HELP!!! Need help Self-Managing my soon to be new property
I am closing on my first investment duplex property in two weeks in Ohio area, i live 3 states away. I have received about 15+ bad review from landlords about property manager in the area and how they do a terrible job and ghost their landlord, lose future tenants and just nightmare review so i am thinking about self-managing as an out of state investor to see if i can do it. Is it doable? Am i in over my head. One unit is occupied with a year lease and the other unit tenant will be moving out in May.
What Property management software tools do you use that works best for you?? I was looking into RentRedi, Doorloop, Baselane, Landlordstudio and appfolio softwares. Also, I am looking into hiring a local boots on the ground person and a maintenance/handyman for maintenance needs.
I like baselane so far but i dont want their bank account, i like the credit union bank that i currently have and will like to keep it. but i heard to get the full experience with baselane, you may have to get a baselane affiliated bank with them...idk. I like Rentredi and doorloop too
Has anyone successfully self managed as a Out of state investor and what systems did you create that works best for you. Or should i just get a property manager for 10% and hope for the best. This will be my first property so i am trying to make the best decision for me in this journey.
Most Popular Reply
Im actually from Maryland and I agree, Innago is your best PMS option. Its free and a great starting point for Beginner Investors with small number of units. The software is very user friendly. If you have the time I would definitely make a trip to Maryland and even join a couple of small local REI groups (do your research) to meet fellow investors and get a couple of referrals in terms of vendors. Word of mouth is always best. Take a look a Apartments.com. I've had success with renting my units in the past with them. They have a lot of freebies as well! Hope this helps.