Real Estate Sales Great New Construction For Sale that is going to be Completed by August 2024 - Meet Palermo

[lemonade]

Ah yeah that is a good point. I didn't think of it like that. I just think 25% is a lot and I would think you would want to load up on properties because it is like owning 1/4 of a property without paying a penny for it!

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.

 

[oil rush]

You have no idea @Betsy Ross. Things were ok for the first year after Mike's company got purchased. I believe he was still involved with the company for 1 year after it got acquired. But as soon as he moved out of Argentina things started going downhill. Most of the same employees were there but it wasn't the same after he left. Mike owned a lot of apartments himself so after he sold the company he had his own properties that he was managing himself. I tried to hire them to secretly manage my apartment because many of his apartments were in the same building as mine. A large group of us were in the same building. He bought a big chunk of the entire building.

But he explained to me that he had a non-compete for 3 years. The only exception was his own apartments and he couldn't buy anyone in BA for a few years. I offered to pay 50% management fee but he refused. Anyone that has worked with him will tell you he is a really stand up guy.

Most times when a company gets acquired you have a non compete for a few years.