You have a PM
Myself and two others recently aquired 4 buildings (total of 42 units) and I would like to ask someone that has done this some questions. We are into our 2nd month and are having some issues.
You have a PM
give me a call if you want, I have owned rentals for the past eight years and have dealt with every issue you can imagine. 239 458 0474
I'm interested in what kind of issues you're having and what suggestions you get to handle them.
I wasn't planning on multi family (unles I could find duplex type of deal) but I've come across a small apartment building so it has me thinking.....
i have 33 units, all 1 bedrooms and i have heard every story and game there is and i dont take bull****. i am the king of being a slumlord and i am good at it call me 513-477-2780 charlie aka BIG LOU THE SLUM LORD HAHAHAHAHA
i have owned rentals for the past 20 years and i have heard it all.
You could always talk to Jack at offshorepowerboats.com (he was Cashbrain here on OSO)
He owns many multi family buildings in the Chicago area.
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I worked for a mgt company during college, my division had 1644 units 1-4 bedroom. As stated here I have sceen and heard it all. From units burning up, lawsuits, balcony giving way, kids falling off balconys, pet damage, fights, the list just goes on.......
feel free to pm me with questions, if it is regarding kicking out people or collecting money, you need to speak with someone in your own state.
Thanks for the replies
I will answer them hopefully this weekend.
Basically in a nutshell
Myself and 2 others aquired these places with know real business plan, hardley any working capitol and full time jobs. They were run down and completely unorganized as far as leases and rents. I think the previous owners were barely making it.
We started out the first month basically chasing our tails and learning how to work with each other and having difficulties with that. We also lost some tenants and burned thru our working capitol which leaves us barely enough money coming in to pay the payment. The places need need some renovation and tenants.
right now we are just floating above water. I know they can be turned around but am finding out that this stuff is a lot harder than Carelton Sheets said it would be.
Are any of you doing this stuff while maintaining full time jobs ?
All I can say is good luck, I have 3 rent houses and a couple of duplexs and those give me more than enough headaches.
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