All Forum Posts by: Peter Tverdov

 It's not going to matter 5-10 years from now if you paid 10k over asking for the property. It will likely be worth more and in this instance I'll have this property worth 100k more in about 12 months.

I'm a broker and also an investor. It's not about over paying. The market is the market. If everyone is going to pay asking or a little bit more and you keep wanting to offer 10% under, you are wasting your time and mine. 

Everyone has a different perspective a value and ROI. I personally paid 12k over asking on a 2 family and got it under contract in 2 days of being on the market. A broker and seasoned real estate pro paying over asking in 2021. The deal works for me and worked for other people too.

We have nearly 200 units under management and our occupancy has never been higher. We are at 100%. It's insane. Anything we list is gone in DAYS and we list stuff in D class areas. Hell, we have a D class rental where shootings happen and we just did a showing today before the cleaners even came. Have a list of 4 people for this apartment.

This is what happens when you can't evict for 2 years, pay people NOT to work, fire people for not taking a vaccine that is proving to be less and less effective and throw stimulus checks out of a helicopter for 2 years to people who didn't need it to start. 

If it helps we manage a 21 unit in New Jersey and charge 6% but that's only because we have a deal with the investor that we get any listing for their residential stuff. I wouldn't go lower than 7% otherwise. It's tough to make a profit as a PM and a lot of work goes into managing these buildings.  

If you're a small Mom and Pop landlord in a rougher area you can get away with renting to restricted breeds...because someone has to.

Our property management company forbids dangerous breeds which include Dobermans, Pitbulls, Rotweilers off the top of my head. We make you show proof of updated vaccinations and you must get rental insurance with the pet covered and name us additional insured. That scares away a lot of dog owners, which we are fine with. They cause damage and usually leave a god awful smell (along with hair) when the tenants vacate. Cats are ok but we put a limit on that too. Anything else isn't really considered a pet. 

A lot of them stink which is why I started our own PM company years ago. It's a thin margin business and we are picky now so there really is nothing to negotiate. You're exchanging money for time and stress. It's a no brainer to do it if you want to grow. 

My suggestion would be to talk to 2-3 companies and ask them questions. It's not all about fees. Occupancy rate is very important, do they get a fee on late fees (because if they do then what is the incentive for tenants to pay on time?). Do they know the procedures in your town for a rental? Like a fire safety inspection or landlord registration or CO inspection? Every town is different.

Overall, it's a lot of work as a PM. A thankless business. This site is filled with do it yourself landlords who crap on the industry but there are plenty of really great companies, you just need to find them. 

Are there any particular areas of Tampa or Sarasota where the STR markets change? What about St Pete? I am very interested in doing a STR in any of those 3 markets. Mostly for my family and then we'll STR it 90% of the time.

I have a tenant like this. I think the tenant has input 12-15 maintenance requests in 6 months and the apartment really is not bad at all aside from a frustrating roof leak we kept trying to patch. Recently the tenant asked to move out early, to which I responded, sure but I would like you to pay for the leasing fee since we will need to advertise the property, have my agents show it, etc.

Crickets. Apparently the tenant can wait until the lease expires after all. 

There is a reasonable standard of care you need to provide as a landlord. Yes, you need to replace leaking faucets, shower heads, tub spouts, etc. Things wear down on a home, especially a rental property. This is even more important if you're paying the water bill as the owner. 

I have some clients buying FHA and paying whatever they have to, just to "househack". I have some clients who look for value add. I have some clients doing 1031 exchanges and just need to park money. I have some clients liquidating parts of 401k to take money out of the market, etc.

Everyone is different in their investing strategy.