It has been said often around here that real estate can be an excellent way to diversify investments, create additional income streams, and grow your net worth.
Of course, paying someone to take on the task of actively managing a property comes at a cost, and that cost is one that many investors may be tempted to at least try to avoid.
Before you start seeing your bank account growing by an impressive amount each month, consider these five things that the property management fee gives you in return.
As medical professionals, our days are long and exhausting. In the hours that we’re not at work or with family, we want to do something that we enjoy.
Although owning a rental isn’t 100% hands-off, it’s pretty darn close when you have a property manager. Aside from the occasional communication with the property manager about a tenant issue or large-ticket expense, you may spend less than 15 minutes a month.
When it comes down to the numbers, it doesn’t make sense to try to manage my rentals by myself. My skill sets and earning power are in a totally different field, and it’s best to keep it that way as long as I’m practicing medicine.