Updated about 8 years ago on . Most recent reply
What was your tipping point before hiring property management?
I am new to the real estate 'buy and hold' game and would like some advice from experienced landlords. I currently have a full-time gig that demand 50 - 70 hours per week at any given time. The questions are simple. How many units are too many to manage for a single person? When is a great time for a PM to step in?
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
I own 56 units all 1-4 families that I self manage. I spend 5-8 hours/week total on them. I also own larger apartments that I hire out the management. If you train your tenants and set up systems, you will be able to decrease your time commitment. Working 50+ hrs/week, I would plan on having someone do maintenance, maybe showings, etc, but would still save on management.
I would also account for it right away in your numbers in case you can't handle it or don't want to