Looking for advice in the rental property area.

[Larry Wilkes]

I'm a newbie and I've been working on paying down some debt in order for me to look like a good borrower with my first rental property. I want to know if it is a good idea to outsource all of the things that come with owning a rental up front meaning should I pay a property management company up front?  Or should i manage the property myself starting out will this give me a clearer understanding, or would it be a headache in the long run?  Would love to hear some advice from you experienced investors thanks for your time have a great day.

[Nathan Murith]

hey @Larry Wilkes, welcome to biggerpockerts and congrats on getting started and doing the work!

It really is personal to you and what you want or are looking to do. The more you outsource, the more passive your investment can be. The less you outsource, the more learning and hands-on you can be.

Even if you do end up managing yourself, I would recommend setting aside 10% of rents to "pay" yourself as the property manager, ensure you are indeed walking into a good deal, and to set yourself up for transferring the properties to a property manager if you did want to end up doing that one day.

there are some good alternatives and "in-between" things you can do, like using a tool like hemlane. That platform is basically something that is in-between property management and self-managing.

in any case, happy to share more about our experiences, successes, and failures. We pretty much only use property management. if you want to chat more, do not hesitate to reach out, connect, and DM me.

cheers