All Forum Posts by: Peter Tverdov

The one thing you're not talking about is has the tenant been cooperative in renewing? Has your local Section 8 office? We start doing renewals 90 days prior to lease expiration and even today, 2 weeks from July 1 we have a handful of tenants who have not signed a lease, some of which who haven't responded to the point we need to go and knock on their door.

It's not always easy renewing leases as a property manager. Hence why they charge you guys fees for doing so. 

I did it once in 2017 and again in 2022. Much better experience in 2022. 

 End of the thread. Seriously. Stop reading guys. 

My huge issue with these guys (and Wealthability) is the business formula appears to be the following:

Master guru sucks you in with their knowledge via books, podcasts, Youtube, seminar.

Master guru tries to hire minions to re-create his success (it underdelivers)

Master guru tries to scale too fast and becomes more of a salesman (clients further suffer)

I am interested in learning more about this and can deal with negative reviews but the negative ones outweigh the positive ones online for Anderson and in 2023 no less, so this is an active problem. 

We own a PM company. Number one it should be a separate legal entity from your brokerage due to the liability. Number two, get professional liability insurance and number three get cyber liability insurance for the PM company also (very prone to cyber attack due to all the money you collect monthly). 

I just started researching this over the weekend. So you would create an LLC in the state you own the properties and then the Wyoming LLC would own the state created LLC?

I understand the attraction of anonymity but that is getting a bit complex.

My biggest concern is bank underwriters not being able to understand this and not qualifying me for loans. They struggle enough with small business owner tax returns, cost seg etc. I can't imagine trying to explain to them multi-layer LLCs. 

Massive facepalm. Do things the right way OP. It's not hard. Not wanting to pull a permit for installing an outlet or doing something extremely minor I can understand.

Not wanting to pull a permit for "extensive renovations" and then trying to sell the flip is one reason why I loathe house flippers. Might as well tell the world you love cutting corners (which is what I primarily see on flips). It's also why I rarely get to do them because I know the true costs involved in doing one correctly. Last one I did was nearly $220k in renovation and the house is now fantastic. If someone else bought it, they would have spent 100k slapping lipstick on a pig 

It's funny because I am running into a similar problem on a project I have in Central New Jersey. 8 units with commercial on the ground floor. A lot of banks don't want to do business right now. It was murder getting a refi on a 2 family new construction I built in April. I am looking for local banks, mortgage brokers etc to try to get financing for my project. I'm ready to start but a lot of banks don't want to play ball right now and are also getting swallowed up. 

 FYI a running toilet would absolutely do it. We manage property in NJ and some of our tenants rack up super high water bills from just that. We had one tenant in a 2 family get a $2000 water bill and its a similar story to yours. No leaks anywhere, no running toilets. Town confirmed the usage. It sucks but you're most likely pissing in the wind on the issue. Good luck.

Michelle you should absolutely hire a PM. It's not expensive, gives you peace of mind if done right. Essex County is a bear. It is the hardest county to evict a tenant in NJ. We won't touch it as a property management company for that very reason. Search for one on NARPM. That is an association for property management companies and any legit company belongs to it. They are excellent. Wish you luck!