If one can devote p/t or f/t to real estate, at what distance driving would it be practical/better to employ a prop. mgr.? Can one manage property directly for something 1-2 hours away? Is this manageable... & just have a list of good local handypeople, etc. or is >1 hr too far away to manage hands-on? Assuming 1-2 single/condo &/or duplex/triplex?
How far b4 u employ prop. mgr?
- Thread starter donksky
- Start date
- Joined
- Aug 29, 2007
- Messages
- 173
The other factor to consider is the amount of time you have to spend. I use property managers in Hamilton, London, and Brampton as I have a "day job" and cannot be available to all of our tenants for urgent issues that may arise e.g. last winter when the pipes in the Kitchen (above the garage) froze and the tenants called me.
You can manage properties from afar. Do you want to?
You can manage properties from afar. Do you want to?
- Joined
- Aug 30, 2007
- Messages
- 13,879
at ANY distance !
You make money in real estate buying MORE assets. To do that, you need
a) cash (ideally from others as your own is limited after the 1st or 2nd or 8th purchase)
b) assets (which takes a lot of research / time)
You do NOT get rich saving 5 or 8% in manageemnt fees ! You get rich buying more assets !
So, focus on a) ... and once you have $s then on b) !!
Do NOT focus on property management, unless as a learning experience .. this is NOT where the $s are !!!!!!!!!
You make money in real estate buying MORE assets. To do that, you need
a) cash (ideally from others as your own is limited after the 1st or 2nd or 8th purchase)
b) assets (which takes a lot of research / time)
You do NOT get rich saving 5 or 8% in manageemnt fees ! You get rich buying more assets !
So, focus on a) ... and once you have $s then on b) !!
Do NOT focus on property management, unless as a learning experience .. this is NOT where the $s are !!!!!!!!!