Question about private managing company

[Mike Auletta]

Hey everyone, I was wondering what everyone's experience has been with using property management for their multi family rentals. Any info would be much appreciated. Thank you. Also I forgot to add I live in New Jersey and would be investing out of state. 

[Mike Paolucci]

Quote from @Mike Auletta:

Hey everyone, I was wondering what everyone's experience has been with using property management for their multi family rentals. Any info would be much appreciated. Thank you. Also I forgot to add I live in New Jersey and would be investing out of state. 

 @Mike Auletta Property managers are one of the most important keys to your real estate investing. There is no PM that will manage things perfectly or the exact same way that you would. It will definitely be a relationship that will take some work to learn how each other operate and hold each other accountable. You'll go through growing pains for sure, but when you find the right PM, you'll be grateful to have them in your corner. 

That being said, I've worked with my PM for 4 years now since I started investing back in 2021 as an OOS investor. It will not be a set it and forget it type of thing. You'll still want to be involved and review statements, work orders, receipts and the books every month and monitor things. Their ultimate goal is to make your properties profitable so you continue to give them more business as your portfolio grows. 

Happy to provide some additional experiences and mistakes I made as an OOS investor! Good luck with your investing journey!