All Forum Posts by: Patrick M.

@Bob H. I keep my credit and background check separate. I want to know more about someone's credit then simply their score. I have my tenants run their own credit report and print it to .pdf- then email it to me. This allows me to consider more than just a score (which can fluctuate between agencies) and it is not a hard credit inquiry.

Here! here! to energy efficiency! I know a lot of us on here jumped on this a while ago. We don't call it a "start-up" but instead call it managing our properties properly. ;) 

Many of us realized how we can add to our bottom-line by properly insulating, updating appliances, furnaces, controlling water use, etc. Not only through reduced bills but through tax and utility credits.

We too have "proven, with working projects" - our buildings.

As for my "Why"- I walk my "whys" out to the bus stop every morning. My 'why'fe and I just planned a nice spur of the moment trip. I also look to having a large income when I "ret-why-re" from my w-2. I am very fortunate to have a job which is purpose driven and serves society.

If you are truly concerned about the planet then I believe the real fight is in human population. We will never be able to manage resources in a responsible way as long as our global population continues to grow by leaps and bounds... but then this would cut against your "start-ups" own interests, because we landlords love demand!

Best of luck in your new venture and try not to take yourself too seriously!

Cozy here- very satisfied and I also utilize some of there other services.

yeesh. See, best not to allow pets!

(I would only add that in my neck of the woods, NJ, we can charge a non-refundable pet deposit... and I didn't get my juris doctorate from google ;))

@Payton L. You have the right attitude. I think others have hit some key points as well. Here in NJ we are married to our tenants once they get in, and another hitch is- once you let them bring in a pet there is no backsies- until the tenancy ends (for cause) or Fido's demise. 

People cry about it being tenant friendly but I think it just makes you more vigilant as a landlord. Good luck going forward. As someone said, inspect and then demand a non-refundable pet deposit.

Did you really think they wouldn't have the dog inside?

I am fortunate enough to have owner finance. I am not sure of your market, but where I am multi-families are being snatched up as soon as they hit the market. Owner financing really comes into play on a 5 unit or more because then someone is going to have to carry a commercial loan which is much harder to get. 2-4 families get snatched up quick. And the only 5+ that are not getting picked up are ones that a bank will not sign off on.

So you are going to have a property that needs a lot of work and an owner who is desperate. 10k in the bank is not going to go very far at all- trust me on that one. I got a great price on both buildings and great terms (4%), but I had a relationship with the seller and he knew that I had excellent credit and my wife and I have good, steady employment. I have had to dump a lot of money into the buildings, a lot.

Upside is that I spent longer than 6 months looking for my way in... It takes time- good luck!

@Ramesh K., what do they do with an iced walkway? I am just curious- I ask because I have never had an issue with salt- and I would be in deep trouble if I didn't rely on it.

I lay down salt before a big snow and it makes it much easier to manage. I also use it as I said above. Never an issue. Ice melt on the other hand is like acid to cement and concrete.

Calcium based ice melts are horrible on cement. I have never had a problem with salt and I use it regularly, especially to deal with iced walkways.

Do you provide snow removal?

I would kill to have more 1 bedrooms- they are the best and most profitable where I am. And they draw the tenants I like. I listed 2 completely renovated 1 and 2 bedroom apartments this summer; 1 bedroom was 600 sq.ft., 2 bedroom was 748 sq.ft.. $150 difference in rent. Inquiries were 3 to 1 for the 1 bedroom.