Overseeing Lots Of Units
I would like to hear how members of the forum manage their rental portfolios. I'm talking about 15+ properties and 50-200+ total units.
I would like to hear about setups other then using the standard managment company. Example, live in apartment managers.
Additionally, has anybody formed their own managment company to oversee their own units?
For my weekly rentals I have always just hired bouncers from the local nightclubs in that area. They are used to dealing with problem situations and if there is a more severe problem they are already familiar with the local police. They also can help fill the empty units with there night job.
For monthly maintenance of less than 50 Units I try and find a husband and wife team. Costs are usually kept to a minimum, and the free rent they get compensates enough to keep salary down.
Over 50 units, or properties outside of 2 hours from my home I would hire a management company, as the travel costs and time involved would require enough to warrant the extra costs.
Kyle
I formed my own management company to run rental units that I have not yet bought. I use this management company now to oversee my rehab projects. I pay my property management company actual expenses plus 20%. This way my s-corp which owns the rehab property only has a few bookkeeping entrires. Everything goes a lot smoother and I can print business cards, have telephone numbers, etc in my property management company because it will stay. My s-corps do one property and dissolves. This makes tax writeoffs much easier and simplifies everything!
A little off the topic for this post but hopefully usefull nontheless. Have a great weekend!