Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
10y
I self manage as few properties as possible to maintain financial independence with a reasonable margin. Beyond that, mo' units = mo' problems. If you design your portfolio with this in mind, you will be ahead of most.
Portland, ME · Member since 2012 · 616 posts · 550 votes
10y
32 units, with husband's help sometimes. I also help some folks find tenants for their properties. I don't have a regular full time job, but work on other investment properties when I can find them. The income from rentals has replaced the need for a regular job, but landlording is just a job with sporadic hours. I often do turnovers myself because I can't find good people to work on short notice. As was posted above, I believe the most money is saved by troubleshooting problems rather than immediately calling in expensive professionals.
Next week I'm buying a 4 unit and will have a management company take it over from the start. They are people who I know are honest, but we'll see if they manage it well. If I end up having to manage it, it's in an easy location for me to do so. If they do a great job, they will get more units from me to manage.
It was a lot harder when I had 10 units and little kids to care for, but now that the kids are mostly self-sufficient it's easier even with more units. Just like how many kids you have, I don't think there is a certain number that's right. You'll know when you've reached your limit!
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
10y
Manage seven houses and work full time. I do most all the repairs. The most time consuming is turn-overs because of getting the property ready and showing the property. We are at the point where going forward we will need to hire for leasing, but not managing. We want to outsource more work, but we are not big enough to be be a priority for anyone.
Lucky for me, I lived in the area I invest in in North Carolina for virtually my entire life. All of my friends are there so I did most of my networking/built most of my relationships in that city. Because of this I have a close friend that offers to show the units for me when I am in the process of acquiring new tenants and he was able to get me in contact with the handyman I use for all maintenance.
In order for me to give you an accurate tip that would be pertinent to your situation I'll have to ask if you are from North Carolina? Do you have friends/family that could help you if you decide to not use a PM company? If you are not using a PM, my most important tip is to properly screen your tenants. Ensure that the individuals that are renting from you can fully and completely pass your application. If you get someone in there that you are uncertain about just to fill the place, you will definitely run into problems. Great tenants are worth their weight in gold!
Any other questions feel free to send me a connection request! Hope you are staying safe up in Orlando.
Investor · Franklin, TN · Member since 2015 · 70 posts · 33 votes
10y
I am a full time Paramedic and manage two units that I own. I work a rotating 24 on 48 off shift that gives me many days off but averages 56 hours a week. Honestly, I would be willing to take on 5-6 more, but I like to pay cash for my investments, so I am limited by cashflow.
Realtor · Sachse, TX · Member since 2015 · 44 posts · 1 vote
10y
I haven't started yet but always have and will have this question in my mind. I would say with my full time job maybe 5 SFH and then I will think about the Property Management approach. I need to make sure I have a solid system in place to do so though.
Presently one property 30+ units. I owned this one for two years while working full time and then retired. Looking to buy another 17 unit now. You could not pay me to invest in SFHs. Far, far too much maintenance and tenant hand holding.
I do all the maintenance myself, plumbing, electrical, construction etc. while also flipping homes. I do 90% of the reno work myself as well.
Now at 63 I am looking to retire again by age 70. Slow down, sell off, get out.
Buy & Hold Investor · Shelby, NC · Member since 2015 · 136 posts · 68 votes
10y
I have 7 properties I have bought/rehabbed/leased and currently managing while working a job that requires 50+ hours week. I have set systems in place so i don't have to be there, just make a phone call and receive money thru popmoney.com. The biggest key to being able to juggle this is having a good contractor. I have one that is great and I literally buy the property and hand him the keys and he tells me when it's done. We talk once a week about the property, but I rarely go see it unless I just have time. He's done everyone of my proprieties and knows what I want and the budget to stay within. The second is having secondary contractors when your units that you are renting have issues. I don't want my general pulling off the re-hab to go fix a plumbing issue. I'll call a plumber for that and get it handled.
Network, network, network and you'll find good contractors which takes a huge load off your back. Yes you eventually have to take chance on them, but when they do well, tell them, buy them a $25 gift card to starbucks, take them to lunch. I promise it will save you thousands their loyalty will be second to none.
# of units someone can manage depends on the systems they have in place. Create systems and you will grow at a rapid rate.