All Forum Posts by: Joe Blow

It was great input from everybody and enjoyed everybody’s view. I plan on doing the following:

• 1.PM will pay 50% of standard rent but will identify duties he has to do for 50%.
• 2.Develop Property Manager Agreement for emergency and routine repairs and come to terms on compensation. Will hire an attorney to review agreement as I want to limit my liability exposure of injury while working. Going to ask my CPA if I can 1099 the PM for repairs conducted because I was not planning on having payroll or workers compensation.
• 3.Develop a post inspection process on repairs before any compensation is released. Need to implement my checks and balances.
• 4.I am considering creating a special LLC for operations and maintenance of all my rental properties to limit my liability exposure. Will ask attorney and CPA about this.

Thanks everybody and I will keep you posted on what I develop over the next few days.

Gracias,

JB

I just purchased a multi-unit apartment complex that came with an onsite property manager.  What agreement should I do with that person? I want to be fair so the person live rent free or should I compensate like an hourly employee.  Person responsibilities will be to handle all calls, collect and deposit rents.  Will handle all aspects of renting property.  

Any repairs done by property manager will be compensated at an hourly rate.  Will also provide oversight on remodels and emergency repairs.

Any guidance will be great.   Did a internet search but did not find what I was looking for.

Thanks,

CV