Property Management 101 Question

[Christine Durrance]

Looking for 2 different answers/feedback: 1) Do you think the cost of hiring a Property Management Company is worth it, if I don’t want to be a landlord? Why/why not?

2) Is there any reason I need to carry additional liability insurance if I sub out Property Management to a company? 

[Kenneth Garrett]

@Christine Durrance

When I first started I wanted nothing to do with managing property. I bought my first property and decided to manage it myself. I invest in mostly BRRRR projects. On my SFR I rarely get a call. I can count on one hand the number of calls I get for maintenance items. No 3:00 am plumbing calls. The most time I spend is filling a unit. When you BRRRR most maintenance items have been eliminated through the rehab. Self managing helps you understand what it takes to be a pm. I'm not going to say you never have issues, but it's not as bad as you might think. If you just hate it hire a pm. In the meantime you learned what it takes to manage. You know what you are paying for.