I am thinking of buying properties just outside of my city. My partner does not want to self manage, and wants someone else to do it.. So I am wondering if it is worth it to buy one property and have a PM company manage while I keep growing my portfolio and start expanding?
It all depends on your experience and comfort level.
If you understand your state/city landlord rules and know what to do for things like evictions and other potential risk items then go for it.
If you have the time to put into managing for what ever that entails (marketing, rent collections, serving notices, etc) then once you have the process you should be able to sit back with ease.
Several people here in the BiggerPockets self manage with no issues whatsoever. And then there are some who seem to have problems and aren’t able to self manage because they don’t understand their local municipality rules when it comes to contracts, evictions, serving notices the proper way, and just the general overall scheme of managing.
You can always figure out what you need to do to put everything in place and see what happens. Otherwise, find a manager and tell them exactly what you want and find out exactly what they will do and what percentage of gross rent you’re willing to pay. And then just negotiate with them so that you’re actually getting what you want, which would be a certain level of attention to detail. You don’t want someone who is just going to collect the rent and never informed you on issues that are occurring with the tenant until it’s too late.
thank you so much!