All Forum Posts by: Peter Tverdov

Quote from @Melanie Thomas:

Hi Dominick! Curious how many properties you own/manage? If I had to request three bids for every big project I had going on, I would go insane. Vendors would stop answering my calls asking for free bids and no guaranteed work. Its so hard to find GOOD vendors right now. I trust the vendors that I hire after thoroughly vetting and do business with. I am genuinely curious how this would work long term. Open to chat? Good luck & happy investing!

Investors don't understand this. We do PM in NJ like you guys. We use the same vendors over and over. We get clients 1 or sometimes 2 quotes from the same vendors we always use. If the owner doesn't like it (and some don't) they are free to get their own quotes. Often times the work I find the owners have done is...just not good and we wind up having to fix things down the line from their "cheaper" person. 

Interesting thread. They manage like 25,000 doors nationwide so they must be doing something right.

Some of the comments about finding a cheap contractor make me roll my eyes. Just so you guys understand (and not defending Evernest here) but there is a difference between a Mom and Pop landlord hiring a guy with no insurance, possibly no ITIN/no SSN who does things half assed to make repairs (and I see this ALL THE TIME) and a professional PM that needs to do things the right way and hires a contractor with insurance, who has a W9, cleans up after himself etc.

Local is usually better than national in my experience with service companies. Just call around, interview a couple if you want and you should be happy.

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. 

Quote from @Jeff Nash:

The simple answer to your question is that they are Real Estate Professionals and can use accelerated depreciation on real estate investments to offset other active income.  

 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.