Do you have experience with hedge funds?

None.

^ya know I didn't really know where is the report post button. Like strip clubs I just don't want to snap my last purity test.

Sounds like they need to consult on how to negotiate.

Speaking of, today's legal job listing ended with "a candidate with a strong work ethic could easily take home six figures," which earned the #2 dumb ranking of my search. I would have applied if he'd just said "commensurate with experience."

Yeah and maybe that low ball offer was the test.

Are you doing it for 400/hr or 400 total?

How did they even find your contact info if you have no experience in the field??

$400/hr. But they said it would only take an hour, but if other things come up that would be my rate.

I have no clue. I’ll let you know if it ends up being a scam or I get paid.

They had me fill out a quick application that just wanted my name address, ssn, mother’s maiden name and bank account info. So seems ok so far.

Nigerian Prince Hedge Fund?

Maybe that's what NPH stands for.

In any case I have a Zoom meeting tomorrow with the guy. I have to share my screen while I log into my bank account so that he can set things up to pay me properly.

This doesn’t sound shady as hell

Well played


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Remember when you said you had a habit of responding in a straightforward way to sarcasm on the internet?

Pro Tip - be sure and have your social security card handy as well as your credit card numbers and your various passwords.

Hi everyone! SPC here.

I have a question, and Squid told me Feely, Skip, or others in the thread might have some advice.

Someone is trying to sell a property management business via classified ad in the tiny local paper. They describe it as a "21 year boutique business. High net worth clients, single family residences, no rental properties."

I know nothing about business or about property management, but I want to reach out to this person for more details. My question is: what should I ask them?

My current list is:
- number of clients
- nature of management duties
- profit/loss for history of business
- asking price for sale
- relationships with housekeeping/repair subcontractors

Is there something big I'm not thinking of? Does anyone have any other advice for how to go about evaluating and possibly purchasing an existing small business? Thank you so much for any help!

Slim will have quality advice for this.

Do they own any properties or are they just managing for the owner(s)?

If owned:
Debt and terms surrounding it
LTV
Occupancy rates
For anything not rented - time since last tenant
Tenant lease terms
Pay history of tenants (are they paying timely)
Who is on a modification
Impact from covid

If not owned:
Who do they do business with / who’s properties are they managing
Long term contracts? What are the terms

Probably 100 other things but this should give you a decent start


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Also property taxes and liens I’d owned


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hey whats up.

i did a business and it's glad to see you are too.

hoping you're well.

-Rob

Hi Rob!

Glad to hear you. I didn't do the business yet, because I am scared it might be Risky.

How is Chinese? How are Coins?

Love,
Pant

Yes that is a good viewpoint. I remember your poker game being very risk averse and conservative.

Chinese is good. My extensive travel plans were curtailed by the pandemic, so that sucks. I am still learning and studying.

BTC empire is still doing quite well. I'm pseudo retired from trading though, mostly just holding until it hits a million.

I look forward to enjoying sushi with you and W in Las Vegas.

-R

Why are they selling?

Property management sucks ass though. Do you particularly like dealing with contractors all day?

JOTS - SPC is currently in the preliminary stages of researching this and simply wants to get her ducks in a row before contacting the seller. I can say that I have a couple of pals in town who manage properties for high net worth individuals who's property in town is their 4th or 5th+ home. They literally spend a few weeks/year here and the rest of the time the home is vacant. I believe this is the most likely case here and the manager is simply aging out of this. That being said this is pure speculation on my part

All of these are good. Prop Mgt is a broad category. Is this vacation properties, commercial, condo associations, etc. All have unique challenges. I would be inclined to stay away from condo associations if possible particularly for a newb.

As JOTS implied, PM is all about service. Owners don't want to be bothered with little ****. That's what they are paying you for. So there is an economy of scale in being able to hire a service staff and/or keep contractors busy. So I would really want to understand the service model and infrastructure.

If it is short term vacation rentals, is all about the turnover and cleaning. You have a3-4 hour window to turnover properties and you will be quite busy that day (usually Saturdays). So having reliable cleaning crews that can bang **** it out is table stakes. Easier said than done.

I have several clients in the PM space. Generally clients are stickier in the vacation rental business versus commercial space where bidding for service is more the norm.

I would focus more initial on the business and whether you want to do that type of work. If the answer is yes the financials are, frankly, the easier part of due diligence

Feel free to ask any other questions

Thanks! Always coming through with the real tips!

Yeah, I get it.

My dad is a retired electrician who built houses for a period of time. Basically, he’s one of those people that can tell you how to fix almost anything in your house. So my uncle (dad’s older brother) is one of those people who owns multiple homes. My dad and uncle are very close, so my dad watches the house for my uncle when he’s gone. He deals with if repairs are needed, or coordinates if a contractor is needed and takes the Maserati for spins. He’s been watching my uncles house for over 10 years now. You’d be very surprised at the amount of things that break in a house that people don’t live in. And because people don’t live in them, sometimes the things that break create worse problems, like for instance a small water leak in the wine cellar that the cleaning staff hadn’t noticed created a ton of mold. Had someone been living in the house, it would have been noticed immediately.


Either way, good luck to both of you with it.