managing some properties for a friend-not getting paid as planned
Hi Folks, I live in Tucson and have 2 rental properties I own and manage. A friend of mine owns 5 rentals in town and he lives in Payson--about a 3 hour drive so I look over his properties.
Originally the plan was that I would look after them until he moved here (we are both originally from Calif) but his wife did not want to live in the desert--so here I am looking after them still.
I cautioned him that to make a living at this he would need at least 8 properties , and preferably pay cash for his home--he only has the 5 and paid waaay too much for his Payson home.
For the last 10 months I have not seen a dime--he had full occupancy until recently. He recently told me he'd be sending me a check for 1000 bucks--umm thats like $16 per month per unit. We agreed on 10%. Plus I have been doing repairs (hanging security screens, replacing doors, light plumbing, paint etc) as well as being on call and arranging tradesmen for stuff I can't fix.
We've been friends for a long time but this is putting a strain on things as you can imagine--how would some of you approach this?