The Difference Between Managed Rental Communities And Fractured Ownership
Oct 22, 2021Have you ever owned a rental property in a community with lots of landlords who all run their properties individually? A lot of older build-to-rent properties were set up this way and look at them now. They're a complete mess. It's one of the reason's why new construction in today's market is worth any premium it might bring.
Watch the full episode: https://youtu.be/fK0u_k4OeTA
Something important to keep in mind here, cause you've seen these communities where you can tell it's separate ownership.
There's, there's a bunch of those two up two downs. Boxy-looking fourplexes, right?
You don't necessarily know how they're planted, but if there's a disparity in how the community looks, that's your dead giveaway. Is that a whole bunch of different people own these it's a hodgepodge, right?
Chase, isn't replacing his roof. He's letting people park wherever they want. There's an old Trans-Am on the lawn, right... There are bikes everywhere. The lawn is dead.
So when Sherida needs to lease her unit, of course, that is a property management responsibility. But these tenants pull up and they see Chase's unit. Those are my neighbors. What just happened to Sherida's rents? What just happened to the marketability of her building? It went down...
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