All Forum Posts by: Peter Tverdov

OP keep in mind, this forum is VERY DIY landlord minded. Almost everyone on here thinks they know better than a PM and all PMs suck blah blah blah.

My first thought at that estimate was , "wow they are really thorough."

Now, some of that stuff might not be necessary but usually most Mom and Pop landlords don't realize the true cost of running a property in the correct and safe manner. 

Ask for some pictures and videos and make sure you have plenty of reserves when you own rentals.

If you are going to fix the place up, spend money and do it right the first time, don't cut corners. Good luck.

I can never understand how people cannot see through that guys bs. He is a king at it though, I'll give him that. He teaches people how to bs others. Some of his principles are helpful (10x thinking big) but hes a lot sizzle without the steak. 

MTRs in JC I would imagine is a pretty strong management fee. A lot of red tape in that city as well, we kind of stay out of it for that reason. Good luck. 

We do $500 per property. Extremely common. We have some owners who never respond to emergency requests over that amount which is by far the worst. We don't put up with that long though.

You need to be liquid if you own rentals folks! Gotta service your properties correctly.

It's likely a combo of both. OP might have a property that is more run down than he thinks and a tenant that is more bat **** than they think. We deal with this from time to time as a PMC and I hate it.

At some point you need to draw a line in the sand and explain to them its not the Waldorf Astoria they're staying in. Fix some issues but if they don't like the place and they're driving you nuts, just let them break the lease, find a more appreciative tenant fix up your place and move on. JMO. 

I can't for the life of me understand why people want to sell in this market, without listing it on the market. You're losing money to save money on the commission. Tale as old as time. 

Banks are scared to lend right now. I wouldn't want to be doing a cash out refi right now. I did one in May and the loan got escalated all the way to the board of directors apparently. I was treated like someone with a rock bottom FICO score. It got to a point where I told the bank IDGAS if we do this loan anymore. Rate quotes that are plucking your eyes out bad. Flip the property unless you have the pockets to carry a thin ROI on a buy and hold.

This sight encourages that kind of thing. You shouldn't be surprised to read the by people OP.

Seller carry is amazing when used properly. I have one currently, did one this past year and would do it again in a heart beat. 

We have shifted to electric water heaters (no venting required in city areas so saves a major headache) and electric stoves (just less gas in the house and safer) when we do large remodels or new construction. 

We had a problem last year with scams because of posting open house rentals on Facebook market place. The a-holes even took our property management sign off the building and took a couple $500 deposits from people. The applicants were told to transfer money to an account in the Dominican Republic (facepalm) and they did it. Multiple people did. Without seeing the inside of the property.