Hey there everyone, got a interesting question to throw out here on the forum. First of all the question is: How does a current Landlord/Property manager/do everything maintenance guy, get over the thought of having to do it all himself, to be able to branch out to other areas of the country or state to grow his portfolio.
The reason for this question is this. I have been doing investing and managing properties for quite a while now, and feel stuck in branching out to other areas where I wouldn't be in direct control of the day to day operations, renting, fixing etc. I know how expensive repairs can be if you don't do them yourself, as well as knowing how property management companies frequently don't take care of the property as well as you would if you were there.
What has been your experience with having properties in other states or areas further away from where you live? My market is one that is small, but has a high demand for rental units, thus making finding a decent deal a rare find. I'm very comfortable renting units in my area and would like to have more, but the reality is this is a small fish tank with lots of sharks ready to pounce on whatever deal comes up.
I am not the expert (just a newbie myself) so here is just my opinion on this subject. Any business owner that wants to scale will have to delegate, hire others to do some of the work so the company can do more. However, I think every business owner needs to first build a solid structure and framework before scaling. If the current business doesn't have systems in place for the various moving parts, the 'scaled', larger business might be too difficult to manage. There is actually a podcast about some of this stuff, it is podcast #125. Not sure if it will help, but it is worth a listen anyway: great podcast.
Another point is, if you are ready to scale, realize that large business are successful because they are willing to pay the higher rate for a job that someone else can do. As humans, we only have so much we can do on our own before we max out our time and energy.
p.s. another tip is to spend time on BP and listen to their podcast- I get inspired by almost every one I listen too!
I don't invest out of state, but I also don't do most of my repairs any more. I used to do them all (if I could) because I didn't have the money to hire it out. Now I still manage and oversee, but I hire out a lot of the maintenance.
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