All Forum Posts by: Michael Gross

Hey @Michael Gross - anyone telling you that you NEED or DON'T NEED a property manager is not giving you the full picture. 

In reality, whether or not you need a PM depends entirely on how involved YOU want to be in the property itself. 

It also depends on the type of property you buy and the area you buy in. 

For example: 

1 - buy an A+ property, in an A+ area, with A+ tenants, that's 12 hours away

2- buy a C- property, in a D+ area, with C+ tenants, that's 30 min away. 

Which scenario do you think is going to need more hands on and active approach? That's why it's so relative. 

Shoot me a DM if you want to chat, I self manage my properties from 8+ hours away (driving) and haven't run into any major issues that I can't handle. 

It does help to establish a good network of handymen and contractors in the area that you're buying to make it easier. 

I just can't fathom paying a % of my income to a manager until I have 20+ units or so and at that point it would become a fulltime job likely. 

I used a PM that screened, showed and placed the tenant (Renter’s warehouse) and since then have self managed 1st-miles away in MN. But, it’s 1/2 of a townhome, so outside isn’t an issue and it’s a “nicer” property @ $3,200/mo. So the savings from not paying 8% adds up fast. I’ve attracted long term tenants that treat the place like their home and I usually only hear from them every year or two. I don’t do it to save 8% of $1,500 locally where It pretty much pays for itself with short vacancies, long tenancies, and rent increases.

Hey Michael,

I think it really depends on the resources you have where you buy the property. I self-manage a property that is in another state, 10+ hour drive. I am comfortable with this because I have a maintenance contact that I have worked with many times and trust them to look after the property when items come up.

There is no distance limit on how far you can be from your property and self manage. You will run into the same challenges being 45 minutes or 45 hours away from the property. So long as you are educated and prepared, don't shy away from self managing your first investment and learning the process of being a landlord.