I just wanted to get some insight on anyone that has successfully managed properties for someone else or there own portfolio from long distance. What we're the pros and cons? How was your experience? What key system's did you have in place? Is it something you would recommend to a newer investor?
Never price yourself into an additional part time gig. Regardless of if you do it, budget to hire out. No exceptions. If your goal is to gain a part time job the classifieds are far easier.
@Kris F. Thank you for your insight.
I've done property management for my family properties which were about a hour and half away from my location and the major pro is the 10% you save on your books by doing it yourself. Now the majority of our properties are no more than 14 units so they can be relatively easier to handle. I would think once you start to get into the 25+ unit complexes the management would start to get more difficult as you scale. so of the cons we encountered were tenants not paying, tenant hiding more people in the apartment without telling us and having them pay them directly. Also the countless times you get calls about minor maintenance, noise, smells and other miscellaneous things that would normally require you to drive to the property to handle. So its just more of a nuisance. So what we did was hire one of the tenants as the live-in manager and she would handle those small problems and we just knocked a lot off her rent. I would not advise a newbie to jump right into a long distance situation especially because there is so many opportunities usually in your area. But if the numbers are good and your cashflow is good we never had any MAJOR cons. hope that helped.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing