First apartment complex questions.

4 Replies

I have several years experience in managing SFH rentals and operating a 30 lot mobile home park. I feel like I'm ready for something bigger, and have a private investor who wants to partner in apartments. Am I crazy to think that if I can manage a MHP, then I can manage a larger apartment complex? We are looking at deals in the 50-150+ unit range(go big or go home!). Has anyone managed both MHP's and apartments? What are the major differences as far as day to day operations? Is there an industry training standard or certification that property managers hold, or do you train your own staff? What management software options are available?

Looking forward to hearing from yall!

@Josh McCullough

Consider getting a CPM certified property manager and then you manage them.

Go to IREM.org search for CPM certified property managers. Call 5 ask them what parts of the city they like/dislike and why. Ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

Paul

@Josh McCullough  I haven't managed MHP or bought that but with your experience you can make it happen. I'm confident about that as long as you surround yourself with some team members who have managed a mid-size apt community before. Perhaps, as Account Closed suggested you have another property mgmt company manage OR, even better, you bring on a team member and expand the skillset of your own mgmt company? 

Thanks Paul and Joe for your time and advise. Good stuff!

I think Account Closed is spot on, I have met a lot of burned out, jaded owners that chose to manage their own properties.   

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