Challenges?

Challenges?

I was wondering who might be brave enough to share any unexpected pitfalls/struggles that they encountered by being their own property manager of a multi unit apartment.As I began thinking about managing a multi-unit (especially one such as a 10-30 unit dwelling), I tried to think outside the box about possible unforeseen challenges outside of the typical calls "my sink doesn't work" or "my toilet doesn't flush". 

Challenges?

We faced a lot of challenges that made it way over budget and take longer than expected.

For the last two years, I have led the planning and activation of over 100+ digital campaigns with goals varying from driving site traffic/conversions to general brand awareness with popular digital platforms such as The Trade Desk and Google’s DV360 & Youtube.

Those are all very popular cities for out-of-state investors at the moment, so if that's the route you want to take then I'd recommend getting to know each market in and out!

Also, finding good deals in a timely fashion is a challenge these days.I would think the operating agreement of the LLC would make it difficult for the GP to effect a 1031 exchange unless he effectively bought out the LPs, removing them from the entity.

Although this is common in the DC area (where I own one rental) it is not as common in NOLA and it has created a few challenges.

As someone just starting, this could be challenging to find, but if you can find someone to take that position, it could help you get started sooner.