One of the great debates of all time (ok, not really) is whether one should manage their own property or hire a property manager? I can’t answer that question for everyone as there are so many factors that go into the way you set things up, but for us we are in the process of turning everything over to property managers. We’ve definitely learned that owning a rental property is not “passive income,” but you can get as close to passive as possible by hiring a property manager.
One of the big fears that people have when getting involved with investment rental properties is dealing with tenants. There are plenty of nightmare stories out there about tenants squatting, destroying property, doing illegal activities in the home, being impossible to work with to collect rent, the list goes on. In fact we have a few of these stories ourselves (mostly from tenants inherited when purchasing property), but you can minimize the risk of bad tenants by having a