is ne1 a property manageR?

?!?!?

Hello confused-kid,

What is the purpose of your question?

avman

umm, i took co-op for it i asked my guidance counsellors for it but they just said it was a hectic job, so i was wondering if anyone doing that kind of job could explain how it exactly is "hectic"

I bought my first 2 houses when I was 18 and rented them out. Two years later I still own them and can tell you what it's like to manage them.

Landlords hire property managers to handle the rentals for them. The property manager takes on the job keeping the rental occupied by a well qualified applicant and enforcing the rules.

The PM has to advertise the unit for rent, has to screen applicants, has to collect deposit and rent, and has to evict.

Advertising consists of a yard sign and an ad in the local paper.

Screening is the most important. You make the future tenant fill out an application, then run a credit check on them. You as the PM have to read through the credit report and make sure the applicant doesn't have a history of payment problems and evictions. You have to call their work and verify employment, and call their previous landlord to get a reference.

Then you have the qualified applicant sign a lease.

When something breaks in the unit or there is a problem you are the one who gets the phone call anytime 24 hours a day. If the toilet won't flush at 3:00am you're the one dealing with it, when the sewer pipe backs up and floods the basement with sewage at 11:00pm on christmas eve you're the one dealing with it.

When tenants don't pay the rent you are the one who has to post the 3 day pay or quit notice, and then file for eviction with the court. You are the one who has to go to court on the date they give you and plead your case with the judge. You are the one standing there 2 weeks later with the sheriff escorting the family you're renting to's belongings out to the sidewalk in an eviction. While their kids are crying and the tenants screaming at you and once their stuff's all out you are the one who gets to change the locks.

But then you can go 6 months without having even a call when everythings working. Sometime's you'll have everyone calling you at once and then you'll have times where no one calls you except to deliver the rent. I've seen PM's working for anywhere from 6% to 10% of the rents, or half the first months rent. If you could get enough units to make this work you could make as much money as you want. And you can refine it to make things run smoothly and filing eviction becomes as trivial as tying your shoe.