In most cases, once you've started buying properties, you have to decide if you want to hire a property manager or be your own manager. There are pros and cons to both situations, but usually being your own property manager will save you a lot of time and hassle. There are a few specifics you should know when becoming a property manager.

• Know where to find tenants. Exposure to find tenants is everywhere. You just need to know where to look. Go to local realtors; they are the most knowledgeable and will know those who are looking to rent. Finding the right tenants is just the beginning of the job when you're the property manager. You'll also have to keep them happy, maintain the units, handle insurance issues, and any conflicts that arise. You may even have to evict tenants.

• Find a good contractor. There are a hundred things that could break on a house. You need to have a go-to contractor to call when things go bad. You especially need a contractor you can trust. If you don't already have a contractor, call a recommended one, ask for a bid, and go from there.

• Have patience. There will be some difficult times when you're property managing. You may have problems with tenants paying rent or not taking proper care of your property. Just remember, a little patience goes a long way when dealing with your property. You, and your tenants, will be much happier if you are patient and work through issues together.

Really, once you've found tenants and a contractor to trust, you've got the most important things down. It's also important to have good organizational skills, to keep on top of paper work, and maintain good client/landlord relations. In the long run, it's going to save you money and time by becoming your own property manager. Just make sure you've done a little research beforehand.