I need some answers! I'm going to ask a list of questions about owning multi-family commercial property. I have been puzzled about these issues for a while. I don't think that I would, or should, own apartments again without some experienced input from other investors.
How do you know . . . .
. . . . if your property manager has a vacancy listed on the rent roll, but is pocketing the rent instead of reporting it?
. . . . if the vendors conspire with the PM to overcharge you?
. . . . if a crime has been commited on your property?
. . . . if your PM is a convict from another state?
. . . . when a seller has paid people to act like tenants until after the inspection?
. . . . if the PM won't answer your calls after you hire him?
. . . . when your manager deletes your e-mails before he reads them?
. . . . if the handy man has worked the hours reported?
. . . . if the complex next door was given permission to store a boat in your parking lot?
. . . . how to decipher the monthly statements when they're written in a foreign language (or just seem to be)?
. . . . if your property is still standing?
. . . . when to stop yourself from telling the PM exactly where you would like him to stick his excuses?
. . . . if the complex only looks clean for one of your visits, and the rest of the time it's a veritable slum?
. . . . if the tenants are trashing their units (like more than the $250 deposit will cover)?
. . . . when you've had enough and it's time to cut your losses?
. . . . if your rehab estimate is accurate?
. . . . when your PM is being sarcastic (nevermind, I think I know the answer to this one)?
. . . . if the county has condemned some of the units?
. . . . if you should not be in the apartment business?
. . . . if you need to start a blog for therapy?
Tomorrow I hope to post excerpts from a complaint that I am filing with an apartment association in KY against my former PM.