All Forum Posts by: Peter Tverdov

Cash flow numbers per unit?

The number of "doors" one owns can be deceiving.

I say that I evaluate pets on a case by case basis but I am pretty sure I don't want dogs because I have all hardwood and/or laminate and don't need them scratching it up. Plus I don't need people stepping in dog dung in the yard. I'll allow cats in certain apartments because they are much less maintenance and can't cause as much damage as a dog. 

I have a storage bin in the basement where I drop off like 50 pounds of salt each winter (sometimes have to buy more if we get hit hard with snow). I let the tenants use that to salt the walkways or steps as they see fit. 

 What county are the properties in? I might be able to help you depending on what you define as "North". 

I'm a property manager in central NJ in addition to my regular job. I think communication is key in having a good relationship and that having everything spelled out in your contract is important as well. It holds you both accountable during times where you may disagree. I set out to treat any house I manage the same way I would want my own houses treated and I treat the tenants the same way I would want my family treated. I also believe in keeping things simple. You have to interview your PM and get to know how they operate. Are they professional or do they seem fly by night? Are they organized? Why are they successful?

Also, if you are cycling through PMs that might be a reflection on you more than anything else. Maybe you are doing something wrong. Just a thought.

I am a PM in NJ. I charge 10% of gross monthly rents with no finders fee for placing tenants. Just a flat 10% for everything. 

Keep the flooring consistent. Don't go the cheapest route. 

That seems like a no brainer to me. I always have those items. Would you want to rent a house where you have to take your laundry to a laundromat? Spend some money guys, yeesh. 

I'm pretty sure if I ever buy a rental with an oil tank I am converting to natural gas. Too much hassle with oil tanks and some tenants aren't responsible enough and let the tanks get bone dry. I have heard $5k in NJ to convert. People don't like living in rentals with oil heat, it costs a fortune compared to natural gas. 

Sharon, they inspect every 5 years