All Forum Posts by: Peter Tverdov

This is the exact reason we turn down properties in certain areas. The amount of time and stress these properties suck up you cannot even put a price on. That's why the ROI is high because landlords don't factor in time value.

We manage two 3 families right next to each other where any time I visit, homeless people are passed out drunk on the steps and have likely defecated on the side of the house. One of these buildings we completely gut rehabbed (still finishing up) and they tried to break in once, threw a brick through a window and set the back on fire in addition to me having to call the police likely 2 dozen times in the past year to tell these people to scram.

Does that sound like it's worth my time? Am I making money on those as a PM? Hell No.

Obviously I don't have the full story here but as a property manager I would suggest patience. There are labor shortages all over the country and sometimes it's hard to get people out to make repairs. Especially low hanging fruit like toilet flappers, sealing a window, etc. 

We manage about 200 doors. Ironically, I basically built that business first and then opened the brokerage to start selling houses. Selling houses is soooo much easier than PM and better money too. 

It would be the buyers responsibility to cure and that would likely be baked into their offer price and should be baked into your listing price as well. Sometimes you just need backdated permits (although I don't know why a GC would do that) or they'll make you remove it. I've seen both. 

It can be done and you don't need to be leveraged to your eye balls (BRRRR method).

Amazing that you have friends/family nearby willing to work for free. I would imagine that will get old to them fast. 

In those counties for under 300k your only option is really Newark or maybe a really dilapidated area of JC. Taxes crush ROI in those counties.

I'm a broker. IMO you need to do AT LEAST 1 deal a year for it to be worth it or you'll be underwater on fees, dues, MLS access etc.

I have one full time VA that started off part time. She answers all of our office phone calls, prepares lease renewals, coordinates all lease showings, enters vendor bills on our software and also does some monthly reviews of insurance and COs. Lives in Mexico. Best move I ever made.

I would advise against using a condo as a rental property. They generally don't fit unless you bought one at a fire sale at a foreclosure or REO. There are outliers but for the most part the cash flow is not there.