Do you need a property manager?

So as I keep growing my rental portfolio the old question comes into play, do I need a property manager yet? I have one property with a partner and we are under a PM but only because he wants nothing to do with being a landlord, to be honest the 2-3 calls a year we would get from that property isn't worth paying $60 per month for management on a $725 per month rental as of right now (for me). But sometimes you must compromise when you have a partner and I did, but overall I really think the magic number is different from person to person. I know one of my clients that only has 3 properties but has had a PM since day one because he wants nothing to do with it, but for me on the other hand I think I will have to re-evaluate once I get to 10 rental properties and see where I am at.

I also firmly believe all landlords should manage their own property for at least a little while so they can get a taste of:

*Finding the tenant

*Screening the tenant

*Signing the lease

*Collecting rents

*Repairs

*Late night calls

*Late payments

*Evictions

And so many more things that come up on the day to day, once you get enough of the above you will appreciate the PM more.

FYI when buying rentals make sure you really over estimate on your costs, I just had to fork out $1800 to tap in to the new sewage system the borough decided they needed. That is 52% of my profits for the year out the window on that rental!

Expect the worst and hope for the best!