"Hello? This is the property manager, Realtor, plumber, accountant, attorney, handyman - speaking”
Owning investment property can mean you'll be wearing a lot of hats, but not if you plan on being successful at it. I come from a "do it yourself" home and have been raised that you work hard to get places in this world. Those lessons have been valuable in bringing me some successes but there is also a level of working smarter that needs to be mixed into the formula.
When I first started investing in real estate I had to decide what my vision of the future was. I decided I wanted to have as much real estate as I could get my hands on. To do this I quickly discovered that if I was going to try and "save money" by being my own plumber, accountant, attorney, handyman, Realtor, etc. then time and energy would limit my investing abilities and thus cost me money because of lost opportunity.
As I type this I can imagine people thinking things like, "but a property manager can cost me extra money so I'd rather do it myself" or "I can save a lot of money by replacing the water heater myself." If you are thinking these type of things you have to ask yourself; if you didn't have to do all the work of owning investment properties how big could your portfolio become? Really, the answer is there is no limit. It might take time and some other factors can affect the speed of growth but the bigger your portfolio gets the faster it grows.
Plus, a good professional saves you more money than they cost you. For example, I know several people that lost thousands of dollars from mistakes made while managing their own investment property. I good property manager quickly finds good tenants and quickly resolves problems so your investment can keep running as it should. If you do it yourself, the delays caused by you taking time away from your job and family to figure out how to resolve a problem and then get it taken care of can quickly add up to being far more expense than the total annual cost of a year or two of paying a property manager. Especially, if the problem you have run into is a tenant that is not paying.
Work it smart and keep it simple by having others take care of the details and you’ll be much happier and more successful.
Kasteel Property Management: Protecting Your Investment.