At what point should you start contracting out management of your rental properties? First house? What responsibilities does the management usually cover for you and what percent do they charge on average
@Robert Wood It really depends on your goals. Do you want to be a landlord or an investor. If you can manage it yourself you will save some money. If you just want to look for more homes and let the PM take care of the day to day then right now. There is no right or wrong answer here. Many will say learn on your first house so you know how to do it. They maybe a good idea if you have the time, patience and money to learn. Often those lessons are learned the hard way. If you want to manage yourself then you have to start somewhere, start now If you want to build a portfolio and have it managed then start that now as well. Do you really need to know how to walk through the eviction process if you are going to have someone else do it for you? I can go out for a nice meal and enjoy the result without having to know what spices the chef used and how he cooked it.
@Robert Wood I’m biased because I am a property manager but a good property manager is like a good insurance policy. When something goes wrong, they are well worth the monthly fee.