Hi Folks,
I have run into a difficult situation and am looking for some opions as to how you would handle this situation.
My partner and I pulled together an investment involving six investors that culminated in closing on a 30-unit C-class apartment building in June of this year. Our goal was to purchase an underperforming apartment building, go for the value play with a five year hold. We closed on the investment and flew out of town to visit the building. Everything looked to be in order as we were gearing up to head home. Then my partner started complaining of back pain... twenty days later he died from lung cancer.
Putting aside all the sadness and emotional loss of losing a close friend, I am left with several business decisions. I am now the sole manager of this investment, in charge of all the issues we had originally been sharing and full signing authority.
When we had selected a PM, we chose one that synch'd well with his personality type. I had my reservations about this property manager from the beginning, but agreed to use them as it was his responsibility. Fast forward to now, the responsibility is mine and I am having conflicts with this manager. Part of it is due to personality type conflicts and part of it is philosophical differences.
My question is the following: if I am unsatisfied with the PM, under what conditions should I fire them?
Before answering, there are some things to take into account:
RealOG
I have run into a difficult situation and am looking for some opions as to how you would handle this situation.
My partner and I pulled together an investment involving six investors that culminated in closing on a 30-unit C-class apartment building in June of this year. Our goal was to purchase an underperforming apartment building, go for the value play with a five year hold. We closed on the investment and flew out of town to visit the building. Everything looked to be in order as we were gearing up to head home. Then my partner started complaining of back pain... twenty days later he died from lung cancer.
Putting aside all the sadness and emotional loss of losing a close friend, I am left with several business decisions. I am now the sole manager of this investment, in charge of all the issues we had originally been sharing and full signing authority.
When we had selected a PM, we chose one that synch'd well with his personality type. I had my reservations about this property manager from the beginning, but agreed to use them as it was his responsibility. Fast forward to now, the responsibility is mine and I am having conflicts with this manager. Part of it is due to personality type conflicts and part of it is philosophical differences.
My question is the following: if I am unsatisfied with the PM, under what conditions should I fire them?
Before answering, there are some things to take into account:
- The PM is honest and hardworking, qualities I feel are hard to find in an individual, but I believe she lacks the systems and processes to be successful managing our particular building.
- PM has shown a propensity to being emotional. Firing her could cause repercussions such as bad mouthing to tenants, refusing to collect rents for the the thirty day notice period, etc.
- Changing PMs will be quite expensive (the new PM will probably take a while to boot up) and may require me to go back for emergency funds from the investors.
RealOG
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