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Managing an Apartment Complex

post #1 of 26
Thread Starter 
OK, just trying to get general advice. My boss owns an apartment complex, maybe 20-30 units. They are probably going to get rid of the current manager, they offered me a free 2 bedroom apartment if I would do it. Its in West LA, area with good restaurants, bars, women within walking/cab distance.

There is a management company, cleaning crew and maintenence guy. I would basically be collecting rents and sending them to the management company, opening units to show and just being available.

Currently, I live in a little studio apartment in an area I really like. I pay about $1000 a month in rent. Its under rent control.

Thoughts?

Having 2 bedrooms and no rent to pay would be nice. I'm just trying to see the drawback here. I can handle a few phone calls per month.
post #2 of 26
As long as you have authority and don't mind doing the work. If there are 30 apartments then you have some maths to do.

Assume that there are say 6 faults per apartment per year. Those can be anything from faulty light switch to burnt out kitchen. That gives you about 180 jobs per year to arrange and deal with.

Now assume that out of 30 apartments you will always have 3 who are late with rent for some reason (lost jobs, on holiday, "bank fucked up") each month. That is 36 instances of chasing rent per year.

If you can run a tight ship, get organised and handle those complaints well and quickly then tis easy. If you're scatter-brained, run your life on Post-It notes and hate talking to people? Thats gonna be tough.

You're getting the equivalent of $12k a year for it which seems good. I'd do it for a few years, keep saving that $1k each month and put a deposit on a proper place.
post #3 of 26
Quote:
Originally Posted by Blackhood View Post

You're getting the equivalent of $12k a year for it which seems good. I'd do it for a few years, keep saving that $1k each month and put a deposit on a proper place.


More than that. Free 2-bedroom apartment in a city where nice studios go for $1000? More like $2000 or $2500 times 12 months. That's a good deal.

A thirty apartment building is pretty small too. Anything over 70 is probably tough to handle.
post #4 of 26
Figure out how much rent the place you'll be living would have cost you, that's the amount they're paying you for what is essentially the same job the current manager is doing (unless he has the same arrangement going on). If the difference in monetary value between what they're paying him currently and what value you get is too high, I'd try to negotiate some sort of monetary compensation too. Call it a nominal salary or something so that he can put you on his payroll for that firm, that way it looks like he's benefiting from tax deductions.
post #5 of 26
Thread Starter 
I think the biggest drawback is freedom. I can't take off and do a 3 week vacation or something like that. I do stuff like that yearly, and sporadically/randomly.

or weekend trips even at the last minute. gotta get more details.
post #6 of 26
Is he also paying you? Where is our income coming from??
post #7 of 26
Thread Starter 
yes. I work for him and have side businesses as well. job is pretty flexible, which I like, if I were to be in charge of something like an apartment, it would be a lot less flexible.
post #8 of 26

This sounds good, but it's going to be one gigantic pita.  Also, how's the neighborhood?  If it's sketchy, goodluck getting rent...

post #9 of 26
Thread Starter 
Its a great neighborhood. lots of co-eds and restaurants/bars/etc. I actually really like the area. I believe it rents for $1800 a month or so?
post #10 of 26
One drawback is the time off thing.....NO vacation. NO 3 day wknds. NO nada....
post #11 of 26
Thread Starter 
yeah, I'm going to talk to the management company about how much I actually have to be there.
post #12 of 26
Thread Starter 
I talked to him, it seems REALLY laid back. Tenants are good according to him, I should be REACHABLE but don' t have to be tied down. I have coworkers that can fill in for me if I'm out of town or something. Might go ahead. The main thing seemed to be available is if there's a vacancy, then i need to try to get it rented and then everything is pretty chill if it is.
post #13 of 26
Sounds like you'd be a fool to turn this down.
"...lots of co-eds..."

You: "Um, honey, you're late with your rent check."
Co-ed: "Yeah, I'm sorry, Xericx. I just don't have the money right now. Is there anything I can do for you so I can have a couple more days to come up with the rent?" icon_gu_b_slayer[1].gif
post #14 of 26
Thread Starter 
Mr. Furley mode.
post #15 of 26
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