If you’re debating on whether or not to manage your own rental property, I’ve got some advice for you today.
When people are asking themselves whether they should manage their own investment property or not, the answer is usually no. Unless you plan on starting a career in property management, my opinion is that you probably shouldn’t do it on your own.
The fact is that you’ll lose a lot of money. You might think you’re saving it by not hiring a property manager, but the headaches of learning the industry and the day-to-day work required might end up costing you even more than you save.
You don’t want to lose all that money just because you’re inexperienced.
There are equal housing laws, service animal laws, and more to know about to be a successful property owner. What I see with most folks who try to self-manage is that they get a tenant who isn’t screened, is unreliable, and then the home takes a beating.
Repair jobs can add up and take the value away from your property. A $300,000 home that has 20% damage means that you need to invest another $60,000 in fixing it up.
You don’t want to lose that kind of money just because you’re inexperienced. If you would like to get connected with a great, local property management company, don’t hesitate to reach out and give us a call. We’d be happy to refer you.
If you have any other real estate-related questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.