At what point does it make sense to hire a property manager on an 8 unit rental, or should I manage it alone?

I own an 8 unit rental, but I can't make the numbers work when I factor in an outside property management company, but I'm spending too much personal time on management.
In Property Management - Asked by Vincent A. - Oct 4, 2008
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Answer(s)

Conway R.
Owner/Investor
Napa, CA

Honestly it sounds like you overpaid for the building. I always advise my clients to figure management fees into the expense structure when you analyze a multifamily purchase. If you spend all your time managing a building how do you have time to buy more and grow your portfolio?
I work for RE/MAX Commercial and specialize in multifamily. I write a weekly syndicated blog about multifamily investing you can read it here. http://www.MikeBolen.com feel free to contact me directly with any detailed questions.

Oct 4, 2008
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william t.
Owner/Investor
Appleton, WI

might want to consider give one of your handyman tenants a break on the rents to take care of collecting rents, and providing 24/7 on-site maintenance.

Oct 5, 2008
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Holton W.
Property/Asset Manager
Cleveland, OH

This is really only a question that you can answer. It sounds as though you will loose money on the building if you outsource the management.
But you will gain your time. Only you can decide what is more valuable. That time or the money spent on management.
www.HoltonWisePropertyGroup.com

Jan 18, 2015
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