Quote from @Josh Otero: Hi BP community, I know you've got some crazy tenant stories and I want to hear it.I'll go first:1) I was managing a 5 story apartment building and a dog fell off the 4th floor balcony because of the owner not paying attention.

Are you currently self-managing or do you have a management company?

Until then, I'll be trying to absorb everything I can to fine tune my approach and prepare for managing REI business post-acquisition.

First things first, when assessing property managers, it is crucial to prioritize their ability to collect rent and manage delinquencies.

The place where you can add value with no money is a situation like: you find project A, it is a 120k purchase and it should need 80k rehab but you can get rehab done for 65k cause you can do some of the work and you know how to save on materials and you can manage the rehab. 

Interview the team rehabbing and managing the home on your behalf.

After 6 months I have two properties and since day 1 they have been rented.However, making some numbers and organizing the 2025 budget I am not sure what to think about my first step on this journey.The rent covers the mortgages (10 year loan both) however I have to take out of my pocket some % to cover HOA and management fee.

I do property management only that saves 10% and can be done while managing a W2 job.  

We manage STR, reach out to me and I will give you Shannon’s contact info.

The key to investing out of state is finding a good property manager.