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#416605 - 12/06/12 10:13 PM Expense Question - 36 unit apartment building
El Luchador Offline
Member

Registered: 05/02/07
Posts: 236
I am reviewing a deal and had a question on one expense item listed on the p&l. On the P&L, 'Maintenance Salaries' is $21,500, which represent about 8% of the effective gross income. Does this seem high? What would be a good range?

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#416607 - 12/06/12 10:47 PM Re: Expense Question - 36 unit apartment building [Re: El Luchador]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
Expressed that way, it suggests that they have a Plumber, Electrician, Carpenter, et cetera, all on retainer, and you're going to pay this $21,500 regardless of whether you need to call on them or not . . . . but when you do, they're required to respond pronto.

It seems too low to be for a full time person; but I don't use the word "salary" for time paid for by the hour.

Maybe it's just for a part-time Handyman ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#416755 - 12/10/12 08:26 PM Re: Expense Question - 36 unit apartment building [Re: El Luchador]
rrwolfpack Offline
Junior Member

Registered: 12/10/12
Posts: 5
Loc: NY, USA
Have you looked into how much this expense at similar buildings in the area to see what other owners pay? Has this number jumped recently based on the building's history?

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