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

[David C.]

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?  :)