Updating post from Reddit.
Recently got a flat in a small block (total three flats). This came with freehold. I initially liked the idea of freehold ownership but I am thinking it may take up too much of time managing common areas, coming up with maintenance budgets, contacting leaseholders and taking payments etc. Need your advise and suggestions in deciding what to do next
Do you currently manage any small blocks like this yourself? If so, what’s your advise and how do you do that?
Are there any softwares that can takeoff care of payments, communication etc
Tried speaking to a company who manages a bunch of blocks nearby, the maintenance fee is surprisingly high. I may be ok with that but they are trying to lock me in fore five years with no break clause - is this usual?
I manage one in a block of just two flats. It's all very informal and I don't bother charging the leaseholder any fees other than splitting the cost of maintenance and buildings insurance.
I’m was in a similar situation — started with spreadsheets and a calendar, but it got messy fast once repairs and tenancy changes stacked up.
What helped me was creating one central place to log everything: rents, issues, move-in/out dates, and service charges. Once you’ve got that visibility, even a few units feel way easier to manage.
Curious what you’re using now?
You’re also the person building software but don’t know anything about being landlord?!
Ie: your touting for free market research
Nah, I was in a similar situation. In my past life I was managing plenty of properties.
I never said I didn’t know anything about being a landlord 😂😂