That is crazy they would turn down new properties. I wonder why more people don't go into property management if the fees are so high! It seems like there would be a demand for this kind of service and people are turning away business. I met someone doing Airbnb management and they didn't want to take on more properties either.
Most times when a company gets acquired you have a non compete for a few years.
Yep. But it's clear Mike's non compete is over! He is on a tear buying up all of Palermo again.
Property management in BA is very difficult. You need to be organized and have dependable people. My wife tried to do Airbnb with her brother on some of the units they owned. The manager was a flake and he was even a friend of the family. She ended up selling all the furniture and just doing long term rentals. Long term rentals now in most parts of the city are 5.5% ROI. Not terribly high but not bad either for steady income in USD.
Wow! That rental calendar is insane. Maybe I shouldn't have sold my apartment in this building but with my mom dying I had a lot on my plate. I was originally going to come down and live in the place. Had no idea the rental demand is so strong there. I loved that location as it is so central but I wasn't sure how it would rent as Hollywood and Soho seem to be the hot spots for tourists but clearly people love that location.
Thank you for all your advice! Everything you told me in 2023 that would happen in real estate has happened. I feel blessed to have a friend like you guys helping me. My other apartment that I bought was also a crazy great investment! They keep raising the price on that building. The prices in my other apartment that I purchased are already almost $4,000 per sq. Meter which is much more than I paid.
Yeah that is in my building! I almost bought one of those but Mike beat me to it. He bought a few 2 bedroom units like that. Wow, someone is flipping it already? When I was buying that apartment was about $197,000 dollars! They are already selling it for $325,000??? that wasn’t that long ago!
Wow! I guess I should have waited. I bought the same exact model. It was a 2 bedroom apartment. I bought it at pozo and I flipped mine. My mother died and I was going to live in the apartment. Had to deal with tons of estate issues so postponed my move to BA.
They had some different pricing options. This one looks like they are selling it with the furniture and everything included. They gave me an estimated budget of $25,000 USD to furniture it so if you back that out it looks like the apartment is selling for $300k now.
I wonder if they're renting as an airbnb and and selling it as investment. And if they were using @BuySellBA to manage it for them, would services transfer over to new buyer??
