Managing an Apartment Complex

Discussion in 'Business, Careers & Education' started by Xericx, Feb 2, 2012.

  1. Xericx

    Xericx Senior member

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    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.
     
  2. Blackhood

    Blackhood Senior member

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    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.
     
  3. jrd617

    jrd617 Senior member

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    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.
     
    Last edited: Feb 2, 2012
  4. Nereis

    Nereis Senior member

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    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.
     
  5. Xericx

    Xericx Senior member

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    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.
     
  6. ter1413

    ter1413 Senior member

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    Is he also paying you? Where is our income coming from??
     
  7. Xericx

    Xericx Senior member

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    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.
     
    Last edited: Feb 2, 2012
  8. Dbear

    Dbear Senior member

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

    Xericx Senior member

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    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?
     
    Last edited: Feb 2, 2012
  10. ter1413

    ter1413 Senior member

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    One drawback is the time off thing.....NO vacation. NO 3 day wknds. NO nada....
     
  11. Xericx

    Xericx Senior member

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    yeah, I'm going to talk to the management company about how much I actually have to be there.
     
  12. Xericx

    Xericx Senior member

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    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.
     
  13. Dakota rube

    Dakota rube Senior member

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    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?" :slayer:
     
  14. Xericx

    Xericx Senior member

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    Mr. Furley mode.
     
  15. Dakota rube

    Dakota rube Senior member

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    A bit better than yesterday, all day vomiting for
    [​IMG]
     

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