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Managing our own property
Looking to build a team to manage our apartment complex in Dallas remotely. Any recommendation on building a team, accounting, etc and how to do this?
#5 Managing Your Property Contributor
- Accountant
- Lehigh Valley PA & New York City
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#5 Managing Your Property Contributor
- Accountant
- Lehigh Valley PA & New York City
There's many ways to go about it.
When you say building a team, are you looking for 1099s or employees? Are you going to manage it or you mean a team of professionals that aren't really a team?
Talk to some local PM company
Accounting - 1 size fit all or you can have multiple ones that handles the property level and the corporate level. Get a separate person for a CPA.
Get a legal advisor
go to meetup or just find them here. You can form a team just from the people on this forum.
#2 Real Estate Agent Contributor
- Real Estate Broker
- Coppell, TX
How many units?
Quote from @Bruce Lynn:
How many units?
135 units. Bad luck with existing management companies. Lots of theft.
Would be open to employee or 1099
accounting 1 size fit all
This is not easy to do to be honest, mainly when you are out of state, I have built teams for startups remotely and it was hard though with a good accountability and ownership you to things done. The difference is that the physical assets which make it harder for quality control.
In average, it took me about a year to build a strong team, with a lot of hands-on involvement, but I spent a lot of time looking at the work.
Currently, I am building a team for my portfolio in Dallas that I have with some investors, but I am here so I can look at the work closely.
What I have seen is that is better to have one or two employees in a payroll and then all others as contractors.
#3 Out of State Investing Contributor
- Investor
- Toledo, OH
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#3 Out of State Investing Contributor
- Investor
- Toledo, OH
Quote from @Isaac Joseph:
Looking to build a team to manage our apartment complex in Dallas remotely. Any recommendation on building a team, accounting, etc and how to do this?
Hi Isaac,
Personally, I wouldn't recommend this.
You should focus on growing your portfolio as in "finding the next deal, getting access to cheap capital, finding partners, strategy planning, tax minimization, etc..."
The old saying "Focus on the business and don't be in the business".
Find a trustworthy PM (Easier said than done) and let them manage for you.
"Systemize, optimize and monetize" your real estate endeavors.
Don't trip over the pennies to pick up dollars.
Finding and handing over to a trustworthy PM is worth the cost.
Investing in real estate shouldn't be about getting yourself into another job.
We manage 400 units and I can tell you it's like having 10 jobs lol
Much success
I appreciate that. We have decided that that is the right direction to take
appreciate the advice. We will follow.
Hello Isaac. Managing 135 units on your own means that you need to create your own PM company. And such business needs a lot of time and work -24/7. If you are not ready to fully focus on this, i would recommend to look for professionals. Must be reliable PM company in your area
Quote from @Ran Fridman:
Hello Isaac. Managing 135 units on your own means that you need to create your own PM company. And such business needs a lot of time and work -24/7. If you are not ready to fully focus on this, i would recommend to look for professionals. Must be reliable PM company in your area
So far that has been the challenging part. Just hired a new one this week
. Crossing fingers. Thank you for the qdvice
#3 Out of State Investing Contributor
- Investor
- Toledo, OH
- 2,011
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#3 Out of State Investing Contributor
- Investor
- Toledo, OH
Quote from @Ran Fridman:
Hello Isaac. Managing 135 units on your own means that you need to create your own PM company. And such business needs a lot of time and work -24/7. If you are not ready to fully focus on this, i would recommend to look for professionals. Must be reliable PM company in your area
100% agreed
Man oh man does it need a lot of work lol
And many years of trial and error before it can be said "We are a good property manager" 🤓
Any PM company with 3.5 star review on Google is in my opinion a "Good property manager"
Thanks
@Isaac Joseph if you experienced lots of theft with previous PMC, then learn to better manage your managers.
Try to think of everything that can go wrong and then figure out how you can monitor relatively easily.
Doing this will probably be a whole lot easier than trying to start your own PMC.
Quote from @Michael Smythe:
@Isaac Joseph if you experienced lots of theft with previous PMC, then learn to better manage your managers.
Try to think of everything that can go wrong and then figure out how you can monitor relatively easily.
Doing this will probably be a whole lot easier than trying to start your own PMC.
I appreciate the feedback. This makes the most sense to us. We are planning much more site visits as well. Thank you!