All Forum Posts by: Peter Tverdov
Peter Tverdov has started 34 posts and replied 1656 times.
Post: What is typical Workmanship warranty on new Residential Build?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Neel Patel:
Thank you a bunch! This is helpful. One of my Electrical sub only offering me 90 days warranty on one of our projects. I felt that was too low.
That speaks to how you are choosing subs. Pay for better subs and you will get a better warranty.
Post: Understanding Professional Property Management Fees
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Brian Teeter:
I own a property management company in Little Rock, Arkansas. I regularly talk with prospective clients and review our fees. It's amazing how often it becomes obvious that the prospect is simply searching for the lowest cost provider and fees are their number one consideration.
I think of it like this: Would you search for the lowest cost baby sitter for your child or the best qualified? Would you search for the lowest cost financial advisor or the best qualified?
In both scenarios, you want to trust who you leave your child or your assets with. Quality is important. And in both scenarios, you are likely not going to get both quality and low price together.
On leasing and renewal fees, even with all the technology we have at our disposal, this is still a very important and tedious process. We charge 80% of first month on new lease and flat fee of $250 for a renewal. We have an in-house leasing agent and she is paid a commission for leasing and renewals. There is real cost in technology and time. But I believe it's justified. For example, we target 2-year leases, rather than the standard 12 month...So hopefully, we have less turnover. We add in a 3% rental increase starting year 2. So revenue increases.
Bottom line: Client/owner benefit is secured, multi year lease with a qualified tenant. Expectation of revenue increases and hopefully less turnover (and associated cost). Does that justify a leasing fee and/or renewal fee?
It blows my mind as well. I call them Walmart clients. Our company has morphed into more of a turn key provider. We have a construction company as well as a brokerage, so we often help people find a house, fix it up completely and get market rents. We average getting people 50-100k in equity when we do this. That's why I basically laugh at the prospect now when they think we are a guy with a plunger and oh my investor friend has someone who can do it for 2% less than you Pete.
Okay, go call them then. They won't make you 50k like I will, but congrats on saving the $500 a year.
Post: seller financing for commercial property advice needed----"deed of trust"
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Bill where is this in New Brunswick? My red signs are all over houses in the city. Shoot me a DM and maybe I can help you. I have also done a fair share of seller carry, I think you might be overcomplicating it.
Post: Managing your contractors as an out of state investor?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Hire a pro, don't skimp and you will mitigate your risk. No different than self managing vs hiring a PM when owning out of state. You need a team of professionals helping you with your investment or it's not going to work well.
Post: ✅ STR Tax Loophole Passed & other real estate investor tax provisions
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
This bill is a massive win if you are a real estate investor.
Post: Development in Islamorada
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Sounds interesting but you're not going to find that person on Biggerpockets in all likelihood. This site is 80% newbies who are learning how to crawl.
Call local agents in Key West who know the serious investors in that area. Good luck.
Post: 84% of Americans Think It's A Bad Time To Buy A House
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Pretty sure OP made that up and will not return to the thread
Post: Small Landlords – What Are Your Top 3 Pain Points Managing Properties?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Most small time landlords spend to much time DIY repairs and value their time at zero. They are not organized enough to have lease renewals done, so rents do not get increased, tenants become MTM. The last one is having a bleeding heart and creating a back rent situation.
Those are the top 3 most common issues we see when our property management company steps in to service a home.
Post: Experience with resident benefits? Anybody else exploring it?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Quote from @Sue Gee:
Post: How to cleverly identify tenant is going to be long term?
- Real Estate Broker
- New Brunswick, NJ
- Posts 1,696
- Votes 2,161
Andy good management and having a good property is one of the best ways to get them to stay. In the property management industry, the biggest reason why tenants leave is poor maintenance. So either have a really nice place, or if it's an older building, care for it. If it's a dump...then you're going to have constant turnover or attract tenants who like dumps and treat them like one.