The Moment Money Matters - Self Management Vs Property Management
This is a question that many people face when choosing a buy and hold strategy. I can speak from the perspective of building a Philadelphia property management company from 0-700 units and then selling to TCS Management that currently manages over 2000 units. The reason this is relevant is because I have seen quite a few owners in different scenarios. The important thing for an investor to decide on is really based on their own abilities and tolerance. Before ever buying an investment property, an owner should know if they are cut out to be a landlord. Can you design systems that you religiously stick to? Do you have the stomach to evict someone if you have to? Do you know all of the local laws and regulations to follow? If these are topics that make you squirm, then a management company is probably your best fit. If you have no problem with these kinds of situations, then self management might be a better fit.
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