Large Apartment Building Turnkey Experience
I currently own residential multifamily properties that are near passive income investments. My property manager handles minor events and I respond with decisions for major events such as a repair that exceeds $1K. I am looking into purchasing a 20 unit apartment building in Cleveland that has been completely renovated. I would like to get insights on how active are out of state investors involved in managing large apartment buildings to give me an idea if I should get involved with this larger asset.
In my assumption, I believe it would be just like owning residential multi family properties except that I would have a higher volume of interaction with the property manager. Yet, I would like to get insights from experienced investors.
Questions for the discussion:
How frequent do you interact with PM for your apartment building?
What are typical fees for managing your larger property?
Do you have someone living on site because its required?
What else must I consider/plan for managing this larger asset from out of state?
Thank you all for your time in advance