property manager?
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property manager? (by Carl [MA]) Jan 27, 2023 4:23 PM
       property manager? (by Ken [NY]) Jan 27, 2023 5:04 PM
       property manager? (by Sandy [CO]) Jan 27, 2023 5:33 PM
       property manager? (by Carl [MA]) Jan 27, 2023 6:12 PM
       property manager? (by Ken [NY]) Jan 27, 2023 10:54 PM
       property manager? (by Robert J [CA]) Jan 27, 2023 11:21 PM
       property manager? (by WL [CA]) Jan 28, 2023 2:13 AM
       property manager? (by small potatoes [NY]) Jan 28, 2023 10:41 AM
       property manager? (by Oregon Woodsmoke [ID]) Jan 28, 2023 11:27 AM
       property manager? (by tryan [MA]) Jan 29, 2023 9:40 AM
       property manager? (by MC [PA]) Jan 29, 2023 1:12 PM

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property manager? (by Carl [MA]) Posted on: Jan 27, 2023 4:23 PM

Has anyone used these with any success,.I have not been feeling well lately and feel I need help,

I have an office worker for years but she started to come in later and later and then 2 days a week,..I find that she is earning about 100/an hour every week now,..she has picked up an other job that fills in the other hours,She has me over a barrel,.as she knows a lot and does bookkeeping too. 31 tenants in two states,,.I think she thinks that that I can't get rid of her and currently I really can't do what she does,.or train anyone.

She doesn't field calls here except on Mons and Thurs when she is here,and very occasionally at home.after 5-6 on on other days.

I have never tried a property manager,.don't know what they charge ,how they generally work out, and if they can manage property in two states, (I'm trying to rid of my Ma property.) For a number of reason I really can't sell my upstate NY this time.

property manager? (by Ken [NY]) Posted on: Jan 27, 2023 5:04 PM

I am training a young guy who is doing pretty well for me.What county in NY ? --74.77.xx.xx

property manager? (by Sandy [CO]) Posted on: Jan 27, 2023 5:33 PM

Iím sorry to hear youíre not well. I hope you feel better soon.

Iíve looked into it here although the fees seem to depend on the area. Here in Colorado they run about 10% of rents every month. And where it gets expensive is when thereís a vacancy, they charge 1 months rent to fill the vacancy. Anyway thatís what Iíve found here. Property management does cost more but it also frees up your time and it is a business expense. It is very tempting and I will be moving in that direction in the future. The other thing is I believe tax wise if youíre not actively managing the properties, I believe any losses are considered passive losses and can only be applied to other passive income. Any extra loss is carried over to the next year(s).

property manager? (by Carl [MA]) Posted on: Jan 27, 2023 6:12 PM

Thank you Sandy,..good to know,.

Ken,, all in Columbia county

property manager? (by Ken [NY]) Posted on: Jan 27, 2023 10:54 PM

Carl,I am in Montgomery and Fulton counties --74.77.xx.xx

property manager? (by Robert J [CA]) Posted on: Jan 27, 2023 11:21 PM

There are realtors and brokers that offer property management services, also thinking if someday you are going to sell, you will give them your listing. Women are 10 times better then men when dealing with tenants and property, at least here in L.A., CA.

Try calling your apartment association for recommendations.

When a good friend was going into the hospital for major surgery, she could no longer deal with her 2 apartment buildings and 3 small homes. So I went around the neighborhood and looked at similar property that had signs advertising the management companies taking care of those properties. The properties that had apartment or homes for rent, I called the number. Out of ten phone calls I made, 6 went to voice mail and I didn't get a call back for hours.

4 picked up the phone, 2 were driving and said they would call me back. The other 2 that answered didn't sound professional, they were office workers just taking messages. Out of the two that said they'd call me back, both did. So I interviewed them to take over the management of those properties. I was going to be the one to deal with major repairs. Little stuff they would have their crews handle things.

When my friend got home from the hospital, he business phone didn't ring much anymore. The management company deposited all of the tenants rent checks into the owners account. All expenses were billed to the owner, a copy sent to me. And we would wire to their bank their expenses and monthly commission. I had given them a Large deposit to have on hand to cover needed expenditures.

To this day, 5 years later (I think) my friend still uses the management company for day to day stuff and when a unit becomes vacant, they consult with the owner what she wants done and how much she is willing to spend.

These are just some ideas...Good luck.

property manager? (by WL [CA]) Posted on: Jan 28, 2023 2:13 AM

There are some online property management companies that use tech to rent and manage properties - Mynd and Rentmarble are two I've seen. Think Rentmarble charges $50 flat per unit per month to manage on a month to month basis. Might be worth it if you want to go on vacation during the summer and have someone cover for you for a few months. Google for more info

property manager? (by small potatoes [NY]) Posted on: Jan 28, 2023 10:41 AM

It has been ten years now, but I paid 1400 a month for less units than you have, just to have a PM and then all the service calls and other interactions were extra. They did keep the books but not tax reporting. The work was horrible and the office never checked what the workers did. Plus they leased to a couple of repeat delinquents.

Did you used to have more hours for her? I'd say you are fortunate to have an experienced person who will come to you for so few hours. If you had to hire a bookkeeper it wouldn't be cheap either. I can understand you feel taken advantage of. Did you increase what you pay her over the years?

My dad had property in Columbia county and his property taxes were really high by Hillsdale. Are yours B or C?

So she's the office worker have you had someone for service calls? --67.240.xx.xx

property manager? (by Oregon Woodsmoke [ID]) Posted on: Jan 28, 2023 11:27 AM

She's cheating on her office hours and she is the one who does the books. I suggest that you have an accountant go over the books to make sure she hasn't been embezzling. Because she is very open about not being honest.

property manager? (by tryan [MA]) Posted on: Jan 29, 2023 9:40 AM

Back when I had a day job and 23 units I hired a bi-lingual property manager. Huge benefit for me as my spanish is not good.

She started at 10% and 1 month for a vacancy fill. Then she put some duds in my units who did not full fill the lease term. So we modified the terms .... she fills the duds for FREE. Then she raised her rates to 12% ... then 15%. Then she "retired" and "sold" to young kid who wasn't bi-lingual.

Things went down hill FAST. But I was ready to quit the day job. So I stepped in and took the units back.

property manager? (by MC [PA]) Posted on: Jan 29, 2023 1:12 PM

Ask around. Local LL groups. Maybe a local college intern potentially make a FT job? Prepare to do some interviews. Sounds like she ditched you but upped her pay. Sometimes we have to get rid of the dead weight, no matter how knowledgeable they are.

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