All Forum Posts by: Mike Adams

I am new to this a bit, so I know I am still learning the ropes.  However, it seems hard to find any property with 6+ units in Jersey City or Hoboken where the #'s work.  Example.  One 9 unit building in Hoboken is 2.5m.  20% down,  is about $128,837.00 in mort. expenses @ 5%.  Add another 4k for insurance,  8% for PM, 22k in taxes 2k for water all for a total of around $164,037.00 on a property which brings in around $72,000.00 per year.

There were others, but I cannot seem to get the numbers to work.  Please someone, tell me what I am missing here.  I assume people do not purchase properties for just appreciation and lose on the YOY income/expenses.  

Thank you.  Would love to expand into NJ, but I cannot seem to get the #'s to work.  

 He's a realtor, has his own properties with investors and offers his services to others as well.  It started out fine, but turned into this unmanageable nightmare.

If you can believe this, the property manager allowed two people to move in before completing the background and credit checks.  They've been there for a month and we still do not have either.  Can I evict in NY?  I have nothing verifiable on these tenants.

If you know of anyone who is reliable and help manage our properties, I'd be interested in the lead.  Thank you!

Hey all, I am hoping some people can assist in guiding me on how to handle a problem with my real estate agent / property manager.  Started buying up properties in Saratoga Springs NY and Albany NY.  I have about five properties right now. Since the real estate agent was good initially, I agreed to let him manage the properties.  With the tenants, he's okay, but over the last couple of months it's been hard to get in touch with him.  He doesn't respond to texts or e-mails all the time.  I called him on Monday, he said he'd call me right back, didn't hear back from him until Friday.  I texted him about the problems with getting in touch with him, and he never responded. I have to give him 30 days notice in terms of replacing him with another property manager.  However, two issues.  One, we're closing on two units in two weeks.  Do I wait until we close on these two new units?  Two, am I over reacting?  We deal with a some dept. of social service tenants, so I asked him to send me the forms so I can register to get paid.  It's been a week, still waiting for the forms.  He signed a new contract for new tenants over a month ago, I've asked like five times for a copy of the contract for my records.  I'm still waiting for this contract.  I pay him like 1200 a month (part of the rent roll), so it's pretty good money.  It drives me crazy that I am having a harder and harder time to get in touch with him.  When nothing is happening, I do not bother him, only when something has to be done with the properties.  I warned him once about this two months ago, and he apologized.  This time, zip.

Any ideas on what to do or how to handle this?