Do you guys think it is beneficial to keep the previous owner as the property manager on a 40 unit apartment? By the way, it is going to be owner financed. The realtor said he is really good at managing it and keeps it in great shape.
I plan on raising rents to meet the surrounding area since it was rehabbed and I dont want to have a problem with the guy if he disagrees with me on things. But he may have a reputation with the tenants and knowledge of the property.
I believe it depends on the reason why he is selling the place. If he is still willing to manage it, why is he selling? Have you thought about that? I believe one of the biggest reasons for selling is to get rid of the headaches. If he is willing to manage, he will not be getting rid of the headaches. And if he is financing the place, it doesn’t seem he needs the money right away… I would be very curious to know the reasons why he is selling… My 2 cents… Good luck!
If they managed the property well while they owned it, then I would let them continue to do so.
GooD LucK! :beer
I would do a background check on him though…just because he owned the building doesn’t mean that he’s not a crook, etc.
Due dilligence is still very much in order!
Keith