hi question I try and keep alot of my landlord and rental cost low but am having issues managing while growing and expanding my business. Can I outsource management and still be profitable to a professional company or hire someone part time that would be in house but may not be as good as management and would in turn waste my time. Curious what people think and at this time I'm not making enough to have a full time staff or keep it all in house. Just want some pressure off me. Thanks
I think many investors, myself included have or will go thru this very question if you grow your portfolio you will reach a saturation point. I think the main question you should ask yourself as I did was how much do you value your time? And is it better spent leveraging someone else's knowledge and experience to deal with all the laws and regulations that come with owning a rental home. Most landlords have no idea and do not educate themselves in Fair Housing, Discrimination, Property Code Etc.. These are the things that get you sued or bankrupt
I think as an investor your time is much more valuable to find deals, work on your career or just spend personal time with family or loved ones. I personally did not get into real estate to have a 2nd and 3rd job following after my tenants like adult daycare.
When you break it down for roughly the cost of a cup of coffee per day you can have a professional manage and deal with all that stuff. For me it was a no brainier, our problem was we could not find anyone we felt comfortable with doIng this so we created our own company and now we are the fastest growing in the Houston market.
I would ask yourself that leverage and valuing of your own time and see what you come up with.
Go to NARPM there are a bunch of great PM companies there. I would interview them with series of questions.
If you want those questions just PM and I would be happy to give you my thoughts what to ask.
very good advice and yes I'm also having the same problem but am talking with a few on bigger pockets that are local may go with that. Thanks
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