The other day, one of my blog readers emailed me to say:
“I just turned 48. My husband and I have accumulated 26 rental units (single-family and duplexes) over the last 26 years, all with positive cash flow. The last two will be paid off in the next 2 years.
We’ve always managed our rental units ourselves. I have finally had enough. My goal now is to be location independent, as you are.
Can you tell me how to go about finding a property manager? How do you handle your rentals while traveling?”
First of all, WOW — I’m so proud this reader! Amassing (and paying down!) 26 rental units is a massive accomplishment and deserves a huge round of applause.
I’m thrilled she has a clear goal of becoming location independent. (For those of you unacquainted with this term, “location independence” means “you can travel anywhere on the planet, for any length of time, as often as you darn well please.” It’s a massive fringe benefit to both earning passive income via rental properties as well as running an online-based business, which are the two activities that fill my days.)
Given that this reader has 26 units, all so close to being paid-off, she’s in an ideal position to launch a location-independent lifestyle.
But of course, as long as she’s managing her rental properties herself, she’ll always be tied down to her town. So here are my top tips for finding a property manager:
1. Search for Quality, not Price.
Plenty of people will opt for the property manager who charges 8 percent instead of 10 percent, based solely on price. But in the property management world. quality is paramount. A top manager is worth the extra cash.
That doesn’t necessarily mean the best manager will be the …read more