Anyone having any good success with remote property management?
Here’s my hypothetical:
A 4-plex that is “out of state” for me.
I would prefer more hands-on management, (i.e. in my city), but do to the circumstances I’ve been wanting to purchase in another city that is a 4 hour plane ride away.
Anyways…was wondering if someone here manages a similar small property like this…from a remote distance as I’ve described.
I’ve got some general questions with regard to a “checklist” of sorts that you’d hold the property management company accountable to.
If you’re doing anything like this…please give me a shout back.
Thanks.
-Mike
Mike,
It is difficult enough to make a significant profit with rentals even if the property is in your hometown AND you do all the maintenance and management yourself. I have not seen a book, course, or speaker that gives accurate information about all of the expenses involved with rentals. NOT ONE! My advice would be to start with a SFH very close to home. Do everything yourself and then look at the numbers to see if you could afford an out of state property.
I have yet to see ANYONE that is making any significant money without maintaining and managing their properties personally. I’m not talking about someone with hundreds or thousands of units, but the typical investor with 1 to 50 units.
Mike
Mike
I worked for a property mgmt co in a resort area and it was lucrative (but seasonal). It really take it off your shoulder when you use a reputable property managment co. Make sure you shop around on what their percentage is off of the rental.