Management options for 32 unit apartment
I've been looking for a 60+ unit apartment complex that would afford 3rd party management in the DFW area for several months without much luck. I've recently had a 32 unit deal basically fall in my lap and I've decided to move on it. It is a solid deal if self-managed, but the returns just aren't where I (and my investors) would like them to be with a PM company involved. I also like the idea of truly learning the business from the bottom up before moving onto bigger properties where I'd be using a PM co. The Ken McElroy podcast reinforced my thinking when Ken said he puts his new people at a property to learn the basics.
I'm looking for input from those of you who have owned/operated similar properties, and how you did it. I know many other owners of these smaller properties and have discussed resident managers, part-time professional staff, partnering with owners of nearby properties and sharing staff, etc. Our budget includes payroll for a PT maintenance person and PT mngr.
All of these have pros and cons, but this is a huge step for me, and I guess I'm just looking for reassurance that others out there are successfully doing this. I've got a great deal of support locally from experienced people, but BP was much to valuable a resource to ignore...