All Forum Posts by: Peter Tverdov

This is a DIY forum so many people self manage but having a property management company here in New Jersey that manages over 300 units, most property owners do not do things correctly with compliance and think any scratch on a property is tenant caused and requires the tenant to pay a repair or eat a deposit.

I would say the more tenant friendly the state, the more likely you may want to use management. Also, if you are truly investing why would you then want to be stuck with showings, dealing with texts complaints at 9pm, turning the unit etc. Let someone else deal with that and focus your time on more important things. JMO. 

Just report them, it's illegal what they do in most states anyway. You can't complain if you're doing business with slippery characters. 

It's the primary focus of my investing now. I love to fully gut renovate homes or do GUC. You get a completely turn key asset, easy to rent, easy to sell. Minimum headaches. Our construction company builds them for me and our clients as needed. We are now branching out to help other people in towns near to our headquarters. It's not easy to build them and we build with quality. A lot of builders cut corners with cheap sheathing, don't have trades with insurance etc. We build quality stuff, very energy efficient and it's something I have grown to be very proud of. Currently doing a 9 unit after doing 2 units last year and have nearly 40 units of development in the pipeline plus projects for customers. Also GUC or gut renovations. It's not for a novice investor though. We all start somewhere. 

No one forces you to sign with a service provider. Curious if people also read through the doctors or accountants forms and ask to strike language.

 This. One of our clients insists on home warranties for all of their properties. We had a no heat call that our tech would have handled in 1 maybe 2 days tops. Instead the home warranty company had to go 4 separate times, royally pissed off the tenant, we got dragged into unnecessary headaches...we try to avoid them like the plague. 

The bottom line is most people have no idea how much it costs to actually operate a property and expect nothing to go wrong or just have unreasonable expectations. They DIY, value their time at $0 or hire someone off Craigslist with a questionable background. 

The PM business is a very tough and very thankless business. If you find someone even remotely decent at it I suggest you hold onto them and have a bit of an understanding of what they deal with.

We are always taking interns if anyone wants to see all the headaches a property management company goes through in a week!

Lol this is going to be short lived IMO. I wish I could be a fly on the wall when someone calls about buying a BRRR property like they're for sale at the grocery store. Those are my favorite inquiries from this site.

 There is no way that is a legit cost seg. Mine are 100+ pages with photos.

I have done many cost segs and recommended them to clients as well. Even this year at 40%...maybe it's worth it, depends on the math. Many people do not hold a property for the life of the normal depreciation anyway. 

Just hire a good PMC. The people giving advice to micro mange someone or hire an assistant are also valuing their labor and time at $0. Brilliant strategy.

I figured this was hyperbole, thats why I wanted to ask the DC area realtors.

IMO DOGE is very deflationary, there will be short term pain though. The treasury secretary is very focused on the 10 year rate.