Updated over 9 years ago on . Most recent reply
Advice on using management companies
Hey, everybody.
I'm brand new to this and in need of advice. I have the dream of buying some multi-families in the future. I don't want to set specific goals yet because I believe I am still too naive to be able to create realistic goals.
My current situation is work 60-70 hours per week and travel 25% of the time. I'm interested in buying rental properties, therefore have been reading the forums and reading books/listening to podcasts. The way I see it, I could go the route most of the BiggerPockets leaders have gone, however I live in a very rural area (little/no ability to go meet mentors), and I have no spare time anyway, therefore I feel I should use a company such as Home Union. They charge extra fees; 3.5% acquisition fee (one time per property), 10.5% of rent (monthly), and a leasing fee (realtor feed) of 1.0% (home value) per year (That may be wrong). The benefit is that their analytics seem to be exactly like those recommended in BiggerPockets. I lack the analytics/experience to say for sure, but I'd be willing to bet that their ROI from their analytics out-weights their fees.
Long story short, I want to get into the business but lack experience, mentors, and time. Is it logical to think I should go through a company such as Home Union?
Thank you for any advice!
-Michael