All Forum Posts by: Peter Tverdov

Most landlords do not have a clue what they are doing and that is why in a nutshell, landlords get a bad rap, are considered cheap, inconsiderate etc.

I own a property management company but also own my own rentals. Never understood why someone would want to self manage unless they needed a job in retirement. So many better things to do with your time than deal with tenants having absurd expectations or requests or spending time troubleshooting trivial things. Thats why you hire a PM. 

I am guessing you are talking about a bay window when you say large living room window.

You get what you pay for with windows and more importantly, their installer. 

 This. I cringe when I see this talked about on social media and people bragging about having 6 figures of stocks for their kids by 18 and multiple houses blah blah blah. All you are creating in that scenario is a trust fund baby with no work ethic who will piss away all your hard work. Teach them how to work, don't hand them money on a plate people. 

Did you consider that it was billed in error before you ran to BP to complain about your PM?

Rates are killing DSCR. I have a multi million dollar development project on hold because of it. I am sure there are hundreds if not thousands of people like me across the country saying the same thing. I can't/won't put 45-50% down of the project cost to do the project, only to give myself the privledge of paying 10.5% interest on the construction piece.

Root for CPI to fall is all I can say. 

You charge them. Anytime we send out an appliance tech or someone to unclog a drain clog we tell the tenants they could be liable for the bill if nothing is wrong or it was determined they caused the damage. 

Our average days to close a work order at our property management company is about a week right now. We have in house maintenance so its a delicate balance for us of keeping our maintenance tech busy. If its an emergency they cut to the front of the line. No appliance our tech does not do that but you want to solve that in about a week tops. Don't stress about it too much if you're trying. Just communicate with the tenant. It won't kill them to have to hand wash dishes a week (oh the horror) but they will stress you out over it if you let them.

No heat, no AC 90+ degrees, gas leak, roof leak. Those are emergencies. 

As property managers, we like to blow out all the dryer vents of properties we manage every 2 years. I actually just posted a reel on our Instagram where there were 2 birds nests in a bath vent fan in one of the properties we manage. Owners gnash their teeth when they see the dryer vent charge (OMG Pete that is a waste of money it's not a hotel!) but this thread is the reason we try to do it. It's also why we made that reel, now we can show them why we do this.

Last time I think we found 2-3 birds nests in them. Just crazy but if you don't have them covered properly that is what will happen.

It's high but this lacks context. Depends on the size of the property, the area. We have lawn service every 2 weeks done at the rentals to try to save the owner some money but if it were in a nicer neighborhood those we do weekly for the owners. Some lots are an acre, some are 2500 sqft so again, it depends.

If the landscaping costs are hurting your bottom line that much, you probably should sell the property. 

At some point, you need to hire a property manager. It's a cost of doing business the right way. Cannot imagine self managing from several hours away. Just hire a professional and sleep better at night.