Rental multi-family property managment.

7 Replies

Hey bigger pocket members, my names Diego just getting started in real estate and very excited. I'm going to be using rental by and hold strategies for cashflow. I'm going to be renting my primary home pretty soon in a month or two as soon as im done updating I am going to buy a multi family property. However I really don't want to manage my properties I rather focus my time on acquiring more properties, but there are just so many companies to choose from, since the cost of most of them are identical is there any recommendations for property managers in the metro Phoenix area?

@Diego Romero

I know it's tired advice, but I would highly recommend calling the top rated property managers on Yelp. You'll be able to read multiple reviews from tenants and landlords, and that should give you a really good start vs. what you'd find here. There are multiple with double-digit reviews and 4-5 stars. Got to be some winners in there. 

Plus -- you'll see the different services and options they offer, and find what works best for you. Best of luck!

*Also, when first starting out, managing the properties yourself won't be that big of a job. I'd suggest trying it with your single family home because with just one tenant you'll get some experience under your belt and the time commitment will be super low. It won't interfere with anything else you're doing. Once it starts to get out of hand, THEN you can consider making the switch. Just food for thought.

@Diego Romero Shop around and see which company you identify the best with that will help you achieve your real estate investing goals. A good property management company will maintain what you’ve got, a great company will optimize what you had and build wealth with future acquisitions. Well worth the price of a management fee.

@Diego Romero  You will want to speak with @Dick Rosen .  He's managed my 4-plex for 2+ years since the day I closed on it.  He runs a very professional operation which is great at appreciating your rents, finding quality tenants, and keeping your investment running as smoothly as possible.  

@Wes Blackwell  

Yea that's what I was planning to do originally I was just too unsure about it felt no different then going to craigslist which I've had some bad experiences hiring people, but there was definitely some winners there too. And now that you mention I probably will go that route, managing my first single family home on my own. I know that's how most investors start but just some tenant stories I hear of are terrible! But I should be okay as long as I do my homework and screen tenants properly. Thanks for that made it sound easier coming from someone whos actually been there.

@Neal Collins

I totally get what you mean I don't think it would've mattered what property management company I went with if we had different interests in mind, I never thought about that. I will make sure to be as clear with them as can be In order to make things run smoother for both of us. Thanks Neal.

Everybody has horror stories.  I used to work in a tattoo shop and I have some pretty bad stories to tell.  The thing is, on a day to day basis, things usually run real smooth.  I’m sure once things get up and running, you’ll be fine.