hiring an employee

3 Replies

I have 19 single family rentals.  Three with a partner and 16 myself.  I want to hire someone to help with the 16 I have alone.

I have been managing them for 6 years and I'm tired of it.  I want to add more but I have not bought a new one in over a year because of the hassle.  I am busy with other things.

I usually break even each year but if I didn't have loans I would make about $85k.  In a few years they will start being paid off.  I will except some negative cash flow to have help.

I have someone that does bookkeeping, gets rent from po box, deposits rent, and sends late letters.  That helps a lot but not enough.

I have two vacant. I put up signs but have not put up arrow signs or done any other marketing.  I have had a few calls but been too busy to call them back.  I'm too busy.  I want to be hands off.  Then I can scale by adding for houses.

When there are vacancies it only takes about 5 hours a month (that's probably high).  I can't see paying a mangement company $200/hour for this.  There charge a fee when they rent them so the monthly percentage just goes to these few hours if fielding calls.

My main problem is having time to market and show them.  But that is only needed when I have vacancies.

Does anyone have advice?

some management companies do one time leasing, they'll market the property find the tenant and draft of the lease  and then turn the property back over you for management that might be an option.

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I don't know what area you are in or rather I am not familiar with GA., and what things cost there especially what your own time is worth. Obviously if you are having a hard time to manage all of your properties now if you take on any more you will have an even more difficult time managing everything later. You might try offering someone free or partial rent to take care of everything for you, maybe a husband and wife team but not knowing what all that will entail I can't say that would work for you but I would certainly consider who would be motivated enough, do enough work and be responsible for getting things done so you can enjoy and expand your business as you envision. 

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