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Our Apt owner may give us a rent reduction to be property mgmt. Have a question for you ladies.

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So we live in a multi family home.  We moved in a few years ago when the owner was in the apt in the house right next to us.  We get along great.  We are the oldest tenants here.

He ended up having to move and got a prop mgmt co. to oversee things.  They have not been doing their job.  The owner and I talked over the phone about DH and I taking care of things here for a rent reduction.  He is coming over tonight to talk specifics.

My question for all of you are: How much of a rent reduction would be worth it and what should we expect to be doing?  I am fine with calling plumbers and such but I can't do much to fix problems on my own.  I don't want to chase anyone down for rent, but I don't think with the people who live here now that's a problem.

Should we just stay out of this and respectfully decline or is this a good opportunity?

by on Jan. 31, 2013 at 9:19 AM
Replies (11-20):
nicole2884
by on Jan. 31, 2013 at 11:00 AM

i would want to pay half or nothing, its a big job however since you wont actually be doing repairs i would settle for half what you normally pay , an i would not give him an answer tonight , just tell him you guys need to talk it over an you well give him an answer soon

JohnnyCakes
by Member on Jan. 31, 2013 at 11:09 AM

It just depends on the amount of responsibility he wants you to take on versus the reduction in rent. How many units is it? Are there common areas? Are you expected to do light maintenance, general cleaning, groundskeeping? Leasing? Utility compliance? Repairs? I knew someone who did  'caretaking' in exchange for free rent and stipend. It was a 25 hour week job plus 50-ish to cover electric, basically cleaning hallways, emptying garbages, glass, light maintenance. I also knew a 'caretaking couple' where the woman did the office work and the man did the maintenance. It can pay a pretty penny out here.

You will want to ask about taxes, your rent could be considered income (you may be able to count it as pre-tax income). Oh one more thing, when someone is working for a place they also reside, some companies have 3-day policies. As in, if you get 'fired' they can evict and you have three days to be off the property. Just some things to think about! 

JakeandEmmasMom
by Silver Member on Jan. 31, 2013 at 11:19 AM

 I'll keep my fingers crossed for you!  Let us know how it goes.

Quoting matreshka:

"protecting your investment" is great!  Thanks for the tips.  Definitely need to talk to DH as he will be doing most of the handyman work.

Quoting JakeandEmmasMom:

 I would think that having a manager who really cares about the property would be worth paying a premium to him.  You get what you pay for.  I would list out everything you figure you would be doing and how much time per week you figure that would take on average, and try to come up with what you think would be fair.  I would also use words like "protecting your investment" and "caring for your investment" when I talked to him.   It would get him in the frame of mind that what he is paying you is going to be worth it in the big picture.  Hopefully you can get free rent out of it.

Quoting matreshka:

Exactly and the owner was shocked they let him in.  The owner knows we care about the property here and the people who live here. With the sketchy guy it was his GF on the lease and he was a "occupant," soo sketchy.  We called the cops several times because of drugs, fires outside and domestic violence.

Quoting JakeandEmmasMom:

 Oh my goodness!  How awful!  I would be tempted to take the responsibility on if for no other reason than to have some control over who my neighbors are.  SMH.

Quoting matreshka:

This I have no problem with.  The prop mgmt co we currently have doesn't screen and there was a guy who had felonies for crimes against kids living here.  He also caused my breakdown by burning our side of the porch and calling me vulgar names.  We had to threaten legal action against prop mgmt.

Quoting JakeandEmmasMom:

 Oh, I forgot to mention, you would also be responsible for advertising for and screening potential new tennants.


 


 


 

Ninjascreenname
by New Member on Jan. 31, 2013 at 12:15 PM
I agree with all that's been posted so far, I would also like to add that you are an awesome person if they have approached you for this- they know you obviously care about their property. Keep this updated and let us know what goes on. :) Good luck!
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rmp
by Bronze Member on Jan. 31, 2013 at 12:22 PM

If your husband is going to be the handyman then your rent should be free!! Friends who live in apt complexes and do that get their rent free. It is a Job so you should get benefits!!! LOL  That is really cool that the owner trusts you guys. Thats awesome and speaks highly of you. You know this could be the beginning of something for you and your husband and the experience and trust will speak for itself if in the future you want to continue managing properties and move elsewhere or even for retirement!!! I am just looking at the Big picture and it would look great on your resume!!! Good Luck.

Kristine316
by on Jan. 31, 2013 at 12:58 PM

 Get a legal contract signed and notarized as to the responsibilities and the monetary value of the rent reduction. A few people I know do this, but the rent is completely free. I would not do it for less than 40% + reduction. It's too much of a headache. shrugging

laurag8707
by Bronze Member on Jan. 31, 2013 at 10:30 PM

 I would do this for the fact of I would view it as helping myself in the long run. Any help with any bill is help I will gladly accept so with the money your saving even if its just $50.00 a month that is $600.00 a year.

KenzieQsMommy
by Heather on Jan. 31, 2013 at 10:34 PM
I honestly dont know anything about thus but I wish you luck!
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zildjans_mom
by on Jan. 31, 2013 at 10:37 PM
How did it go?
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nmaxwell816
by on Jan. 31, 2013 at 11:11 PM

I have no knowledge of this.  i would discuss further what would be expected of you

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