All Forum Posts by: Peter Tverdov

It's going to quickly cool off the housing market in different sectors. I am seeing it locally. I have multiple listings and they've gone quiet simultaneously at various price points. You'll always sell residential stuff because people need a place to live but IMO realtors (and more importantly owners) will need to adjust their pricing because people are still going to want to sell homes like it's a 3.5% rate environment when it's currently a 6% rate environment. A lot of residential owners also are unlikely to want to sell their house that they have a sub 4% rate on, to sell it and buy something else at 6%. JMO. 

EMD proves if you are serious about the property or not. The larger amount you put down, the more serious you are. I would call it a worthless offer if no EMD is provided and no licensed realtor would allow that.

Quote from @Nathan Grabau:

Quote from @Artur A.:

He shared breakdown

Can I ask you to share your opinion, please?

@Steve Vaughan

 This is not a breakdown, this is a deeper summary of each item. A breakdown would attribute smaller values to each of the numbers. This does not seem outrageous if you are in a high labor cost market like Denver, but I would be shocked to get a bill at this level from my PM in Ames. Also they would actually give me a breakdown. If they fix something themselves they assign a number of hours to each task and charge an hourly rate and then materials. The round numbers here mean you are being taken for a ride or your PM does not know what he/ she is doing. Either way it might be time to look for someone who knows what they are doing. 

 Round numbers on a quote means you're getting robbed? Yikes, embarrassing response. 

Without reading the responses I am going to guess all the DIY landlords rush ITT and tell you that you're getting robbed.

We run a PMC in NJ and had to pressure test and replace a handful of gas leaks about 2 years ago and I believe the bill was in the $2500 range, so at first glance, no I don't think you're being robbed.

Contrary to popular opinion on BP, a lot of PMs are fair and honest. Don't hire the cheapest company and understand if your property is dated and has not been kept up properly then it will be expensive in the beginning to get everything corrected. 

Tell her she can break her lease early. Sometimes it's not worth it. We had one tenant who put in 15 maintenance requests in a handful of months. Never stopped complaining. I finally told her she could move out if she would pay the leasing fee for replacing her early. She shutup the rest of the year and then left quietly at the end. Don't let tenants push you around like that. It's okay to take care of the property, it's another thing to have people act like you're a 5 star hotel. 

Some of these replies are absolute looney tunes. 700 credit? 4x rent? They're renting, not qualifying for a jumbo loan mortgage.

OP to answer your question, there shouldn't really be a minimum score. No two scores are alike. We just rejected someone at 616 but accepted a 554. Read the reports. Sub 600 isn't good but it's not a deal breaker. I see people all the time sub 600 and it's because they never had credit and just opened an account, went through a divorce, couldn't pay medical bills, etc. 

In NJ they do not have to leave unless they're violating the lease in some way. Doesn't matter if they're MTM. Cash for keys is a good option here IMO. 

It's not a liability but I would be personally be a little annoyed by that. Don't micromanage. If you think they're not a fit, end the relationship. 

Yes they are common. We have one that basically says outside of gross negligence we are held harmless, as we should be. No one is forcing you to sign the contract.

In the PM industry we all do get a kick out of people wanting to mark up the agreement. We are paid experts and then people want to change the terms of the contract, kind of funny. 

We are currently researching a $0 security deposit option for tenants. They would pay us, the management company a small non-refundable annual fee that is basically a third of their traditional deposit. Rhino is basically like that.Then we would turn around a guarantee 1.5x the rent security deposit guarantee to our owner clients. I think it's the future and I'm 90% sure we are rolling it out this summer, just nailing down the specifics.