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Updated almost 5 years ago,
Experiences on moving to bigger buildings from small multi
Hi BP,
I'm looking to tap the enormous amount of knowledge circulating around here.
For context I live in Boston and own 31 units in the greater Cleveland area (I'll be there this weekend if anyone is around). Currently they are small multis (2-4s). The portfolio is running well and I have a few opportunities to get into a bigger building (20 - 26 units).
Question - For those of you who have moved from smaller multis to bigger buildings can you share your experience (especially if you are an out of state investor)? I've seen many investors blow up because they underestimate what managing a building like this would entail (This won't be a syndication so I don't have investors to worry about).
I have several PMs and vendors in Cleveland that I'm confident in and am thinking of a hybrid model where I run the financials through Buildium on my side and have a point person on the ground to ensure I have total transparency on cash movements.
Thanks in advance and I look forward to responses,
Jeff