One of the strategies that has been successful is managing one property myself and using a PM for additional properties that I acquire. I quickly found out that managing multiple multifamily’s was WAY too intensive while holding down a full time career.
The solution was continuing to self manage my best property since I had fixed it up and made it relatively maintenance free. The additional properties are managed by a PM company. Yes the fees are high and the profits much lower, but there’s only so much time in the day. It’s also the only feasible way for me to grow to the number of properties I want.
The PM has also allowed me to make additional connections with other lenders, insurance brokers, contractors, and private off market deals.
In summary PM is worth every penny. The one house I manage allows me to still be hands on (which I enjoy) without stroking out from stress of more units haha.
