NEW YORK ( TheStreet) -- Once upon a time, I owned an apartment building with 15 residential rental units. I hired a property manager to deal with the residents and keep an eye on the upkeep of the building and grounds. She charged me 7% of the gross total rent.What I didn't understand was that some property managers make money by doing the maintenance and repairs themselves (through their employees) and billing it as a way of making a profit.
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