Is Property Management a good option for me?

Question

Hello my fellow BP members! I am currently in class for my real estate license at Larson Ed, and I am looking to close on my second rental property in the next month or so. May someone recommend a great property manager in the area that can manage my properties? I am in Southwest Florida. Also, what is the average cost monthly to have a property manager? Or do they charge yearly? Is this a good option for someone new to the buy and hold field? Any help would be greatly appreciated. Thank you.

Benjamin Pekarek · Answer

You need to learn how to be a property manager so that you know when you find the good one you want to keep. The going rate is from 7-10% of what's collected per month.

Steve Rozenberg · Answer

You can certainly self manage your properties. My only suggestion is to make sure you are familiar with fair housing / discrimination laws as well as property code that you are responsible to know. I started and did not know these things and it was almost a disaster. It is good to know what your doing when you hire a pm, however I would suggest you take the proper amount of time to learn the laws and rules because if you violate them there is no excuse for saying " it's my first rental and I was just learning on the job"

Thomas S. · Answer

The best option for new buy and hold investors, if they are buying in their area, is to manage their properties themselves. It's the only/best way to learn the business and essential if you are ever going to know how to manage a PM.

Dimas Espejo · Answer

Thank you Thomas S. I appreciate your honest input.

Dimas Espejo · Answer

Thank you so much for your response @Benjamin Pekarek. I will definitely keep that in mind.

Dimas Espejo · Answer

Thank you very much for your response @Steve Rosenberg. Is there any verbiage (books, blog posts) that I can read that would summarize these laws for me? I appreciate your time.

Is Property Management a good option for me?

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