Given market conditions in my area I am considering renting land/home packages rather than trying to do a lease option/rent-to-own program.
My question is how do you feel about using a property management company to handle your land/home rentals? I know I would be giving up 10% a month on cash flow, but given that I work full time and have a 1 year old I’m not sure that I can handle full landlord duties at this point. My goal is to get to the point where I can work part time and invest part time then eventually transition to full time investing.
With a property management company it seems that I could focus more on finding deals and accumulating properties rather than on dealing with landlord duties while I am still working full time. I know Tony likes to maximize cash flow and that is why he chooses to handle all landlord duties himself. I also remember Tony’s mindset change post at the other forum where he was considering paying off some properties to have less to manage but still have good if not better cash flow and more time available (less time dealing with landlord duties). But if I go the property management route, then I would need more properties to make up for the less cash flow on each property.
Just thinking aloud and trying to figure out the best business strategy for me in this down market…any advice would be appreciated…