multi fm: how to decide location and number of units

[Ron Singh]

Hi

I am based in bay area, looking for next multi fm under 2M

either upto 4plex in bay area

(can manage self ,locally )

or

20 + units in Texas , Utah ,Nevada or Arizona etc might have to pay taxes in two states , plus management company or manager required

suggestions?

[Richard F.]

Aloha,

For the larger multi-family property, I would recommend against having an on-site resident manager or caretaker. I have seen far too many times, site managers "helping out" their neighbors with repairs and painting, using supplies the property owner paid for, and often times while "on the clock". Also, they nearly always end up making friends with some residents, and enemies of others, which both translate to problems for the owner or off-site PM. A better strategy, depending on the property condition and general location, is to have a very secure storeroom that allows you to buy items in multiples so you have on hand when needed. Appliances, sinks, standard vanity bases, toilet parts, faucets, flooring, pallet of 5 gallon paint buckets, etc. This will save driving time for whoever does the repairs, and helps you to control the cost to some extent. Just have a system in place to track items used, to know where they went, and to restock when necessary. Your PM can control access, or you can add security cameras to the storage room that you can remotely monitor (along with exterior and common area cameras so you can check on your property anytime).