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.
Many folks choose single- and multi-family rentals as a place for their real estate investment dollar, but of course with those types of active investments, management is required.
One aspect of real estate that causes analysis paralysis is property management. People get stuck thinking about saving 8% to 12% in management fees by self-managing their properties.
In a good month, when there are no clogged drains or issues with the HVAC, the only extra expense you’ll have is the property management fee. Some may feel that $150 for a few minutes’ worth of bookkeeping is too much.
Investing time in finding and interviewing multiple property managers before hiring one is a must. You can leverage their industry knowledge and professional connections when you have a rockstar property manager.