All Forum Posts by: Robert Marek

I"m interested in this spreadsheet...where is the BP file place?

Thank you Marcia - I appreciate the advice.

Robert

Greetings - 

Can anyone recommend a good place to get sample tenant letters that we can modify and use as our own?  I tried to search the forum, and it says there are results, but none are displayed.  I don't think it is my computer since I tried this with 2 different browsers.

For example we will be needing to send the following letters soon:

Letter announcing a change in management for the building

Letter reminding residents that the rent is due on a certain day and that eviction proceedings will begin on the 5th day of the month

I would prefer to not make it up myself, would like to get good professional examples.  Is this something I should pay for?

Thank you,

Robert

Well I live in Virginia, but my parents and their properties are in NJ, this is about their situation...

Thank you for your thoughtful responses. Many of the posters are correct, the properties have become neglected. He also not collecting market rent and in some cases partial rent as he prefers to do that than evict someone and have to re-rent it. I think if a management company can come in and at least collects market rent that may pay for the service fairly quickly.

I appreciate the responses, and if anyone else has any thoughts I would love to hear them.

Robert

My dad owns a 24 unit building, and 2 four family buildings in NJ. He has always managed it himself, performing most of the labor, but he’s getting to the point where he does not want to do that anymore.

He has always said that it is not cost effective to have a property management company take care of this real estate. Therefore, it appears that the only option is to sell it.

I would like to take over, but I have a full time job and feel I cannot do both. I would be happy to quit and run the real estate full time, but my parents insist it is not possible to own these buildings without also holding a full time job. For as long as I can remember, all my parents have done is work full time for an employer, work on issues with the buildings, and sleep.

So I ask the small time owners with a similar number of units, is it possible to have a management company for this sized portfolio, or does everyone in the same situation also do all the work themselves? Of course, my parents need an income from these properties. How large does a portfolio have to be for it to make sense to hire a property management company?