Should I hire a PM? Full-Time Firefighter & Apartment Investor!

[Dillon M. Leonard]

Hello Investor Family!!! 😄

I need your help! (or Opinion at least!)

I’m a Full-Time Firefighter and a “Full-Time” Investor dealing in Multi-Family/Apartment Wholesale & Holdings in the Greater Louisville, KY Area.

I work 56 Hrs. a week as a Professional Firefighter; 1/3 of which I am On-Duty (24Hr on / 48Hr off). I also spend another 30-40 hours a week running my Investment Business (Renovating, Managing, & Wholesaling).

I recently purchased (2) 4 Unit Apartment Buildings, where I am managing the Renovation of 2 of those units. I am very good at creating deals and have plenty of opportunity to expand; my goal is to reach 100 units by the end of 2025 and I currently have a 14 unit deal pending in addition to my 8 units.

Currently I manage the Acquisitions, Renovations/Repositions, Management/Maintenance, and Dispositions (Wholesale) of my business.

My wife and I like to travel out of state and occasionally Country and plan to do more of this in coming years, being a Firefighter also constrains my time and prohibits me from being able to respond to “emergency” repairs/situations at the properties 1/3 of my days.

I’m considering hiring a Professional Property Manager to manage my properties so that I can focus on Acquisitions and Repositions/Renovations. My wife is becoming an Agent and is going to run our Dispositions.

So here’s the Question: ⁉️

Should I consider hiring a PM for the sake of my sanity and growth?

With the level of opportunity I have and my ability to put together deals, I believe my time would be better spent Sourcing Deals & Funding, however my stubborn Firefighter/DIY mindset is making hiring a PM a tough decision for me.

From the outside looking in, do you use a PM on your properties and do you think it would be beneficial to:

A. Hire a PM (Outsource).

B. Build In-House PM.

C. Continue “Attempting” to Self-Managing?

Thoughts, Comments, & Suggestions welcome!!! 👍

[Carl Millsap]

@Dillon M. Leonard I self manage 62 doors soon to be 115. I also have another job. What I've done is put systems in place that allow me to maintain sanity while we grow. 

If a tenant calls / text a maintenance issue I call one of a few contractors I use. Because I've been working with them for years they give me reasonable rates because I've established that I'll be a repeat customer. 

When I have to turn a unit I stop by the property on my way to work to check progress, get updates etc. I buy supplies and my contractors will pick them up or I drop them off time dependent.

The technology will support self management. When I list a property I use apartments.com / Facebook marketplace. When someone wants to apply I send them a link to https://www.rentapplication.net where my application / background report etc is all done in one place.

We have tenants who have never met me....a testament to systems.

My wife and I travel domestically and internationally, I'm still able to manage our units from my laptop / cellphone.

If you use a PM you'll still have to manage them and your cost will increase. No one is going to take care of your property the way you do. 

On the other hand I have a client who recently went from self management to using a PM and he loves life. The increased cost to him is an investment in his freedom / peace of mind....no tenants calling about leaking toilets etc. brings a smile to his face every time we talk. 

I enjoy dealing with every aspect of the business so that has to be factored in. 

Hope this helps.