When picking a property manager, what's a recommended distance from the property? Would 70 miles away (1.5hr drive time) be too far to effectively manage? What's an optimal average mile radius, what's a bit too far?
There's no right or wrong answer here. I think people have a variety of opinions on this, but in my mind the deciding factor for hiring out a property manager should depend on how much value you place on your time. I have a rental property that is only 25-30 minutes away, and I've hired out a property manager simply because I realized that paying for one would cut out a majority of the work that needed to be done after the property was acquired and rehabbed. I now pay $100/month for peace of mind, having someone on call 24/7 that can take care of stuff if anything ever pops up and also collect and distribute the rent to me. Finally, I like having a true buffer between myself and my tenants. I do travel a lot for both work and pleasure, so my situation might be a little different, so take this for what it's worth.
Thanks, but I'm actually wondering about the property manager that I'd hire. How far should they be?
I'm an out of state landlord, so I am shopping for a competent property manager to manage my investment property. I found one I feel good about, but he's 1.5 hrs away from the property. Is that too far? What's a typical market area for a property manager that you're looking to hire?