I couldn't find this question anywhere, but can't imagine that it hasn't been run into before.
I am inevitably going to buy a property in the next 90 days. I am trying to decide whether I should manage the property myself or with a company. The reality is I travel for work, typically Mon - Thu. Does anyone have any experience managing while traveling for their primary job ? With a few properties it may work I suspect but beyond that it would become difficult.
Any insight would be much appreciated!
Originally posted by @Shawn Pennington :
You can make it work...just need to have boots on the ground in event of emergency while your on the road. I manage all of my properties from afar because I travel a lot as well.
Hey shawn, and what you mean with "having boots on the ground" like a property manager or some close friend/family who you trust that can fix (smaller) problems for you while you are away?
It's definitely possible to self-manage while you're working full-time, but it's not exactly going to be easy. I believe VRBO estimated that their average homeowner spends around 8 hours a week self-managing, so if you have the time and energy to self-manage (and depending on how you value your time), it may be worth it - especially if you're going to be traveling.
On the other hand, if you're looking for an alternative to self-managing or paying a management company a commission, I'd be happy to see if I could help you out with our model.
Where is your property?
8 hours per week average sounds high for managing one property. I'd imagine that'd be an average for managing many more.
You can do it, but need a team in place. Have a trusted handyman, plumber, etc. Have them pay rent electronically rather than mailing checks.
@Steven Devoe :
I do deals all over the United States and have income producing properties I've never been to and never will go to in states I've never been to and won't go to.
Everything you need handled can be done by posting a Craigslist gig to get someone to physically do it. I hire subs on there, photographers, videographers, virtually everything.
On a normal deal with a sane tenant or buyer, you're not going to have a lot of issues anyway and therefore, not a lot to manage. If you're a landlord, you've obviously got some liability and responsibility but nothing has to be physically done by you, nor do you have to pay someone monthly to "manage" a property that probably doesn't need managing anyway.