Self-Managing First Property

[Billy Seltzer]

Hello All,

Does anyone have experience self-managing their first deal (1-4 units), and how did it go? My thought is that for a SFR or Multifamily renting for $1k month, after expenses and mortgage payments, hiring a property manager is too expensive.

For those that do/did self manage, how did you find local contractors in your area to take care of various issues with your properties?

Thanks!  

[Brian Adzadi]

@Billy Seltzer

For me, I feel if you are just starting out and have just 1 or 2 properties, you are better off managing the property yourself. Personally, I feel PM are more for out of state investor or people with large portfolios.

I currently own a SFR that I am managing myself. It would be stupid of me to be giving 10% of my monthly cash flow to a PM just because I don't want to fix a toilet at 2 am in the morning.

On average, if you have pretty responsible tenants, you may not even have to do plumbing works for months. You telling me you will be paying 10% of your cash flow to a company and the company did not lift a single finger for that month. They just earned 10% income without working.