Tell me about: Residential Property Management

eldorado99

Lifer
Feb 16, 2004
36,324
3,163
126
I have recently been toying with the idea of introducing myself to property management. I've always liked the idea of it, owning houses, trailers, condos and having tenants. I realize there is probably a lot of bullshit I'm not thinking of that is terribly annoying or miserable to deal with (finding the right tenants, making sure someone doesn't start a grow-op, partyers, etc). Plus there is the large initial investment. If anyone has any good resources or advice to offer I would appreciate it because I'm starting to research it. :)
 

eldorado99

Lifer
Feb 16, 2004
36,324
3,163
126
Originally posted by: AgaBoogaBoo
Any reason you ask about residential and not commercial property?

Not really, actually if you have anything to offer on commercial property I'd love to hear it as well. I was just a little scared by liabilities on commercial property and the larger initial investment, but for all I know it is the better option.
 

Red Dawn

Elite Member
Jun 4, 2001
57,529
3
0
I was a Residential Property Manager for 10 years, hated it. Learned to really distrust people during that time.
 

amdskip

Lifer
Jan 6, 2001
22,530
13
81
I'd check into starting a mini storage operation. Get a location setup with 2-3 buildings and then build another location when financially possible. If someone doesn't pay, you put an extra lock on it. Easier than managing apartments IMHO.
 

Stifko

Diamond Member
Dec 8, 1999
4,799
2
81
I am doing prop mgmt now. 14 residental units and 7 commerical in a pretty bad neighborhood. It is a huge PITA, but I hope it get easier as it goes. I am in housing court often and almost everyone pays their rent late and wants improvements. I just had a commercial space vandalized by the tenant as she was moving out. She really trashed the place and scrawled all kinds of nasty stuff directed towards me on the walls and floors in black paint. She also punched holes in the sheetrock walls, smashed the sink and toilet, ripped the electrical box off of the wall and some other things as well. Then she locked up the store behind her and left water pouring into the basement. The cops said that I don't have a criminal case, but could possibly persue it in civil court. We had to grind the locks off to get into the store! It is a real mess, but I am glad to be rid of her finally. As a side note the police totally tore up her home a few nights ago. They did a worse job of trashing her home than she did to the store. What comes around, goes around, eh? The cops raided her home because her son was doing some illegal activities. I think that he was probably the one who wrecked the store too, but that has nothing to do with what the police did.
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Originally posted by: Red Dawn
I was a Residential Property Manager for 10 years, hated it. Learned to really distrust people during that time.


:thumbsup:


Yep I don;t care if it is a slum or a very nice and costly place people are people and odds of ONLY getting the good ones are pretty much none. It only takes one bad person to eat up a pile of time and do a pile of damge.