I have always been a huge advocate of using professional property management. That doesn't mean you should take a complete hands-off approach though. The most successful multifamily real estate investors I know are all active owners, or they have delegated the responsibilities to an experienced asset manager.
I know many investors who are terrified by the thought of making out-of-state investments. A couple of the many questions I hear are “How do I get started in out-of-state real estate deals?" And, "I hear the returns are good, but what if something goes wrong?" If this sounds familiar, there are a few simple steps you can take to get started and increase your chances of success.
"To be, or not to be, that is the question." Who would have thought Shakespeare was talking about property management when he wrote those famous words. The answer to that question is nobody. But, just as Prince Hamlet was bemoaning the pains and unfairness of life, every active real estate investor struggles with whether to deal with the pains of self-management, or to consider the professional alternative. Then, once you've decided, how do you find the right one?