Managing out of state multifamily units
I am considering, finally, selling one of my single family homes which has been sitting empty for three months between tenants. Whenever there is a vacancy with one of my houses it is a devastating financial blow and recently I had two that were sitting empty for several months. Now seems like a good opportunity to sell the one that is still empty and attempt to find a multifamily that I can afford. That would have to be out of state because Portland and all the surrounding cities are just too expensive.
I've done some searching and have found duplexes, triplexes and fourplexes for a good price in other states. Of course shopping in another city I know nothing about is like shopping in dreamland. I don't know the areas so they could be pretty undesirable so this would require more time researching and traveling getting to know the market.
What mystifies me though is how people manage property from afar. I had two property managers in Portland trying to "manage" just one of my homes. They were a dreadful disappointment who moved terrible tenants in and who's workers damage my home. After the second try I just moved here and started doing it myself.
How do you people with the multiplexes find reliable on site managers or companies to take over? What is an onsite managers incentive to show and rent an apartment when the owner is no where around to oversee them? Do they get a percentage or bonus for each apartment rented? I have a lot of questions and I'd love to hear both successes and horror stories so I can make a solid decision whether this move is for me.
Thanks
Kathryn in Portland