Updated over 6 years ago on . Most recent reply
Managing My First Rental
Hello! I’m new to the BiggerPockets community and my wife and I recently started the process of closing out our first deal! I am excited and also terrified all at once but thankfully for the tools and information I have gained here I believe its a winner!
My question is regarding managing the property. The property has a 3 bedroom home, as well as a one bedroom apartment above a detached garage. Both are currently already tenant occupied (leased through November), and the home will cash flow from day one because of it. I am trying to decide if I should self manage to save the $180 a month maybe doing something like Rentredi. But the property is two hours away from where I live and in a city where I don’t already have a network of contractor set up so I would have to work to do that. Additionally well I believe I could learn and successfully manage, I have no experience managing rentals so far. I also don’t have much information on the current tenants other than that they have generally paid on time and are current.
What would you do?
Most Popular Reply
Congrats on closing on your first deal!
Driving 4 hours round trip to save $180 per month does not seem worth it to me. Secondly, as you stated, you do not have a team on the ground there. This is something a property manager will have access to along with accounting software for managing the tenants. Maybe after you buy a few more rentals in this area, you can start self-managing.