Management of 30 unit and under community

[Kyle Kovats]

Recently I've seen some people take on some smaller value add apartments between 15-30 units and do really well after implementing a value-add plan. The challenge here naturally is how do you manage the property from a maintenance and leasing standpoint. At the moment the smallest property in my portfolio is 68 units and we can afford to have full-time staff at the property. 

I am looking into purchasing a smaller value-add deal for a short-term hold between 20-30 units (without syndicating) for myself and was curious if anyone has a property of this size and how you handle the mgmt/maintenance of it. Thank you in advance! 

[Greg Dickerson]

@Kyle Kovats I have done a number of small multi family deals like these and they can be very profitable. I typically have do heavy value add or adaptive reuse and mixed use.

There are PM companies that specialize in these types of properties. They typically charge 10% and are very good. No need for on site management or maintenance but try do have them in house. You should be able to find a couple in your area.