Residential property management means operating rental properties on behalf of owners, handling tenant placement, rent collection, maintenance coordination, compliance, and accounting, in exchange for a fee, typically 8 to 12 percent of monthly rent plus assorted leasing and service charges.
Log in to followI do renovations, so I figured the operating part was the easy part. Five units, two duplexes and a single family, all freshly turned by me, average rent $920. Full management quo…
I came from the trades and I've been circling the investing side for a while. The thing that actually changed my year was going after property managers as customers instead of hom…
I'm still on the list-building side, no purchase yet. I decided to interview managers in the two submarkets I was choosing between, before I bought, because I kept reading that ma…
I do the paperwork for a family LLC that owns a nine unit brick walk-up in an inner-ring suburb, and last spring I redlined the management agreement myself. One of my changes was…
Renovation is my side of the business, so I assumed I'd be the last person to get taken on turn costs. Wrong in an instructive way. Setup: I finished a heavy rehab on an 8 unit an…
I wanted the boring version that works, and I talked myself into believing the cheapest option was the boring one. One single family rental, market rent around $1,650. I got quote…
I put $180,000 into a private note secured by an 18 unit built in the seventies in a soft secondary market, second position behind a small bank first, paying 10% interest only. Sp…
Construction is what I know, so when I bought into a 31 door scattered portfolio with a partner I looked at the manager's fee sheet and saw a 10% base plus a maintenance coordinat…
Six small buildings, 34 doors, midsize southeast market, closed in October. The management agreement came with the buildings and I took it by assignment at closing instead of term…