Quick Tip for Newbies: Managing vs Hiring PM
If you bought your first property and are thinking about self managing it, hire a PM company to get it leased!
My first property I attempted this myself. The result, a terrible tenant. The tenant pays on time but is extremely high maintenance and all over the place. I ended up hiring a PM to handle it.
My second property (duplex house hack) I tried to lease it again myself. Despite being in a highly desirable area I only received a few emails and had 1 showing in 5 weeks. I ended up giving myself a due date that if I did not get it leased I would hire it out. I was struggling with all of the legal paperwork, systems, etc. After missing my due date I had my PM from the first property find a tenant.
The result: in 10 days they had well over 25 emails of interest, several showings, and got it leased to a high income earner that works at the local hospital. All of the legal paper work was completed and the tenant is set up on auto-pay. I haven't heard a peep since. Cost = $500.
Don't do everything yourself. Hire the professionals.
When I was trying to do this myself I lost sight of the other rentals I own, my strategy going forward (working on my business). It's okay to do some things yourself if you want, but majority of the tasks should be hired out!
Note: I only self manage the duplex because I live in the lower unit. My other rentals are all handled by a PM and it's well worth the cost.