All Forum Posts by: Ryan Vienneau

@Steven Luttman and @Nate Monson

@Nate Monson and @Steven Luttman

My suggestion would be that once you commit to an area, it probably makes sense to stick to that area and become the expert rather than buy all over the place (unless you're buying large complexes or syndicating or something).  We have a few clients with smaller properties in multiple states, and by their own admission they regret being so spread out, they have to manage multiple different leases for the different states/cities, they need to contract separate attorneys, property managers, etc.  Most of our clients that do well own a bunch of a single asset class fairly close to one another, so they can benefit from scale, use the same contractors, use the same PM, etc.  For example, we have a couple clients that own multiple rental condos in the same development and have for decades.  We have some others that own multiple duplexes in the same neighborhoods.  This seems to work smoothest and most profitably for those with growing portfolios.  

We are property managers covering Troy and just used Professional Fire Restoration (PFRS) for flood cleanup, and they were awesome, would highly recommend.  

"Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing."

-Warren Buffett

We manage properties all over the capital region, and for older properties my biggest advice is just be aware of the code requirements when working within the city of Albany or Schenectady.  We see quite often investors that ballpark repairs and upgrades based on common sense, but fail to take into account the additional work required to bring other items up to today's code just due to the fact that a remodel is being done.  For example, as soon as you open up a wall to replace some damaged drywall, you could be required to interconnect all the smoke alarms throughout the property.  Or if you want to replace a bathtub, you may be required to upgrade all drain plumbing in the building from 1.5" to 2".  Same goes for zoning, don't assume you can convert the attic or basement space into additional rentable square feet, pretty much all of the cities in the capital region are against that, and variances are rare.  

Call @Nate Monson, he'll take care of you.

@Tina Dupart Hi Tina I'm also a local property manager.  A few things:

1.  There's zero chance this tenant has $10k.  Zero point zero.  The tenant's trying to trick you, bully you, and/or buy time.

2.  Ever since HSTPA was passed last year, we advise against fixed lease renewals in all cases, in fact its now our policy to let all tenants roll MTM after their initial fixed lease term, even good tenants.  MTM leases are a landlords only protection left in NYS against bad tenants.  

3.  In order for the tenant to take advantage of the CDC order or Cares act, they have to prove they were financially covid affected.  Do you think that's true and that they can prove it?  If not they can still be evicted, although the timeline is long right now.

4.  Was 14-day notice of non-payment served on the tenant already?  If not, why not?  We've been able to serve notices again for months now, even though the courts weren't seeing evictions serving notice could have at least gotten things moving in the right direction.  

5.  Call David Green, he's an Albany attorney that does evictions, 518-389-2000, he can help you.  

@Lauren L. For info on landlord-tenant law, I wrote an in-depth article breaking down the big 2019 Housing Stability and Tenant Protection Act (HSTPA), its on our website at Veno Properties.  

I own a couple properties in Schenectady that have done great for me, definitely the best profit ratios you can find in the capital area.  Downside is that the building dept is infamously terrible, so if you're planning on major remodels it will be a HUGE headache.