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RSSCanceling the Management Company on Rental #1
Some might consider this a step backwards, but for the short term I have decided to cancel the management company on Rental #1.
I have no complaints about the management company. For 6% of rent collected they basically collected rent, handle maintenance and tenants facing issues during the lease, and deposited what was left in my account. This did not include finding tenants, putting a lease in place, and handling turnover once the tenants left.
I had never considered hiring a management company before last year, but my assignment in China took me too far away to handle a lot of the details myself so it was really my only option. I feel much more comfortable using a management company and its definitely something I would consider using again once I have hit my limit with my limited time resources. However, for now when we return to the US I will go back to managing the rental myself.
I do feel like I might be taking a step backwards. If I freed myself of this responsibility I could use that time to pursue other things that could potentially have a bigger payoff: finding another rental or business opportunity, investing more time in my job, etc. However, I can always revisit this when I find something that would have a better payoff or I run out of time with the other demands in my life. My fear is I could waste the time doing something insignificant like watching tv, for now I would rather handle a responsibility like this to help us reach our financial goals faster.
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