Questions about self-managing our property

[Victoria Silva]

We are wanting to self-manage our own out-of-state duplex property...with the help of a family member who lives in the city we own our property in. We are moving on from our management company.

My question is this...how many of you manage your own property...and what is it that we need to do to set it up...getting tenants etc.

Thank you

Victoria

[Sky Mikesell]

@Victoria Silva 

I also own a number of out of state properties... i personally prefer working with property managers.   For me it is a question of Time, Value, Money.   Most of my property managers are hovering around 8% management fee.   I personally believe my time right now is best used doing something that renders more money  and that i enjoy a little more then babysitting tenants.    Dont get me wrong i do manage my property manager but for the most part they do what needs to be done. 

If you are going to self manage make sure you have your systems all set up just like a property manager... ie. someone ready to evict if the tenant defaults, screening company to check up on prospective applicants, maintenance / handy man ready to go for calls.   

good luck.