Anyone ever manage rentals out of state alone? Or no PM?

Question

I'm planning on moving to TN. Leaving my single family homes in WA. Property management costs me 66K a year if I leave the ten rentals to a PM based on quotes I got. That's outrageous for what is essentially 20 or so hours of work per year. So I've considered paying a friend say $50 a tour for getting a vacant unit leased and hiring contractors for repairs that come up when the unit is occupied since the tenant can let them in. Has anyone done this?

Scott M. · Answer

Jay's first post is spot on. Not that there is anything wrong with his second but first post is spot on. C/D Areas is incredible difficult A is a no brainer. B can be the gray area.

Jay Hinrichs · Answer

there you go self management in my experience is very easy I have my staff track them and all is good.

Jack B. · Answer

All my tenants are 700 + FICO for a reason, much less headaches.

Jandy Stiff · Answer

@Jack B.

If you have any questions about TN, lemme know! I’m an investor/agent in Nashville.

Jay Hinrichs · Answer

with A class its not sweat.. D C and some B its suicide.

hire agent to vette and place tenant for their standard fee.

have a very good handyman on speed dial..

I had 14 props I did this with. And currently do this in Vegas super easy with 700 fico plus market rate employed tenants.

the 300 plus C D s that i owned no way would have been financial ruin.

what the heck are your doing in TN. ??? Nashville ??

Will Fraser · Answer

Hi @Jack B.! Lots of people have done what you are describing here. The podcaster Jason Hartman talks about self-managing a lot on his show, and I know he has distance managed from multiple different states. Given your familiarity with WA I'd suspect that you probably already have the contacts you need (vendors mostly) to get it done!

Anyone ever manage rentals out of state alone? Or no PM?

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