Been land lording since I was 22. I’ve used prop managers on some, not on others, and switched back and forth on the same property. You can always use a prop manager for the first year (this is standard contract but confirm with yours) then take over yourself once you have a feel for things.
Bigger pockets.com is a good resource.
As mentioned before the manager will take all your positive cash flow in most cases on your typical property/rent income scenario. Won’t on yours due to the low price. Either way I avoid them now unless absolutely necessary (out of state when a tenant leaves or something).
Anything can happen and a lease won’t stop a shithead from trying to **** you. First renter ever was a female apartment complex manager. She knows the drill...good to go right? Wrong. Showed up with a money tree check second month. Had a dipshit realtor put a legit criminal in a house a few years ago. He had filed bankruptcy a week before moving in. Realtor washed her hands of it 2 months later when he quit paying. I then hired a prop manager to evict him in court and I won all the lost money but he literally said in court “I’ll never pay”. Guy had done 9yrs for embezzlement lol. Guy is dead now and I’m glad.
Its a nice way to have passive income and I love the tax break; you won’t get much of one due to the low price. Buy more. I sold two last year and am looking to buy again.
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Good stuff, thanks man.
That's crazy about the embezzler guy. I'm thinking a PM for the first year or so is a good idea ($60 a month is worth it)