All Forum Posts by: Thomas Higgins

Hi Brad!

If you are doing this in Pittsburgh there is likely a way to make this much more cost effective using a drop and swap. Our team hasn’t acquired any properties from whole sellers but I have a feeling the same concepts will apply. DM me I’ll connect you with our attorney/closing company and we can see what they say.


Also we are very active in acquiring mini-multis if you have any under contract that you want us to take a look at!

@James Sloan

This is a timing question. In my opinion, now is the time to buy. There were long stretches in US history where building properties was the way to go. In my opinion, that time will come again.

@Marie Larcom

Municipality specific. I would try looking it up online. I have seen 2 weeks - 2 months.

For example in NY you have 2 weeks to provide an itemized report to the tenant. If you withhold without documentation you could owe the tenant 2x the security deposit.

If you want to be safe get them out the itemized damages this morning.

Typically as easy as:

Microwave - $285

Floor damage - $180

Carpet stains - $400

Wall damage - $600

Etc.

Total damages: $1,800

Security deposit $1,400

Security deposit to be returned to resident: $0

*Disclaimer I am not a practicing attorney thing. There’s often nuance here, so do your own research verify with a local, licensed agent manager, or lawyer.

@Marie Larcom

I’m sorry you are going through this. In most states, the laws and landlord rights are evident.

I would see if the guidelines, case law, and relevant laws are easily accessible online or if the local governing body can point you in the right direction.

Many states have tight timelines and guidelines on the reports owners are required to provide to tenants if they want to keep their security deposit.

The legal recourse with the property manager is much more nuanced. I would try to establish if the juice is worth the squeeze before you take any legal action. Then I would collect all the facts and clearly lay out your material damages before you consult an attorney.

One word of advice… get heads on beds, I.e., fix up your unit and re-rent asap!

Good luck!

@Dan Heuschele

I would address this in the next renewal if it is not a fire hazard. If it is a fire hazard, I would notify them per the state or local governing rules and remove it immediately.

Try to turn it into a profit center. Add a bike room or covered bike storage on the property's exterior and charge $15 monthly for a spot.

Always treat residents with respect and dignity, regardless of their disposition. Ultimately property management is the service business, and people should be treated as such (even though it can get tricky).

@Gerardo Waisbaum any recommendations for the more experienced folks?

@E. C. "Stony" Stonebraker thank you hope to see you there!

BP I need your help! What are the best skip-trace data aggregators for Real Estate coming into 2023? We are in the market for new data providers.

What are the best multifamily real estate conferences planned for 2023? Looking to add 4-6 to my calendar for the year.

@Zach Wain

Very insightful.

The other factor the Fed will likely have to consider giving societal and congressional pressure is job loss. Once the news is filled with eviction like it was in 08’ they may choose CPI if it tells a better story.

Any meaningful proposals to amend PCE? Being so heavily weighted toward OER surveys seems flawed.