I used to love, and I mean LOVE Jordan's Mexican food at Central and Thomas until they closed up.

Did you receive a welcome package when you moved into your rental?

The level of management needed will depend on the age of the property and what type of repairs have been completed along the way.If you buy a property with deferred maintenance getting it turned around the first 6 months will take a ton of time.A manager should be compensated for the extra work in that case.A 10% fee simply will not cover or make worthwhile all the work involved.There will be eviction,court dates,trash outs,re-conditioning,advertising,tenant apps with criminal and credit check,ongoing repairs with tenants that are staying,etc.For all of you that want to manage other people's properties you need to check with your state's real estate commission.In many states including mine you will have to hold a license with a brokerage or be a broker.Some exceptions is if you are an employee of the company etc.I think often times investors have a high expectancy of PM work.Simply it's like owning a restaurant and having an 8 hr worker.To expect that worker to be just as excited and diligent about the business when they get nothing but a small check is a pipe dream.If I pay 100 for a steak then I demand service.If I go through the drive in at Taco Bell I expect the food to be correct and nothing else.Managing 100 properties yourself without help is the exception and not the rule.This is based on my experience dealing with apartment owners.One had about 210 units over 10 buildings all within a few miles of each other.Vintage stock and unit mix was all different ages.They ran it themselves BUT had a full time leasing manager,bookkeeper,and about 3 maintenance guys.There is no way without the help they could run them selves.I have seen basically one person locally could handle up to about a 20 to 30 unit by themselves.After that it becomes really difficult.Many investors buying in this range are not purchasing a new building.These are older buildings that need constant upkeep and have problems.Typically the mechanicals,plumbing,electrical all start failing at different intervals.I have a 20 unit and have a live in PM.It lets me focus on my real estate deals and I check in with them every 2 days or so to see how things are going.I don't want to do 10 hr work when I can make hundreds per hour selling real estate for my clients.If you want to invest out of state you could do triple net leases for mail box money.The CAP is about 7 to 8% where I am at right now.If you want higher returns then usually you have to take on more problems and risk.

I have partnered up with a professional Home Inspector and we love to educate investors on tools they should use to make their businesses as Real Estate Entrepreneur thrive.I am most importantly a Wife and Mom of 3.I love to cook - self proclaimed Food Network Junkie!!!

I wrote more about my personal experience on this post: https://www.familyandfi.com/from-food-banks-to-pay...

They decided against it, finished their basement(over 100K) , bought a fast food franchise for their son to run, and a small condo in Cancun.

There is a budget and a reserve which is holding it's own right now, but because the fee is so low and the cost to run the pocket sewer plant is high, but the developer has stated that he prefers not to raise the fees at this time, but it is anticipated that as more homes are built and come on-line to the PSP then the fees may go up, but quite frankly this area cannot support much more in the way of a fee (low income area other than a Marine Corps base and school district and your basic fast food establishments, there's not much in the way of employment).

Then, you tell them they get to buy their own clothes and food!!

The resulting mortgages were packaged and sold.

If you're seeing delinquent taxes on a property, this is a likely indication that a bank/mortgage isn't involved with the property anymore.Just food for thought.