property manager (by woody [OK]) Jan 30, 2023 4:56 AM|
property manager (by RB [TN]) Jan 30, 2023 8:52 AM
property manager (by small potatoes [NY]) Jan 30, 2023 8:58 AM
property manager (by Richard [MI]) Jan 30, 2023 9:44 AM
property manager (by Jim in O C [CA]) Jan 30, 2023 9:58 AM
property manager (by Oregon Woodsmoke [ID]) Jan 30, 2023 12:36 PM
property manager (by Dave [MO]) Jan 30, 2023 12:51 PM
property manager (by RB [TN]) Jan 30, 2023 12:53 PM
property manager (by BRAD 20,000 [IN]) Jan 30, 2023 8:10 PM
property manager (by Dee Ann [WI]) Jan 30, 2023 9:55 PM
property manager (by Ray-N-Pa [PA]) Feb 2, 2023 8:19 AM
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property manager (by woody [OK]) Posted on: Jan 30, 2023 4:56 AM
Been in rental business about 30 years family member works for me does good job on repairs. But does not want to take over business end pay bills doing all of office work. Don't want business to go downhill which it would fast. Can't find anyone to do that are there any suggestions. Seems like a lot of families have this problem. Family wants money but not interested in the rest. Thanks --173.47.xxx.xxx
property manager (by RB [TN]) Posted on: Jan 30, 2023 8:52 AM
property manager (by small potatoes [NY]) Posted on: Jan 30, 2023 8:58 AM
I guess it depends on what you are offering them. If you are looking to pull equity out and they pay you, prolly not interested in your business, especially if they are a handyman type. If you are just looking for someone to take the reins and give it to them turnkey more or less, then maybe you can help them find an office manager (aka another you). Would that be attractive to them? How long have they worked w/ you and what kind of shape are your shacks in? --67.240.xx.xx
property manager (by Richard [MI]) Posted on: Jan 30, 2023 9:44 AM
I think many of us are likely experiencing the same thing. I certainly am. No one in the family has any interest in rentals. They say they are doing their "own thing" and look down on the rentals. Refuse to talk about them. They even treat the business and the places with disdain and a sneer. After all, they have "college degrees" and this type of thing is "beneath them"."OMG", dealing with "the deplorables"--you mean I might have to actually speak to them? Possibly even touch them? Get their hands dirty? EEEWWWW!!!
Their solution is for me to sell everything and just give them the cash. Yes. the cash, that's it! So they can burn through what it took me a lifetime to build in a couple years and then work until they are old for someone else.
So I am putting all of it into trusts, with, hopefully, someone to manage them and a small portion of the cash flow to family and charity. The rest to continue growing.
Of course, this supposes that the trustees are honest and the govt does not take everything.
Woody, I feel your frustration. We work to provide a legacy for family, doing the best we know how and can and our efforts and sacrifices often seem to be unappreciated and rejected.
Then I read news and opinions saying how the millineals and later generations are saying the boomers are leaving them nothing. Well, perhaps what they really mean is we are not leaving them a pile of free cash to spend as they wish. We, the ones who busted our tails to build it, are now greedy and don't care about them. To them, all we want to give them is a non ending job, overseeing real estate assets, farms, homes, rentals, and more,throwing off cash flow indefinitely. --97.85.x.xx
property manager (by Jim in O C [CA]) Posted on: Jan 30, 2023 9:58 AM
I have been looking for a PM for 4 years. I have yet to find one who wants to do a decent job. So at 81 I continue to do it with highly paid workers.
When my wife and I are gone all the properties will be sold. 50 % goes to # 1 son with no strings and 50 % goes into a managed trust for # 2 son. # 2 son and his wife are not responsible enough to not piss away a lot of money and will get a monthly allowance. --99.23.xxx.x
property manager (by Oregon Woodsmoke [ID]) Posted on: Jan 30, 2023 12:36 PM
If the kids don't want the rentals because they would have to work, perhaps your best option is to sell them all and enjoy the money yourself. You have no obligation to leave the kids a huge inheritance. In fact, it sounds like you already paid for a college degree so that they can be well qualified to support themselves without getting their hands dirty.
Go on some really nice vacations. Buy yourself a nice new car. Spend it all, --76.178.xxx.xxx
property manager (by Dave [MO]) Posted on: Jan 30, 2023 12:51 PM
All mine will be sold. I knew of a local LL that passed away and left about 50 rentals to his nephew and the nephew, who hired and local auction company to sell to the highest bidder. Nephew got to enjoy the fruits of his aunt and uncles labor. If your kids don't want them, sell and enjoy life, travel and spend the money the way you see fit. --173.47.xxx.xxx
property manager (by RB [TN]) Posted on: Jan 30, 2023 12:53 PM
Right on, Wood. --24.183.xxx.xxx
property manager (by BRAD 20,000 [IN]) Posted on: Jan 30, 2023 8:10 PM
Hiring Rule #1: Only hire people you are willing to fire.
Me? I hired a person (Independent contractor) to work IN HOUSE and do all the management stuff under my watchful eye.
Learn about 1031 exchanges (www.apiexchanges.com).
You can sell multiple props and roll the money into ONE triple net lease property, like a business office or warehouse, all tax free.
The leasee pays rent, property taxes, utils, and maintenance. You just collect the rent.
You can will the rent to your heirs.
BTW My will says my children do not get a penny other than basic subsitance is still a minor and tuition until they turn 35.
property manager (by Dee Ann [WI]) Posted on: Jan 30, 2023 9:55 PM
Here's our family real estate story as we continue to learn from you all how to handle it today and in the future. We have no children.
We're old enough to die anytime and young enough to live a long time. Who knows when and what our needs will be as we age, if we continue to age.
In my Mom's past, one of her Grandma's was not in the best of health. She owned all the real estate my Mom's family inherited in Virginia. It so happened because she asked my Grandparents to move into her large home and take care of the house, make the meals, and live there and they would be taken care of for life. They accepted and moved to her home, took my Mom and her brother. My Grandma, actually all of them, took care of her, while my Grandfather opened a pharmacy and worked it. My Mom had great stories of talking to her Grandmother; it was a great bonding time for all. True to her word, everything passed to my Grandparents, Mom and Brother; they wanted for nothing. My Grandparents were frugal with the inheritance, moved to Harrisonburg after her passing. Altho there were lots of buildings commercial and residential, my Grandmother worked as an artist and art teacher and Grandfather opened another pharmacy and antique store in the cellar of the pharmacy and continued to work. My Mom and her brother went on to out of state colleges and graduated with employable degrees. My Mom met my Dad and worked as a teacher until there were too many children to raise them and work. My Uncle never worked a job other than take care of the properties. He lived off the inheritance (rents) from the buildings and often asked my Grandma for her portion of the rents. I only wish the Trust set up were done more with the difference between my Mom and Uncle in mind; I don't know if Great Grandma knew the difference between the two when the Trust was made. They were likely still children then. I know my Mom was enamoured with my Great Grandma. JIM, I'm glad you have been able to set up a managed trust to cover #2's handling of the money.
That said, I hope we have set a trust up by the time one of us passes. With no kids, we have NO IDEA who might take care of us as my Great Grandmother did. We have a lot of family between us, but none of my family live near us anymore. His family is starting to move where they think the pastures are greener much further away. The rock star of the family will be moving with his Dad to Tennessee, another brother to a farm up North. Who knows what else...we'll be enjoying and saving some to grow to take care of us. Sell and trusts sounds like a good direction. I feel no one in the family would want the job; they've had the opportunities with hubby's parents who also have places, which will be in a Trust. Giving to charity if done with care and planning may actually save you more via tax savings than if you kept it. Keep that in mind. A good tax planner can show you how.
In your case Woody, how long have you been looking for an office worker? Are you ready to sell and get out? or would you continue if you could find a good office worker and just supervise everything, take some time for vacations and more of a life? --75.11.xx.xx
property manager (by Ray-N-Pa [PA]) Posted on: Feb 2, 2023 8:19 AM
From a personal note - my step son doesn't have any interest in even helping out with the business. I am alright with that - he is allowed to have his priorities, just as I am allowed to have mine.
I am inclined to believe the colleges that I attended are thankful for my step son's decisions. I just placed some of my assets into a CRT instead of adding them to a living will --24.101.xxx.xxx
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