I run a boutique property management + brokerage firm on Utah's Wasatch Front.
I post about what actually works in rentals: the numbers, the mistakes, the market most owners never see.
No hype. Follow if that's useful.
Depending on the week, I review 10+ housing applications weekly.
My biggest takeaway:
Please stop taking out $80,000 or more in student loans for degrees that do not increase your earning potential.
I remember seeing @loganjrankin post that all he needed to see was a property management company’s key organization to know how well it was run.
At the time, I didn’t really get it.
Now I do.
We just took over a portfolio from a property manager who was fired only four months into the management agreement after running the operation into the ground.
The handoff was a bucket of unlabeled or mislabeled keys and a “figure it out.”
It was a reminder that the small operational details are rarely small. The way you organize your keys usually reflects the way you manage everything else.
@pricefoulger It was at a Marriott. They have a competitive edge with free marketing and a venue. Base package was just under $200 which only included one drink. VIP was around $350
Went to a laua tonight. Ran the numbers.
750 people x $220 = $165,000
Food: $15,000
Wages: $12,500
Materials: $2,500
Setup/teardown: $1,000
Total cost: $31,000
Profit: $134,000
4 hour event. Wild.