St. Louis, MO · Member since 2017 · 32 posts · 5 votes
I had good experience with a handyman over the years. Thinking of pitching him to become property manager for a single family I am considering to buy in his backyard. Any ideas regarding what a fair deal look like
- Fixed monthly payment ?
- $ / visit
- 1st month's rent ?
I have dealt with property management companies with tall claims and horrible performance. Want to try something different
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
6y
We have a 6 unit & we inherited a maintenance guy who had been there 24 years, but we needed his knowledge of all the idiosyncrasies of the building. We let him go a year later when he became a liability & his work got shoddy. So, I threw an advt on craigslist. Cheap rent, 1 bedroom attic apt for maintenance & property care. We had a bunch of late 50 yr old guys show up. Most had very little to their name, except an old vehicle & a few tools, (apparently their ex-wives had cleaned them all out).
I settled on an old Italian guy who proved to be very handy & helps a lot on other properties we have, plus he maintains an amazing vegetable garden at the 6-plex. My daughter adeptly handles the rental/tenant stuff via social media & we rarely have a vacancy & if we do it's one leaving while the other is moving in.
I now have another old maintenance guy who has also fallen on hard times, (yep ex-wife cleaned him out as well). He now rents a trailer from us. His work for me over the years has been exceptional, so I use him on property maintenance & the rehabs we are currently doing. His knowledge of electrical, plumbing, framing & drywall finishing has saved me a lot of time & $$$.
If you can find one & keep them busy they are beyond invaluable.
Investor · All over · Member since 2019 · 119 posts · 26 votes
6y
Hey Mian,
Usually, property management takes 7-8% of the monthly rent. That includes all maintenance visits. They might take the first month's rent when they start on a unit, but that's usually what they take after that. All negotiable of course. Sounds like a good idea though. Where'd you find the handyman? I need to find myself a good one!
St. Louis, MO · Member since 2017 · 32 posts · 5 votes
6y
I have tried a bunch of guys, people who cold call at my office for work, amazon installation guys etc. You give them jobs and see how professional they behave....
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
6y
We have a 6 unit & we inherited a maintenance guy who had been there 24 years, but we needed his knowledge of all the idiosyncrasies of the building. We let him go a year later when he became a liability & his work got shoddy. So, I threw an advt on craigslist. Cheap rent, 1 bedroom attic apt for maintenance & property care. We had a bunch of late 50 yr old guys show up. Most had very little to their name, except an old vehicle & a few tools, (apparently their ex-wives had cleaned them all out).
I settled on an old Italian guy who proved to be very handy & helps a lot on other properties we have, plus he maintains an amazing vegetable garden at the 6-plex. My daughter adeptly handles the rental/tenant stuff via social media & we rarely have a vacancy & if we do it's one leaving while the other is moving in.
I now have another old maintenance guy who has also fallen on hard times, (yep ex-wife cleaned him out as well). He now rents a trailer from us. His work for me over the years has been exceptional, so I use him on property maintenance & the rehabs we are currently doing. His knowledge of electrical, plumbing, framing & drywall finishing has saved me a lot of time & $$$.
If you can find one & keep them busy they are beyond invaluable.
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
6y
Be cautious. Handy man and property management are two very different skills. They guy that repairs the leaky toilet may not be very good at tenant selection and management.
Real Estate Broker · Tulsa- OKC Oklahoma · Member since 2017 · 868 posts · 801 votes
6y
Hiring someone to manage that has no prior experience or any idea of fair housing? Sounds like that could turn out pretty bad. Do it yourself or hire a pro. Cheaper is not always better.
St. Louis, MO · Member since 2017 · 32 posts · 5 votes
6y
Thank you for all the valuable input. Let me put some perspective on where I’m coming from
- my first property manager - was very active on BiggerPockets had a big company and seemed amazing on paper. However once we got in bed, it was impossible to get hold of him or his “ team”. Maybe I was just another owner in his portfolio ( with that thought in mind, what Service would he be providing to my client/tenant
- Second property manager, I had some family connection with him so he / his company is more responsive. We have monthly conference calls in addition to the usual appfolio updates etc etc.
- my goal - find somebody with good ethics/somebody I can work with. Have him learn the ropes/look over your shoulder. Maybe he can be my acquisition / rehab manager etc one day.