Or hire a PM company to manage for you?

From there, you have to decide whether you want to be a landlord or hire a property manager.

Trying to get into the nuts and bolts of how he was trying to source a location, project size of preference, what type of financial modeling he does, what kind of tenants he was hoping to attract/the strategy behind it, if he was doing any joint ventures or had done any in the past, if he had taken part in any syndications, what management strategies he was implementing with his current properties to maximize lease uptime and profit, what types of leases he generally favored contracting for his properties--all of that was like pulling teeth.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If I have a homeowner client that wants to play games, I'll gladly help transition them to another manager.

What is killing me is after factoring in property taxes of about $9000 for the year and 10% of the rents $6.720 for property management as well as insurance factored at another $2400.

The other 10% are scammers, or have mental issues, or have perpetual money problems, or are career criminals, or psychopaths, or have massive entitlement issues, lack anger management, or are spousal abusers, or can’t hold a job, or don’t want to work, etc.  

Then you can self-manage and learn all about tenants, contractors, etc. 

They develop, they build, they finance, they property manage, they will have HAO, cleaning crew etc. etc. etc. so the subsidiary companies make money every step of the way.From investor perspective: The investor pay $15 K to reserve the right to purchase 25 multiplex over the year of next 5 years. 5 each year.

*Any red flags unique to the Pittsburgh market.I’m also hoping to connect with fellow investors, agents, or property managers who are familiar with the local market.