All Forum Posts by: Jason Prevette

Thanks everyone for your comments regarding your experiences self-managing and using property managers. It was helpful to have this pool of wisdom to help me as I decide which route to go and the recent poll added on this subject was a great idea! It's interesting that the majority of voters are self-managers of their properties according to the poll (so far in the results).

I'm leaning towards using a property manager the more I think about my personal situation with a job promotion and simultaneous relocation to NYC. There are too many moving parts right now to add-on managing my property. Finding an apartment to rent in NYC is a full-time job right now as the market is very competitive and my job is taking up a lot of time right now with more responsibilities. I also have a work trip to Paris in October where I'll be gone almost two-weeks and I don't want any potential issues to worry about with the house. My cousin shared his experience over the weekend renting out his house where he had two good tenants and one "bad" one, which made me nervous about doing it alone and being out of state.

I plan to interview three property managers and see what their quotes and services are like. I think in the long-run this will be a worthwhile way to go as I value my time and want to invest in climbing higher in my career. Ultimately I'd like to invest in an apartment syndicate within the next year...that's the next big goal!

I'm debating self-managing my current primary residence following a job relocation (and move) to NYC, and in part of that decision I wanted to check with some fellow BP'ers to see if there were any 1st timers that could share their experience? Is it that daunting? I considered selling outright to pocket $80k (net of fees) tax-free, but creating passive income where I could net potentially $800-$1,000 per month would be great (rent $2.2k to $2k w/ $1,200 mortgage). Plus I get to keep my attractive 3.375% 30-year mortgage which is another bonus in comparison to today's rates. Houses go quick in my neighborhood (selling or renting) because it's in a good community in a great school district and convenient to major highways. The thought of paying 10% fees (plus 1st month's rent) is not ideal if I could place a tenant myself. I had my real estate license so I have some level of understanding of the process, but my full-time job has consumed my time so I've focusing on that instead.

For background on the property:
*15-year old townhome
*3 bedroom/2.5 bath
*Unfinished walkout basement
*Trex Deck
*Good schools

To prepare to rent I've replaced all 3 toilets with brand new units, new sump pump, new garbage disposal, new modern kitchen faucet, and new washing machine water lines. I have some other odds & ends to do but the goal is to make sure there are little to no calls about any issues. If there are any issues I don't mind fielding a call here and there to send out a handyman to fix.

Any advise would help from those that made the leap into self-management. Any tips, do's/dont's, etc. would be great!

Amazing work Ken on your first rehab from top to bottom. Your attention to detail will serve you well going forward. Good luck on your future flips as well as your real estate exam!