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Step 1
Hire a property management company to take care of all the details for you. They will take care of the physical property, rent the spaces, collect rents and advertise vacancies. You will receive less from your investment this way, but you have very little to do.
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Step 2
Build an in-house team of property managers if you have too much to handle yourself. This way, the managers work for you and you can replace them individually if you are not pleased with their performance. You also can utilize this staff for other uses, such as your accounting and scouting for new property.
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Step 3
Know the limits of your capabilities if you decide to manage multiple real estate properties on your own. Build your portfolio slowly if you are new to the rental industry. Then you can become familiar with the issues that will arise on a regular basis.
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Step 4
Contract with individual vendors and service providers on an as-needed basis. Use a realtor when you have vacancies, call the plumber when you need one or the electrician. You can keep a better eye on expenses this way, as well as remain closer to the work yourself.
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Step 5
Pool your investments with other real estate investors. This method is becoming an increasingly popular way to buy and manage multiple investment properties. Each partner brings a different skill set, which can add to the total experience of the group. Partners have vested interest in the outcome of a deal, so they will be more proactive in taking care of your investment than a third party that only collects a fee.
