Property Management Out of State
Good afternoon, Bigger Pockets!
I live in Northern Virginia, and I am looking to invest in duplexes up to 8-unit multifamily properties about 2 hours away in the York area.
I realized that the DMV market doesn’t currently hold many opportunities for cash flow when it comes to multifamily properties, and that’s what I’m primarily looking for at this time.
What are your thoughts on professional property management when investing from afar? I work in property management myself, but I will be approximately 2 hours away.
Most Popular Reply
We have management and live approx 2-3 hours from our rentals. We definitely inspect personally at turnovers and/or every 12-18 months even having been with them for years. We also do our own maintenance/turnovers when we can as we've found they charge a lot for labor, so things like re-screening windows, changing smoke alarm batteries, light fixtures, etc., can be ridiculously expensive if you let them do it. My biggest mistake to start when initially choosing a management company was hiring one licensed property manager with several assistants. Definitely avoid that scenario. We then found a good company with several property managers and complete staff at very competitive rates. Never expect them to care for the property as you would, but good management will definitely make your life easier.