All Forum Posts by: Peter Tverdov

You have 2 years to get that done. I am not sure why people are running to do it right now if the certificate is only good for 3 years at best. The guidance from the state was the most frustrating part. Hardly any. We are actually going to make an Instagram Reel about it when I have a minute to do so. We manage 250 doors in NJ so I was banging my head against the wall trying to figure out best practices with this lol 

We keep getting more client inquiries to manage in Jersey City, West New York etc. Obviously there is a lot of rental demand for those areas. Even a lot of areas in NJ that were beaten down have investor money pouring into it. We have even decided to expand property management coverage there because of the demand. 

The problem is you have someone working for you at 3.5%. They will be out of business, just a matter of when. As a PMC you cannot survive on that. 

You get what you pay for folks. I don't understand why people want PMs to work for peanuts while protecting the largest investment the owner has. We would politely get you off the phone if you wanted us to work for that. You likely have just a guy doing it for some extra spending money. Likely not insured properly, etc. 

Sounds like there is more to the story but what I am finding lately is investors dumping properties on us the property management company that are not rent ready or even close and expecting us to work miracles. We are backed up with construction work for all the properties we manage and we keep getting more investor clients who want to use us but also think we have an endless supply of labor in a very tight labor market. 

Hire another contractor to do the work perhaps but this is why I don't recommend out of state investing. You're better off putting your money in an index fund. 

Depends on how long tenants have lived there. If we know the apartment or house needs updating we will wait until vacant, repair it and then re-rent it at market. If they have only lived there 1-2 years you can place someone immediately. 60 days notice is when we reach out to the tenants for lease renewals (student rentals that we have it's like 8 months lol). 

They're the shiny new toy but I agree with some of the comments, the recruiting gets annoying and the lack of homework is stunning at times. 

I opened my own brokerage a year ago. No franchise. You have a lot to learn. Procedures that need to be created. You need to know all the ethics rules, advertising rules...and you should know all that, but basically, you can't slip up, you're the broker of record. Recruiting agents...very competitive...and what do you offer that a big name does not? That took me a while to figure out and I am still figuring things out but today we have about a dozen agents (half of which produce). I recruit a couple new agents but I stay away from them mostly. I pay as well as anyone around (and if you don't you will lose people) but people choose a brokerage based on brand recognition, the brokers reputation and then pay - so you need to be a producer as well. I am number 1 or 2 in my town so that helps. I also hired someone to start recruiting relators for us because I found what my weaknesses are. It's fun to grow but it's drinking from a fire house.

Ummm you can't? Day one of real estate classes explains that you have a fiduciary duty to your client. Ripping equity from them and putting it in your own pocket is the complete opposite of what they teach you. Wholesalers are as scummy as it gets in real estate. They lie to the end user, lie to the seller, etc. I am stunned the real estate commissions in various states don't crack down on it. 

If you are talking about wall mounted mini splits I think those are a no brainer. Now you just put AC in your units, which makes them more attractive and you can likely get more rent. 

This will be state specific but the landlord cannot just break a lease in NJ at least. You need cause to "evict" so to speak or not renew their lease.

That is the point of a lease contract. Both sides agree to it so if someone is paying on time and behaving you cannot just break their lease.

Now if they're violating the lease terms you can service them with Notices to Cease or even Notices to Quit to begin the eviction process.