moving out of within the next few months. I've never dealt with rentals or being a landlord, but I do want to keep the house as opposed to sell it since it's in a high-growth area. We'll be moving out of the state though which I'm thinking will make it difficult to manage the property/tenants if needed.

I also don’t have any real experience yet on what it takes to be a landlord so any guidance is appreciated.

I’m wondering if I should just hire a property management company to keep things simple? They would suck up the majority of the few hundred bucks in cash flow we could get otherwise.

Thank you!

[Hans Suljic]

HI @Devyn Grillo!

Get a property manager. Doesn't matter how experienced I am at managing property, I would never own a long-distance rental and not have a property manager. The last thing you need is to be hit with a fine by the city because the tenant decided to stop cutting the grass. Or maybe the tenant decides to foster 67 cats even though the lease states no pets allowed. What I'm trying to say is you need to have eyes and ears on the ground. :)

If I were you I wouldn't focus to much on the cash flow. If it's in a high growth area I would just let it appreciate in value and build equity. Once get to know your new state and the area around it, you can always 1031 this property into something close by. Good luck buddy!