I have met many people that feel investing in real estate is all focused on property management, which is far from true. However, if you buy and hold real estate you will have to address the issue of property management. In this week’s article, we’ll address professional management vs. “do it yourself” management. There are four major elements to consider when making the decision on which way to handle your management – Proximity to the Property, Time, level of Expertise, and Financial.
Proximity – if the property is more than 60 miles away the decision to hire professional management becomes easier. The issues that often arise with rental property are often emergency in nature and if you are more than an hour away it can be difficult to deal with these issues in a timely manner. Also, it is important that someone keep an eye on the property, tenants are not very good at telling you things that are wrong, if they’re not affected directly. There is also the element of understanding the rental market and all the nuances.
Time – is broken down into two basic categories – 1) getting the unit ready and rented. 2) Maintaining the unit… Continue Reading
