HELP! Managing 125 unit apartment building.

[Hayes Freeman]

Hello and thank you in advance.

I'm looking for advice on the best book or other media series, for managing multi family.  Im looking for the latest information, from information management systems, to marketing, and building maintenance.

I am an exerperienced investor/manager of single family.  But I am getting involved in helping manage a 125 unit building. 

Property has been mismanaged, and we have the opportunity to turn it around.  

I'm not asking for advice (although I would absolutely take it!).  I'm looking for the best books or information on managing multi family.   This is an older 22 story building...

thanks again.

[Mark Fedorov]

Wow, I recall my drinking from the firehose days...

My suggestion is that you have two options:

1) - Spend your time finding a good project management software (like Encarta or Yardi), you have to realize that a GOOD system is worth it, and that is why some systems are more expensive than others - Spend you time hiring 4 good people, two for maintenance, two for office, PAY THEM WELL, but make sure they can work independently, let people go before they become (or make) a mess, going though employees in the begining is no big deal. - Make a WRITTEN responsibilities list, you take some, give most to the others, manage the people not the work.

2) Hire a good management company in the area, manage them with bi-weekly meeting, and make sure their contract has a clause that can get you out on 30 days if you don;t like how they work.

The management company should cost you about 2-4% of the rent roll more than you doing it your self. If you have 125 units, you should  have  rent roll north of $1MM per year. So that is $20-30,000 per year that you are saving by inserting yourself as the on-site manager.

I don't know of any books about doing this, seminars with the software are pretty eye opening.