Property Manager for SRT Triplex?

Question

Hi Everyone,

I took massive action and bought a Triplex for the purpose of STR.  I still have my full time job and debating if I can manage the rental at the same time to maximize profits or if I should hire a Property Manager.

Brooklyn McCarty · Answer

You got this!! Set up will take a little time, but once you get your systems in place you’ll be spending less than 30 mins a week on it. Avery Carl’s book is a great place to start, Short Term Rental, Long Term Wealth

Elizabeth Howell · Answer

Michael,

Congrats! Three at one address is a game changer! Ask yourself: What other commitments do I have now in this season of life - kids? Maintaining your own home? Commitments to parents? Full time job, check! But what else cuts into your time? Obviously there will be the upfront intensive time to do decor, listing optimization, photos, local marketing, etc. Are your STR’s located in an area where your make or break season is summer? How will seasonality impact the timing of the workload? Can you piece out some of the set up: not just the building and units but setting up the systems & software? Scheduling cleaners & checking on the property may be totally do-able w/your full time job, but more than that initially may be overload. I have more thoughts—DM and we can chat.

John Underwood · Answer

Once you get set up it's easy to mange with your phone and and a few minutes per week.

Michael Baum · Answer

Gratz on the purchase @Michael LaMorte! So I think you can still manage it. Many folks manage places with more than full time jobs.

Michael LaMorte · Answer

Sorry hit enter too soon.  I did the math and based on previous STR data I could potentially still make a profit with a Property Manager but 25% is steep cut.  Would still be looking at $25k return in profit for the year.

Property Manager for SRT Triplex?

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