All Forum Posts by: Tim Gathers

For those of you who own small apartment buildings (8-24 units) in Oakland County, MI, how much are you paying your property managers each month (e.g, x% of collected rent, etc.)?  I'm looking at properties in this area, but I'm not aware of what the going rates are for underwriting purposes.  Thanks!

@John Lenhart, thanks for the advice!  I've used QuickBooks for other business ventures, but I wasn't sure if it was well-suited for this situation.

Thanks, everyone, for your advice!  I've crunched the numbers, and I think it's going to be tight even without taking the boiler into consideration.  If I can make the numbers work, then I'll see what I can do to make this worth my while. 

I have a 12-unit apartment building which is managed by a property management company.  The PM uses their own online software to track rental income and the expenses paid for by the PM; however, I pay some expenses on my own, including the utility bills, mortgage, and major rehab costs, and these expenses are not tracked by the PM.

What's the best software solution for me to track all of these expenses in one place so that I can more easily produce reports, such as profit and loss statements?

I'm looking at purchasing a 12-unit apartment building that has its original boiler, which is about 60 years old. Of course, I would have the boiler professionally inspected before purchasing the building, but I'm wondering is it worth buying a building with such an old boiler.  Any advice on how to proceed?

Thanks, @Bjorn Ahlblad!  In my case, it looks like they started in one unit and spread to one of the adjacent units.  The remaining units were inspected by a professional bed bug inspector, but no evidence of bed bugs was found in those units.  I think the recommendation to treat the plumbing and boiler pipes in these other units is preventative, but I'd like to see if anyone else recommends doing so before I make a decision.

If I find that two of the units in my building have bed bugs infestations, it is necessary to have all the remaining units and common areas in the building also treated for bed bugs?  The bed bug company we're using is recommending that we treat the plumbing and boiler pipes for the units where no bed bugs were found to ensure that they don't spread into these units.  They also recommended treating areas such as the laundry room and the boiler room.  While I totally agree that the two units must be treated, I'm less certain about whether it's worth the considerable extra cost to treat pipes in all the other units.  Has anyone had this method of treatment done for their buildings?

Hello!  I'm looking for recommendations for a reputable property management company with experience managing apartment buildings in the Lansing, MI area.  I'm under contract on a 12-unit apartment building in Lansing.  I've found several companies in the area, but most seem to focus on single family houses or duplexes.  I need a company that knows how to manage apartment buildings specifically.  I live too far away to manage it on my own.  Thanks.

Thanks, @Brad T..  $99 per unit per month would definitely be too expensive for the areas where I'm looking to buy. 

By the way, I recently spoke with a PM company that charges both a percentage plus a fixed fee for each unit.  Has anyone out there heard of such an arrangement?

@Brad T.,how is the property management working out for you on your 12-unit?  Is it actually working out to the 8% you were quoted, or have there been lots of extras?  I'm looking to buy my first apartment building in Michigan of a similar size, and will need a PM company.