Management companies are usually only 10%, but the real reason they’re necessary is because you simply cannot scale without them. Guys who think like you end up

Management companies are usually only 10%, but the real reason they’re necessary is because you simply cannot scale without them. Guys who think like you end up with a small portfolio that has them working 80 hour weeks. It’s better to make a smaller margin on massive volume than to keep all of the revenue. Also, the name of the game here is equity, not NOI.