All Forum Posts by: Ron Brady

What municipalities or counties?

We assume a 15% vacancy rate for our MTRs. We also plan for up to 6 months of vacancy upon launching a new MTR. This is conservative planning, but it empowers us to be patient. Best wishes to you. 

"I know the city does test calls to landlords and PMs asking if they take Section 8 and you've gotta say the right thing."

I presume you mean follow the law and not illegally discriminate? 

Establish objective, non-discriminatory screening criteria, treat all applicants the same and you will have no issue. These are the rules of the real estate industry, the rules we all sign up for when we choose this fantastic way to build wealth. Best wishes to you. 

We are doing it in Burlington County. While we are not close to you, we are operating in a suburban market, which has its unique opportunities and issues. We are still relatively new at it, since 2020, but are happy to share lessons learned. 

Tips: 

1. We plan for 15-20 percent vacancy. It is very conservative, but it allows us to be patient. 

2. Airbnb and Zillow, to date, have been our only source for residents. We post our properties on several sites, but these are the only ones that have yielded. 

3. We have targeted the upper middle part of the market. Accordingly, we make sure our properties are nicely designed (by my wife) and that they have slightly nicer amenities (e.g. cable & streaming v just streaming). We believe that it is important for our pricing,  homes and target customers should align.

4. We live in our homes for at least two weeks before we rent them out. This way, we find and fix any problems in advance. 

5. Because we are suburban, we make our properties pet-friendly--fenced yard, open to pets, etc.. We believe this helps us open up our potential client base. 

6. We consider hospitality and customer service to be our business, not being a landlord.

Happy to share more. Best wishes.

Investigation calls attention to housing discrimination in Sonoma, Marin, Solano counties (pressdemocrat.com)

I look forward to the day when these reports are no longer finding housing discrimination. Until then, as a plea to my landlord colleagues who are discriminating, you can do better.

We've not found anything worthwhile for some time. But we're always looking. 

Sorry to hear this. It's not simple in NJ and we'd recommend retaining a lawyer. We're down in Burlington County, so we don't have anyone we could recommend. 

Hi @David Lee:

I see that you appear to be leaning towards being discriminatory. I have added to my tasks for today trying to figure out who you are and thereafter reporting you to the relevant body in your area, pointing them to this discussion. If you get a call or are investigated, I want you to know it was me who reported you.  

Hi Chetan. My wife and I operate MTRs in Burlington County and are a familiar with that part of Mercer County. We welcome connecting. Feel free to DM me.

 Thank you!