Hire Prop Manger or DIY
Hi everyone,
Buying my first nvestment property. It is a 7 unit building, 100% occupied. Nice neighborhood, many tenets have a long history 5+ years. It's 30 miles and 35-40 minutes from my primary residence.
I have a full time job (sometimes more) operating another business I own, family, etc. and no have experience in land lording or property management.
There is currently a property manager in place that the seller was using. I'm debating keeping them or attempting to do it myself.
I have been reading on this forum n how to be an effective landlord. I do think I have the temperament and attitude on dealing with tenets, firm but fair. And treat it like a business.
The time is what concerns me more. I don't want the 2am phone calls (who does?) or really any calls for that matter needing something. Comes with the turf I know. Naturally you could find repair service or contractors to have tenants contact. And then dealing with filling vacancies. Tenet screening is something I would not look forward to.
Long term, my plan is to be a real estate investor along with other businesses I am involved in. I'm buying this property to test the waters to see if real estate fits me or I fit it. I don't look to become property manger (that could change) if I purchase more investment properties I the future. hat said, I would prefer not to have to pay 6 to 10% to somebody else to avoid some hassles. Seems like a lot if you do have decent tenets.
Looking for opinions now from everybody else' place experience, would you go with a manger or attempt to do it yourself?
Thanks!