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I know a guy who owns a lot of income-producing real estate, and he does everything wrong.
All of his properties are in his personal name. Pleas by well-meaning lawyers to create single property LLC’s to protect his personal assets have fallen on deaf ears.
He leases space based on monthly rent and is not exactly sure of the square footage of his buildings, much less the size of the individual units.
He doesn’t use a broker or even a rep, he leases everything by himself. Takes the calls, shows the spaces, draws up the leases.
The expenses for his buildings are lumped together, so he has no idea how each property is performing. He does not have Quick Books or other accounting software, everything is done by hand.
Not that it matters, because it works for him.
The poor guy does everything wrong. Thank goodness we know better.
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