All Forum Posts by: Mike Adams

We've had mixed success. Not so great in Bridgeport, Stratford or upstate NY. Little issues with one's in Stamford though. It's nice to have the guaranteed payment, but I also realize that some are just so lazy that their actions hurt their offspring. Thus, they follow in their footsteps. Rarely do they ever break away from the section 8/HAP/gov't help life. It's sad, but they do not know better. Literally, I had to go over the weekend to replace a lightbulb. The tenant didn't know why her lights were out. All she had were old incandescent lightbulbs which she said they were new. They also do not know not to spill grease or oil down the sink. Sigh.

We just rebuilt one. Cost around 600k. About 250k less than purchasing one all done and ready.

Each property should be in their own LLC. Since you no longer have a mortgage, then this should be very easy for you to transfer the asset to an LLC. It's best to have two owners per LLC for additional protection. Additionally, you can setup another LLC, such as a parent and then lien each building thus showing little to no equity. Lastly, you should have a separate policy for each LLC. All of our LLC's have a 1m liability policy with a 2m aggregate. That's the safest one can get.

You need to streamline things a bit. We took over all of our properties from PM's as we've had generally bad experiences with them. We've established relationships with electricians, plumbers and handymen to help address things. While we do do minor things ourselves, anything major we hire out. We have all tenants place in requests through the support system and then send it do one of our people to handle the issue. You can use Home Advisor, Thumbtack, TaskRabbit, etc.; but there's no reason why you're stretching things so thin. Perhaps working on time management and delegation would help a lot. In this business we need to be masters in managing people and problems. When either fail, then we just have bigger problems.

When I was first starting out, I used to just replace the appliances since many are/were old and inherited from the old owners. Now, I just buy reconditioned units around half the price. The company I use credits back the part of the service call if a new appliance is needed.

Opinion: The downsides of being a landlord in retirement - MarketWatch

Thoughts?

 If you think NJ is high, check Rockland and Westchester. They're the highest in the Country.

These New York counties have the highest property taxes in America (lohud.com)

Thank you!!

Anyone know of a place to use?

I have a about five judgements I need to collect on in New Haven Connecticut.  They range from 4k - 9k each from tenants evicted from a building we owned a few years back. This was when we used a property management company. The one we use in New York doesn't work in Connecticut. Would anyone know of a decent collection agency to use that works in Connecticut?