All Forum Posts by: Lisa S.

these are all great suggestions, tips and insight. Thank you to everyone who responded!!!! 

That is good advice.  Barbara- I need to take action and start the ball rolling now. Selling is not an option at this time. I got one of my  properties so cheap it's unlikely a deal like that could ever be replicated. Thanks all this helps

Thanks to everyone for for all your responses and suggestions. This is a very sobering reality. I have tried some of the suggestions I. E. Putting a cap on expenses but last month for example an expense popped up after the fact to repair the HVAC fir $700 and I was told it could have been more.  Is been incredibly frustrating and especially since I am in no position to self manage right now with the nature of my job. I self managed once before for about 8 months and I went crawling to a PM. Many of you have confirmed what I have felt in my gut but I just feel like I have so few options given its hard to find good help. If anyone has any leads in my area that would help to.

hello Barbara,

All units are fully rented with income ranging from $8500-$9000 for both buildings. The expenses are as follows:

Water- $500

Mortgages- $3064

Trash -$550 (trying to find new company)

Utilities- $400

Management Fees 10%/repairs/ Landscaping music - $3200-$$3500

I am in Washington DC

hi there!

I'm in ash burn VA but my properties are in DC. I'm still interested in expanding hopefully one day soon, but I'm finding out that DC is soooo hard given how tenant friendly and strict they are. How large are your multi families and so you manage them yourself or do you have a mgmt com?

The $3500 is for both buildings combined so for all 8 units. It includes the management fee and all these other misc repairs each month such as plumbing, broken locks you name it. These are the expenses from Property mgmt and then I still have to pay the mortgage, trash and water so I really need to get this under control. Thanks for the quick reply, BTW!

hi all, 

I have 2 small multi family (4 units) and I am getting killed on expenses each month. They are averaging $3500 each month and that's before the bills are paid. Most of the tenants are section 8 and call for repairs to be made literally daily. I'm thinking about asking the property mgmt company to use American Shield or another type of warranty company to get a handle on expenses. Does anyone have any ideas on how to better control expenses under these circumstances?? All ideas welcome 

hi everyone! I am a new investor and looking to network with other multi family owners.