Factoring in Property Management is Overrated
Is factoring in property management into your investment spreadsheet overrated?
Cons of property management: I always care about my property more than property manager, lower ROI, and the probability you lose touch with what is going on in your properties.
I believe part of building the team is to have a great ppl you can call who will take care of tenant issues. Why have a middle man who you pay 10% of rents?? Further you have the risk of them screwing you.
I've been a landlord for over 7 years and find it easy. I am not handy, but I know how to pick up the phone and call someone to handle it. From a cost-benefit perspective, I don't think it makes sense. its really not difficult to handle tenant calls! With technology advances even in the last 10 years, being a landlord (if you utilize basic modern technology ) is even easier.
Am I completely off? With 10% of rents I'm saving, it gives me a margin for error to not have to penny pinch my plumbers and handymen.