Is this a thing? Is there ever a need?

Question

I have been involved with and know if the following your situations.

Investor with multiple doors provides a door in exchange for part-time property management or tech development.

Is this a thing anymore?

Or only 15-20 years ago?

Maurice W. Evans · Answer

Thanks. Great idea for many. Definitely wouldn't work in our situation :D

Maurice W. Evans · Answer

not recently, but yes in markets in Florida and Kansas...but some time ago.I'm always open to learning and looking for creative ways to do things.

Scott Mac · Answer

Hi Maurice,

You could always find a room mate situation in a place near grocery and some fast foods.

Just pick someone who matches you (introvert, extrovert, likes sports, or reads online most of the time).

That way you will be less likely to get in each others way.

Ask friends first--because the are a known item, vs the unknown.

Good Luck!

Mohammed Rahman · Answer

Hey @Maurice Evans - was this something you discovered when looking up low cost ways to make another acquisition?

Asking since although it sounds feasible in theory, it will be tough to find a landlord in NYC willing to do this - unless you work with them full time onsite as a super/manager/agent/etc.

Drew Sygit · Answer

@Maurice Evans do the math on how it affects your ROI! You could also just give a credit for partial rent.

Drew Sygit · Answer

@Maurice Evans very common for 50+ doors buildings to offer free rent for onsite agent/handyman. Often it's a couple, one does showings, the other maintenance.

You do have them still sign a lease, so you can chage rent if you fire them. You give them a rent credit during their engagement.

Maurice W. Evans · Answer

That's interesting, thanks. So do you feel it's not worth it for less than 50 doors?

Maurice W. Evans · Answer

good question, I have seen both (not sure how that worked with ownership, I think it was stock in the company/fund), but usually was just rent.

Drew Sygit · Answer

"Provides a door" means exactly what?

Free rent or ownership?

Is this a thing? Is there ever a need?

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