Investing in real estate is very profitable if you are able to plan well. I have a portfolio of rental properties in Littleton Co that are doing very well. The demand for rental houses is very high and real estate is affordable in Littleton compared to other areas of Denver. When I acquired my first property, I decided to manage it myself because I wanted to understand how the market works. However, it became very difficult to manage my properties after I acquired my third property and I decided to hire a property manager to look after my investment. It is now 15 years down the line and I cannot regret my decision to hire a property manager to take care of my real estate in Littleton Co. I know that many aspiring real estate investors think that they can enjoy more returns if they manage their properties by themselves, but I can tell you freely that it reaches a time that you need to hire a property manager. The following are some specific situations when you need to hire a property manager to take care of your investments.
1. If you have invested in properties with complex legalities
Some properties in Littleton are situated in areas that require a lot of paperwork. For instance, one of my properties is under the affordable housing project in the area and there are a lot of rules and regulations to adhere to. It can be very stressing to observe all these legal requirements, especially if you are not conversant with properties under such programs. I did my best to adhere to the requirements but it reached a point and I had to hire a property manager to help me. I remember there was a time I was issued with a notice from the local housing authority because my tenant exceeded certain income limits. I was not aware that properties under the affordable housing project were meant for persons with certain levels of income (Rookie Mistake).
2. If you own multiple units or properties
When I bought my first property in Littleton, it was easy to manage it effectively on my own. I had adequate time to look after my investment and go on with my other routine activities. However, things became difficult when I acquired my second and third property. It became difficult for me to work, look after my properties and make sure my tenants are comfortable. I had to hire a property manager to take care of the investment on my behalf because I could not manage all the properties effectively and work at the same time.
3. If you have other commitments
One thing that I have realized is that tenants are very demanding. If you do not have other commitments you can manage to take care of your investment and do it as a full-time job. However, if you are busy with other things, then it becomes important to hire a property manager to look after your investment.
4. If you are looking for a passive source of income
Rental property management is not a tedious undertaking, they say. Do not be fooled, I managed my first properties in Littleton Co for three years and believe me, it was not easy. If you are looking for a passive source of income, then you need to consider hiring property management Littleton Co to look after your investment. That way, you will free yourself from the stress of having to run after tenants every end of the month to collect rent.
5.If you live away from your properties
If you live close to your properties, you can easily manage them during your free time. However, if you live far from your properties, then it becomes necessary to hire a professional property manager to look after your investment. When I acquired my first property in Littleton Co, I was living within the area and managing it was very easy. However, five years later I moved out of the area due to my new job and managing the properties from there wouldn’t have been possible. The stress of dealing with tenants increased as I acquired more properties in different parts of Littleton and I had to hire a property manager to help me take care of the properties. I decided to hire McGuire Property Management and it has been an excellent decision.
In the beginning, you can look to manage it on your own, I actually recommend it. It is a good experience and it really shows you everything involved in the business. As you grow and own more properties, it no longer can be done from solely you. You’ll need to outsource to a professional you can trust. Just see it as a business expanding and hiring new employees.