All Forum Posts by: Tim J.

Quote from @Alecia Loveless:

I had made a few basic improvements to the lot so my tenants could park there and the developer who controls the ROW is making me get rid of the parking “as it detracts from the appearance of the entrance to his subdivision”. 

That sounds odd/off to me.  You own the property.  I do not think the recipient of a ROW can demand anything but the right of the use as described in the deed/ROW.  

Definitely get an attorney.  Sounds like the other owner is a tool.  

I am partners in 2 condo units, and a bunch of multi-family buildings and some single family homes.

I absolutely HATE the HOA/condo board and the regulations.  Unless I find a screaming deal I do not think i will ever buy a condo again.  

So much is out of your control - I really dislike that.  We do ok return-wise on the condos, but just not worth the hassle for me.  

@Zander Morales, what is the point of your post?  


"Let's keep this conversation going. "

What conversation?

There are a number of different ways to tackle this...  it goes without saying that you never want to be in this position again - raising rents is a must in the future. 

It sounds like you don't have the ability or desire to have a large number of vacancies.  So that means you will probably have to tackle them one-by-one. 

If it were me I would consider the following:

Identify the "worst" unit.  That could mean tenant or physical unit.  And then let them know you are going to terminate the lease in order to renovate.  Take on one or two at a time and as they are completed raise rents.  A vacant and re-habbed unit allows the option of a tenant to move into it, thus freeing up the next unit. 

I would also (ASAP) raise the rent some nominal amount - like 5 to 10 percent.  It's unlikely that will cause attrition, but it may.  

There are a few threads on this site that discuss various property management software.  
I suggest you get in touch with a few and ask for their 30 minute demos.  

Good luck.  If there are any more specific questions about software post them up.

Long Island is a pricey market to be doing BRRRs.  It's also a risky one (IMO) for people new to real estate investing.  I am sure there are examples of deals now, but you might be better off looking in other markets.  

I used turbo tax for years with 4 SFRs.  You have to get the high-cost version, but it handles rental properties easily.  It's not rocket science.  Just keep track of all your costs, expenses, etc and at tax reporting time enter all the information.

I found it invaluable as a tool to learn more about tax law and play with "what-if" scenarios.

You ran the numbers on a condo in San Diego with just 3.5% down - and the numbers work?  I find that hard to believe.  I assume when you say "the numbers work" that you cash flow positive...

How much is the condo, what are the HOA fees?

Most people who talk about SoCal find that there is no way to cash flow properties as you describe, so i am curious what you have figured out that no one else has.

Quote from @John Clark:

Quote from @Tim J.:

IMO It is a complete violation of the takings clause of the 5th amendment... but you're going to be in for a world of hurt if you buy into a market with existing restrictions.  

Rubbish. Short term rentals impose costs on the local community (parking, noise, increased demands on infrastructure), so regulation is completely justified. Your right to swing your fist ends before it connects with your neighbor’s nose.

LOL.  You felt so strongly about this you responded twice.  First of all, the nuisance stuff you mention like parking and noise usually already have town codes to handle that.  So instead of taking property rights away, the municipality should just enforce the town codes.  Second, I don't see how one can unilaterally say that short term rentals are a negative.  In fact, in many places they are a boon tot he local economy.  

So, right back at you:  "RUBBISH"

Regulation is absolutely anti-American.  We fought a war against tyranny for similar over-reach.

Not sure what the F you are talking about with respect to swinging fists. 

Quote from @Michael Ferrante:

Hi Nicholas,

I am looking to start an agency where I help property managers operate more efficiently and more profitably. Whether that be through marketing, consulting, or other practices, I would just like to learn as much as I can about the industry.

 I don't think a property management company is going to pay someone with no experience and has only read books to help "improve their efficiency". 

My advice is to go work for a PM company or two, get some experience, invest on your own, then hang out your shingle after you learn the industry a bit.