Property Management Truths.
#1 – You can manage your income property yourself. Or you can manage a manger for your rental house. But there is no such thing as complete passivity when it comes to owning residential investment property.
Let me explain. Managing a single home is no big deal. Literally, anyone an do it. Managing a small portfolio of homes is not a big deal, either. Let’s say we’re talking 5-10 rental properties. But the more property you take on, the more likely you are to need to choose between your full time career and having your investment portfolio professionally managed.
But property managers may be managing, literally, hundreds or perhaps thousands of homes. No matter how well staffed and how many checks and balances are in place the managers should still remain in communication with you about your money, your property and your maintenance. That’s going to take some of the owners’ time. If the owners won’t cooperate, you can’t then blame the managers when something arises that upsets you.
There is no free lunch in anything. Sure, hiring a professional property manager is going to save you lots of time and you’ll gain (hopefully) expertise. But you still have to be somewhat involved.