Hi everyone,
I'm currently evaluating an opportunity to remotely manage 30 single-family homes located out of state. These properties are owned by a few different investors I work with and know personally, the average monthly rent per property is about $1,300. My wife and I are considering taking on this role as a property management team, managing these properties from our current location in Washington state.
Our plan is to establish a reliable network of local contacts in the area—such as maintenance professionals, agents, lawyers, etc.—that we can call on as needed. I would initially travel to the area for a couple weeks to meet and assemble a dependable team. Additionally, I would plan to travel to the area every 4-6 weeks to handle any major issues and find new potential investment properties.
While this seems like a promising start, the income from these 30 properties alone doesn’t yet justify relocating to the area. However, their portfolio is consistently growing and I am also starting to invest in the area. As the portfolio grows or, if through networking we found more clients, relocating might make more financial sense.
Before moving forward, I’d love to get some input from the community:
1. Has anyone here successfully managed a portfolio of this size remotely? What were some challenges you faced, and how did you overcome them?
2. What advice do you have for establishing a reliable local network when you're not physically in the area? What other resources such as VA's could I consider?
3. At what point would you consider relocating to be a necessary or advantageous move?(number of doors)
4. Are there specific tools or systems that you recommend for remote management that could help streamline operations?
Any insights, advice, or shared experiences would be greatly appreciated. Thanks in advance for your help!
