Updated about 3 years ago on . Most recent reply
Advice on hiring Property Manager vs doing it yourself
I'm converting my OO residence to my first long-term rental property. Advice/pros/cons on hiring a property management company or doing it myself? Cash flow will be approx. $1,000 without accounting for property management fees or repairs. The house is only 1 year old. Going rate for property management fees where I live are 8-12%.
My main concern are doing upfront tasks myself (running background checks, screening, application, proper legal forms, etc.)
I know BP has forms I can buy for $99. Does that have everything you need to place a tenant and then from there it's just fielding calls and performing any repairs as needed?
Appreciate any insights!
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JD Martin
Property Manager
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- Northeast, TN
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If you are local, find a good PM and then give it a shot yourself first. But become educated before you do.
If it is out of state, you are almost always better off to get a good (and I emphasize good, I'm getting ready to fire my OOS PM) property manager because you need trustworthy boots on the ground to keep things running smoothly. You can find a bunch of boots yourself or just find the one person who knows all the boots already.
If it is out of state, you are almost always better off to get a good (and I emphasize good, I'm getting ready to fire my OOS PM) property manager because you need trustworthy boots on the ground to keep things running smoothly. You can find a bunch of boots yourself or just find the one person who knows all the boots already.
- JD Martin
- Podcast Guest on Show #243
Skyline Properties