Show 155: Should I self-manage my rental properties?

self-manage my rental property

5th Day of Christmas

Should I self-manage my property?

This is one of those questions you will have to ask yourself when you decide to buy that first rental property. But I will say that it is a loaded question.

It goes a lot deeper than just a yes or no question. There are a number of things that you need to think about when it comes self-managing and a number of questions you can ask yourself to help you determine what might be best for you and your current life situation.

Just like any other decisions in life, there are pros and cons to both.  One of the biggest pros to self-managing your property is the fact that you keep more money in your pocket.

There are a number of questions that you need to take some time self reflecting on or discussing with your investing partner.

These will help you determine whether or not you should plan to self-manage your property or if being a landlord just isn’t in the cards for you.

Consider some of these questions to help you decided if self-managing is right for you. All of the following questions relate to the varying aspects of managing property.

Do you have the time or desire to show your property?

Do you wish to keep all of the profit from the property in your pocket?

Are you willing to trade some money for a more passive investment option?

What do you plan to do if there is an emergency at the property? Who will take care of it? Who will you call?

How do you plan to screen your tenants to ensure you get a good tenant?

Are you aware of the national and state landlord-tenant laws that you will need to abide by as a landlord?

Is your rental a single family home that requires one person/family or multi-unit that may require more work?