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Updated over 3 years ago on . Most recent reply
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Can I manage my out-of-state properties myself?
I recently purchased my first two SF rental properties out-of-state (I live in CA, they are in Fort Smith, AR). My best buddy in Arkansas was my point person on the ground, and helped me buy them and has managed them so far while we've been learning REI. But my buddy has accepted a job in Florida and won't be able to continue managing them. We knew that might happen.
I have great tenants for both, and most of the maintenance/rehab items they needed are taken care of for the moment. I have a handyman I really trust, but other than that, I won't have anyone on the ground anymore. How crucial is that? My friend makes the argument that there's not much he's doing for me that I can't do remotely (call a plumber, etc.). I read David Greene's book on Long Distance Real Estate Investing, but it didn't really talk much about managing, and definitely not about managing remotely. I'm thinking about regular maintenance (smoke detector batteries, furnace filters, etc.) as well as the urgent calls that could happen.
I've considered:
Hiring a commercial property manager (don't like this idea, but it's on the table)
Using Thumbtack.com on an as-needed basis
Hiring an enterprising college student, and incentivizing him/he to learn REI and connect with me as needed. Like an internship.
Is this crazy? If any of you have done what I'm asking about, I'd really appreciate hearing your thoughts on it.
Thanks!
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