All Forum Posts by: Yangyang Jin

I would like to get your opinion on a property I'm selling right now. It seems to me my agent is not putting her best effort in helping to sell fast and obtaining key information in the process.

i have worked with this agent for sometime now, apparently a long time agent. She listed the property without any photos to start with, and I had to follow up with her, and help to take some outside/ external pictures for her to post after she listed the property. Then the photographer finally came and seems like he took some nice photos, but a whole week later I do not see any new photos posted for the listing.

luckily it's still a hot market and I've gotten a few offers, we moved on with one to attorney review, but only during the attorney review we found our there is a selling contingency with the seemingly amazing cash offer. Before we decide to pick the best offer, the agent told me that the buyer agent is very experienced and she is comfortable about closing. But the contingency is such a big one and I'm disappointed that she was not able to capture the key information before we made a decision.

does it make sense to change to a different agent right now? What would you do?

1 Vote

Newark, New Jersey

Thank you all for sharing your perspectives and suggestions. I've just moved on and agreed on a payment plan. I am convinced to scale, wed need to move away from HOA, just manage on our own

1 Vote

Newark, New Jersey

Thank you everyone for your recommendations and feedback. I'm posting to provide an update, Thankfully, 3 out of the 4 have found their next happy place. Leaving on good notes and in grace. The 4tj tenant is still looking but I think it's just a matter of time now. Now onto the next big topic- massive renovations.... And the estimates Ive gotten are looking scary.

2 Votes

Newark, New Jersey

Quote from @Richard F.:

Quote from @Yangyang Jin:

Can't agree more. Often times, the property management team hired by the board either is not competent or does little.

In the states that I am familiar with, State laws and every Management Agreement I have seen are quite clear that the Management Company works at the direction of the Board. The Board has full responsibility to see that all laws as well as their own Governing Documents are followed. Boards are expected, as generally inexperienced volunteers, to hire consultants and seek other professional guidance in order to make appropriate business decisions. Their standard of conduct is known as the Business Judgment Rule. Boards can delegate authority to a management company to perform a task, but they cannot delegate the responsibility.

Management Companies for Condo/HOA properties primarily provide financial services...collecting the monthly fees, paying the bills, aiding in budget preparation, etc. Beyond that, they administer the established rules and policies of the HOA, including rule enforcement, but they do NOT create the rules; or make decisions on choice of vendors; or when, how, or how much money to spend OR to assess Owners.

To be clear, the duties, responsibilities, and discretion in management decisions, as well as the actual contract, are vastly different between a Rental property PM, and a Condo/HOA Account Executive/PM.

Thank you Richard, for sharing your insights as a property manager yourself. That really helps me understand the split responsibilities of the board and PM. The experience that I mentioned were really just with the designated PM. In central Jersey, the places that I own, we send service request to PM as well, and general communications with PM, for most of them, the response time is very slow, or sometimes never gotten back to. The action items they promise are not carried out either.

0 Votes

Newark, New Jersey

Quote from @Peter Tverdov:

HOAs are a pain in the ***. We hesitate at times to take them on when clients ask us to manage a condo or townhome because the HOA laws can harrass the tenant or some of the losers who live in these communities and have nothing better to do than to tell you to quickly bring in your HelloFresh groceries because its a HOA violation. Managing the communities is even worse. No interest in dealing with the boards, a lot of financial mismanagement and angry board members or association members.

Good luck OP.

Can't agree more. Often times, the property management team hired by the board either is not competent or does little. There is only one property management team has shown excellence in servicing in one of the HOAs I have dealt with. If any of you are looking for recommendations, let me know.

0 Votes

Newark, New Jersey

Quote from @Rodney Miller:

I suggest your friend find a good coach, mentor, or training program. They will collapse time frames and avoid the many pitfalls that could add to costly mistakes. That being said, private lending or hard money lending can be a gratifying and extremely profitable business if done right.

Thank you Rodney, is there a program you can recommend? Or any coach that you've had great experience with?

0 Votes

Newark, New Jersey

Quote from @Bobby Feinman:

@Yangyang Jin

Hope you're having a good weekend. How much time do you have as that discussion can take weeks lol. There are a LOT of factors that go into that. The 2 immediate questions that come to mind are does your friend have any experience in the space and how much capital is your friend looking to deploy? I spent over 20 years in the space as a builder and landlord before becoming a full time lender 4 years ago. Even with all of that experience, I made a lot of mistakes and am still learning new things.

It is VERY easy to fail as a private lender. I do not say that to dissuade your friend, as it can also be very lucrative. Happy to jump on a call to with him or her to learn more if that would be helpful.

Bobby

Thank you Bobby, I will reach out and hope to have a chat.

0 Votes

Newark, New Jersey

Quote from @Shafi Noss:

What type of private loans does your friend want to pursue?

Hi Shafi, they are new to the segment, and is exploring what are the options. They are experienced businessman from overseas, their overseas experience is in finance sector, lending to companies and individuals. Some transferrable knowledge and skills, but completely different market and now wanted to focus on real estate.

0 Votes

Newark, New Jersey

Quote from @David M.:

@Yangyang Jin

Where is this property? Local to you? Your profile says you are in NJ. What do you mean that the "...property is not safe..."

You've been given lots of, lets call it, "pro-landlord" advice... Certainly try to work it out with the tenant. It may be their responsibility but you can't get "blood from a stone." The market is really horrible out there (at least in our region), so it is very hard for them to find a place to go. Its up to you, but sometimes you need to have a heart...

Also, if its in NJ, you can't just "non renew" a lease. So, without more information (and of course consulting a knowledgable professional), the law isn't on your side. Its always much better to amicably solve your issues.

I'd be happy to chat. Good luck.

Hi David, I appreciate your candid feedback, especially your comment about having a 'heart" as a landlord. So far thankfully I have worked out with two tenants, who will be moving out in July. So we planning to have my parents moving into one unit and legally it's okay for us to vacate the other property. Would love to connect!

0 Votes

Newark, New Jersey

Quote from @Dan H.:

I suspect your HOA bylaws require arbitration. Typically arbitration 1) does not cost that much. 2) arbitrators often do not rule 100% to one side. I suspect it is probable that they will reduce what you owe the HOA.

The question is, will it be worth your time?

Good luck

Thank you Dan, yes, thats right, its probably does not worth it. I have decided moving on and asking for installation plan and be done with it. Planning to sell these HOA properties and manage my own

0 Votes

Newark, New Jersey

All Forum Posts by: Yangyang Jin

Yangyang Jin has started 14 posts and replied 52 times.

Post: Will you change the agent?

Post: Is my HOA outrageous and is it worth to consider suing them?

Post: Tenant does not want to move out

Post: Is my HOA outrageous and is it worth to consider suing them?

Post: Is my HOA outrageous and is it worth to consider suing them?

Post: How to become a lender in New Jersey

Post: How to become a lender in New Jersey

Post: How to become a lender in New Jersey

Post: Tenant does not want to move out

Post: Is my HOA outrageous and is it worth to consider suing them?