I used a friend for the mortgage (who was new) which was a mistake... my financing fell through on the day of closing in July.

@Courtney HamiltonRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

.### Avoid Common MistakesBe cautious of common mistakes like underestimating repair costs, not having a solid exit strategy, and overpaying for the property.

Challenge is, finding a PMC that meets your expectations and is organized well enough to consistently deliver.Read on for our copy & paste advice about screening PMCs:-----------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

It's a common mistake to think you can remind them enough times that they'll suddenly grow a conscience and pay you everything they owe and apologize.Start the eviction process.

@Peter FaulknerRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

@Emily ShayIn our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Hey BP, I help a lot of new investors and Househackers get their first property and I see people running into similar mistakes.

I was listening today to one of the most authoritative STR podcasts of a few months ago and the Brazilian guest mentioned that his parents, still living in Brazil, were paying 11% interest a month on their mortgage (and it wasn't a mistake, he repeated it several times).

It's expensive but so are big mistakes.