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I felt the same way on my first deal—overwhelmed but excited. What helped was connecting with a local handyman, setting up automated systems, and joining a small investor group for accountability. You’ll never be 100% ready, but you can build confidence with every step forward.
SD1: what all automated systems one may need? Thanks
Yes, it all worked out. At some point, you gotta jump in. Also happy to share what I use to remotely manage. I have 5 units across 3 states
Please do share. I’d be interested to understand the systems used
Congrats OP! I do most major things “scared” and it always works out. Did you have to put 20% down because it’s an investment property? Are you from Dayton?
Yep. I bought mine when I was 23 and zero research. It worked out fine.
Subject Expert
Pulled the trigger in the low interest rates of 2021. Had an eviction in ‘22 that I managed my way through (although I did hire a lawyer). Got a new tenant at a higher rate and it’s been smooth ever since.
I use Yelp and a Facebook group for the neighborhood of the rental to find recommended specialists. It’s easier to manage remotely now than ever before!
I did this remote management multifamily exercise with 52 residential units, 2 commercial ground floor units. I had someone I know act as property manager so I didn’t have a problem with that. My problem was Covid—people not paying rent and courts closed in a blue county in a blue state. I got admitted to practice law just so I could do evictions, but the margins just weren’t there. I broke even by selling the portfolio in 2022. Luckily, I had a 4.75% interest rate. But I don’t know that I’d do any kind of multifamily again. I have much better luck with my core competency in medical office/hospital properties.
I’m interested in learning more about medical office properties. Are there any learning resources you’d recommend?
It's a very difficult task to manage a property out of state. If you start to feel like it is too much, it would be a good idea to look into local property management companies or local realtors that do Property Management... The fee will be well worth taking the stress off your plate. I have had owners who just wanted us to place a tenant and then they wanted to manage it themselves. Then months later they come back and ask us to manage it for them because it has become too much of a hassle for them to deal with.