Why BP so negative on property management?
I commented before on my situation, but just a quick recap so you know where I am coming from. I am self employed via eCommerce and my business bring me about 15K/ month profit and rising - leading me to want to invest in real estate.
I am in Cleveland but eventually want to invest in growing markets (Texas/Atlanta/Florida) and hire a property manager (I dont want to nor have the time to be a landlord). My investment goal here is appreciation/equity build up/ tax shelter/ and cash flow - In that order.
Most comments on biggerpockets seem to bash property management because of bad managers and it cuts into cash flow. The advice I get is "Manage it yourself, save money and headaches."
For me - my business is my main concentration and form of cash flow so I am okay with taking a smaller cut and letting professionals screen tenants and control rent. The 6-10 percent they take is WELL WORTH the amount of time it will give me to run my business and peace of mind.
Is there anyone doing what I want to do? Can someone tell me a successful property management story? I know good ones are out there...