Experience with Property Managers

[Matthew Botelho]

Hi BP,

I'm in the process of buying a 6 unit multi family in the new England area. I'm looking into a property manager but I'm sort of on the fence. Do you guys have any experience with property managers? Are they worth the extra money? Should I save the money and manage the property myself?

Any advice will be greatly appreciated.

Thanks

Matt

[Craig Bellot]

@Matthew Botelho did you include a management fee in your analysis of expenses before purchasing?  If not, you will have a hard time justifying to yourself the cost.

However, if your long term goal is to invest in more properties it is certainly worth it to invest in a solid property manager.

In Bridgeport, CT the investment is about 10% of rents collected which frees you from taking resident phone calls, coordinating maintenance, leasing vacancies, accounting P&L's, conducting inspections and making property payments.

Owners often times suffer from "death by 100 cuts" when having to handle all of these small items, missing opportunities to achieve bigger goals.