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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 682 times.

Post: how helpful are property managers, really?

Account ClosedPosted
  • Manhattan, NY
  • Posts 801
  • Votes 61
Originally posted by Gene Kardos:
As for the property management issue. I am getting ready to purchase my first multi-unit and I will definitely use a PM. My time is worth a lot more than what I would pay them and I think people tend to forget that aspect of things. Some call it the small business owner mentality. If you own your own business and are working your butt off there everyday......whats the point? I'm in this to work less not more.

When I first started in the summer of 1984 I wasn't even thinking about replacing an income or working less. I was fresh out of college and happily employed as an engineer with BMAC in Seattle. I wanted to get into real estate investing for the very long term and to build some security in case something happened.

It was not until late 2007 that I no longer held a full-time W-2 job.

Now, I still work about the same amount of hours as before but they are not in a contiguous block of time. If I need to stop and take a few minutes or hours or days to deal with something, I can just do it.

But you are exactly right about the small company mentality. Some are never able to make the conceptual leap from small to anything else and without that leap the concrete steps needed to go there are impossible.

People who manage their own properties do it because it works for them, it is within their comfort zone and they don't need the benefits any other method might provide. Those of us who use managers do it for the exact same reasons.

Post: how helpful are property managers, really?

Account ClosedPosted
  • Manhattan, NY
  • Posts 801
  • Votes 61

I have been in this business for over 24 years. I have seen newbies come and go with amazing frequency. The reasons people fail in any business are are numerous and predictable. Under capitalization, lack of knowledge, lack of experience, lack of a willingness or ability to learn new things, lack of work ethic, lack of vision and any number of a hundred or thousand reasons.

But, one common trait that belongs to all of the truly successful is to know their strengths, weaknesses and limitations; know when to get help and how to leverage the efforts of employees and outside contractors.