All Forum Posts by: Daniel J.

@Jeff B. Good to know, thanks!

@Jeff B. Do you have any thoughts on where to find someone if you had to? Or is it simply see who is available and vet them as much as possible and hope for the best?

@Madeline Burke I'm glad you are benefiting as well! I've learned a ton from other people's threads. Are you investing in Ft Collins or are you just an agent there?

@Jeff B. Were you then able to find a good handyman to take care of the little stuff? That is almost my bigger concern. I can set up electronic payments etc to manage more remotely, but it's more fixing the small things that I see as more of a time eater.

I was recently introduced to a potential partner through my real estate agent. My agent introduced us because he thought we could be mutually beneficial to each other. He was working in oil and gas and lost his job about 2 years ago and has not been able to find any full time work since. He has had upwards of 5 SFH rentals and still holds 2 or 3. He recently finalized a divorce and due to that had to sell one of them, but from that he still holds a good amount of cash for a down payment. Due to not having a full time job though he cannot get a mortgage though he does have good credit. He does also have some credit card debt that he said is not from misspending but still coping with costs from being laid off. I on the other hand have very little capital to play with but I have good credit and a full time job. So the theory is that we could partner and he provide the Capitol and I help the debt to income ratio. Does anyone have any thoughts on the wisdom of pursing a partnership of this kind with someone I really don't know. He would also help provide experience since I have not done a deal yet.

@Timmi Ryerson I do appreciate the professional aspect they can lend. I believe systems and a professional look are very important. I can also produce much of that on my own though. Where is a cost of $18 coming from. I have seen nothing that low. I realize that that it varies company to company and is frequently dependent on rents, but that is quite a low cost.

@Jon Q. Thanks!

@Brian K. That is always the question! Being in the Houston area I am also trying to figure out distances and the fact that I can invest in a property even 100 miles away and basically still be in the metro area. So would it be worth it for me to self manage a 10 unit 45 minutes away or just pay a management company.

@John Casmon Thanks John!

@Jeff B. That is indeed what I am weighing. At this point I have more time than money, so trading time for money makes sense. I also have a young family and want to make sure to not stress that part of my life just for a bit more cash flow. 10-20 units should not be bad to manage though?

@William Hochstedler That totally makes sense, and is one reason why I do want to self manage. Thanks!

@Shawn Ackerman Thanks for the thoughts!

@Bonnie Staples That does make sense, certainly if they can save you more money than it costs all the better!

@Zach Quick Partially I am considering size for my first couple deals. I don't really have any concerns with managing a triplex or similar, but if I bumped up to a 10 unit that is a bit more daunting. I overall like the extra profit gained from self managing but I don't want to shoot myself in the foot either.

@Ray Harrell That is true. Thanks!

As a general rule I am planning on managing my own properties. However, I do realize that gets a lot harder the bigger the property is. Does anyone have thoughts on what size MF I should really start considering using a PM?

Thanks!

Daniel

@Josiah Pisel Thanks for the info! I do plan on calling around for vacancy numbers and such. Hopefully they will be willing to share.

@Jordan Sand That does make sense. Thanks!