Investor · Sugar Land, TX · Member since 2017 · 19 posts · 4 votes
Hi Hudson County, NJ investors, any solid property manager you can refer for multi-family investments? This is for two buildings, 3 units each in West New York and Union City, New Jersey. What % of gross rent should I expect to pay for managing 6 units, full service? Thanks in advance.
Investor · Sugar Land, TX · Member since 2017 · 19 posts · 4 votes
8y
Thanks Allan, do you have any property management company you can refer or advise to stay away from? We've had a couple of bad experiences with managers in Hudson County so need some solid referrals.
Real Estate Agent · Bloomfield, NJ · Member since 2015 · 89 posts · 80 votes
8y
Hi @Patrick Ma, rates will definitely vary a little, the lower price points will most of the time get you lower quality management as it takes time, man power = cost, to effectively manage a property. Other things may also be taken into consideration, like the distance between your properties, the number of units and perhaps the most important of all, the value that the management company will bring to the table, there are companies that just manage a unit and there are others that maximize the rental unit to its full potential in regards to rent amounts. For the latter, I would not mind paying a premium as I would most likely be collecting higher rents, which would also potentially increase my property value etc.. as you probably know that when rent amount are not at market levels your property value may take a hit on a multi-family. Feel free to reach out if you have any additional questions. Best of luck!
Investor · Sugar Land, TX · Member since 2017 · 19 posts · 4 votes
8y
@Moises Mari
Thanks Moises, yes I am looking for the growth mind set manager who will maximize the value of my property. Through rental increases, right size improvements for the target market, thereby drive appreciation so that I can extract the equity to invest more. If anyone comes to mind, please let me know.
Hudson County · Member since 2018 · 21 posts · 7 votes
8y
Hey Patrick,
I am a real estate agent and a property manager at Del Forno Real Estate, located in Jersey City. Del Forno Real Estate manages properties in Hudson County as well as the greater NJ area.
I sent you a message with a little bit more detail, don't hesitate to reach out if you have any additional questions.
@Ken Dayal - I am working on a 6 family in union city that I am working. Biggest challenge is it being a rent control area. The tenants have been there for 10+ years and have not had a rent increase. The property needs an overhaul which I have good experience with that and my team (from architects to finishing). To address the tenants I am looking to bring in a property manager to help manage out the existing tenants, if they work out I would use them to manage the property after the full rehab is done (12 months). Do you think that is a plan that a property manager would take or will I have to run with getting the property vacant and turn it over to the PM to run with the new tenants? I know a PM down by Edison that will do rehab to rental management, not sure if that is common to find in a PM in Hudson county??