Managing your own multifamily property.....pitfalls.

Managing your own multifamily property.....pitfalls.

Investor · Member since 2021 · 131 posts · 100 votes

To the BP Crew,

While I have a great deal of experience in the STR/LTR side of SFHs, but am now just entering the multifamily sector. I was wondering who might be brave enough to share any unexpected pitfalls/struggles that they encountered by being their own property manager of a multi unit apartment.

As I began thinking about managing a multi-unit (especially one such as a 10-30 unit dwelling), I tried to think outside the box about possible unforeseen challenges outside of the typical calls "my sink doesn't work" or "my toilet doesn't flush".  While there are some rather obvious pitfalls, others may not be so evident.  One that happened to cross my mind (which may seem silly), was somthing as simple as "What happens when someone drops a jar of pickles on the floor in a common area?"  Are you running out in the middle of the day/night to clean it up so someone doesn't slip?  Let's suppose it damages the flooring/rug in the common area, is the property owner going to be stuck with the damages, or the tenant who dropped it?  How can you prove it (unless you have security cameras)?  How many owners have their common areas monitored with security cameras?  And on, and on, and on....   

Anyone willing to step up and share?  Anyone...?  Anyone...?  Buhler?  :)

0Reply
20 views

1 Reply

Jump to latestLatest
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    For me the experience has been refreshing! My 12 unit is so much less work and expense than my duplexes and SFR ever were. Having a dozen units under one roof is way more profitable and cost effective. Just pay attention to screening and inspections-it is really not different but a lot better!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.