Do it myself ?

9 Replies

If I were to buy a 10 unit apartment complex , should I hire a property manager to run the apartment complex or should I just run those 10 units my self ? What do you think ? I'm open to any suggestion or opinion

Just a few questions you should consider.  How flexible is your W2 job?  Can you make and receive personal phone calls at work?  Can you leave work on short notice to show an apartment?  Are you handy?  Is the apartment building local?  Do you have a business partner or spouse to help?  Do you have any real estate or construction experience?  How old is the building?  What type of neighborhood is it in or what type of tenant will you be expecting?  These questions, and many others, are the type of things you need to consider before making this decision.    

I've been working as a leasing agent for an apartment complex for 9 months now and my dad has been working as a lead maintenance for another apartment complex for 5 years . So I'm guessing we have some what of the team but im not sure if I should leave my job just yet or wait until I have the whole management team on hand . @RandyLandman 

Outsource Maitenence (find GC or provider or just reliable handyman) and tenants recruitment agent , choose online program to property management and you will make it. Or you could just outsource everything to PM company if you will find reliable one.
Keep your job though :))) banks like your w2 much more than rental income :)))
Originally posted by @Jane A. :
Keep your job though :))) banks like your w2 much more than rental income :)))

 Thanks :) 

Originally posted by @Randy Landman :

Just a few questions you should consider.  How flexible is your W2 job?  Can you make and receive personal phone calls at work?  Can you leave work on short notice to show an apartment?  Are you handy?  Is the apartment building local?  Do you have a business partner or spouse to help?  Do you have any real estate or construction experience?  How old is the building?  What type of neighborhood is it in or what type of tenant will you be expecting?  These questions, and many others, are the type of things you need to consider before making this decision.    

 I've been working as a leasing agent for an apartment complex for 9 months now and my dad has been working as a lead maintenance for another apartment complex for 5 years . So I'm guessing we have some what of the team but im not sure if I should leave my job just yet or wait until I have the whole management team on hand . @RandyLandman

@Christian Garcia

Well between you and your dad you have some experience in this area.  Self management could be something to consider.  But I certainly would not quit my job for a 10 unit apartment building.  Will this cash flow enough to replace your income?  Or more importantly will this cash flow enough to get you to the income you want to be at?  Think bigger.  Keep the job and bankroll the cash flow from your 10 units into the next building.    

@Christian Garcia I use property management myself, but thats only because I live 500 miles away from the properties that I own haha. If I lived near my houses, however, it would be a different matter.

Honestly, as someone who has worked as a leasing agent at an apartment complex, you're already on the right track. Before you make the decision though, read "Landlording on Autopilot" by Mike Butler. It's an awesome book that will help you develop the necessary systems to be the best property manager you can be. Best of luck!

Originally posted by @Tyler Flagg :

@Christian Garcia I use property management myself, but thats only because I live 500 miles away from the properties that I own haha. If I lived near my houses, however, it would be a different matter.

Honestly, as someone who has worked as a leasing agent at an apartment complex, you're already on the right track. Before you make the decision though, read "Landlording on Autopilot" by Mike Butler. It's an awesome book that will help you develop the necessary systems to be the best property manager you can be. Best of luck!

 Thanks Tyler ! And I'm definitely  gonna read that book by Mike butler . 

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