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All Forum Posts by: David Wolber

David Wolber has started 11 posts and replied 124 times.

Post: Growing PM Company, who would be the first position to hire?

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

Hey Property Managers,

My little company here in SECT is growing.  Almost too fast.  I'm very near my maximum right now since the company is just me and i'm in negotiations for a large complex to buy that I'll also need to take on.   I literally do everything for the most part.  Maintenance, snow, lawn, leasing, the books.  It's all mine!  I love every min of it, but my biggest fear is my customer service will start to slip; I refuse to let that happen.

So I'm at the point where i need to hire or outsource. My questions is when your company was growing, where was the first place you hired? I'v already reached out to outsource most of the summer lawn work, have a maintenance guy-ish, and the boss (my wife) wants to start taking over the books. Where else is the biggest bang for your buck?  I hire other Realtors out of my Broker's office to do some of the leasing as well when i get too many at once, but I like that part because meeting potential tenants is a big part of the vetting process for me.

Any input would be much appreciated!

Thanks!!


Post: Standards for renting out attached garage space to non-tenants?

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

@Charles Moore No problem, i'll PM you to get contact info.

Post: Standards for renting out attached garage space to non-tenants?

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

@Charles Moore, I have several garages rented on various properties here in CT.  We have a lease just like any other rental, although we've never really had anyone default on a payment yet so i unfortunately can't offer any wisdom on that front.  However, if what i know about the storage industry, you can just lock up the stuff until they pay.  It's not the person's home so it doesn't fall under those laws.  Don't take my word on that though, if the situation ever comes up, i'd call our lawyer first so i don't even trust my own opinion on this.  haha

Definitely put up a wall between your space and the rental. and don't use drywall, use at least 5/8 plywood and screw it in.  It's not bullet proof, but if the renter wants at your stuff then they have to work for it. 

We don't restrict access to our garage rentals either.  It's their storage space, they can come as go as they please.  We have stipulations and rules depending on the type of rental.  If it's just storage then basically they can't do anything and we don't even provide them a power source.  If it's a garage that the renter can use for auto work (no businesses) then we provide power (most of our garages like this have separate unities meter and they rent the entire garage).


If, however your two car garage has only one door than this is a significantly different conversation. Your going to want to restrict access when you are there.  But this shouldn't be an issue if it is just winter car storage or something like that.  It's not like they will need to be in and out a lot.  Or, just offer it as winter storage with almost no access during the winter.  This way you don't have to worry about it.

I could offer up my garage leases for you to see, but they are all CT based so not sure if they'd do you any good.

-Dave

Post: New member Centeral/SE CT

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

@Jaysen Medhurst oh stop, give him a break, he's new!  hahahaha

Hi @Mark Simmons!  Welcome to BP!  It's an awesome resource.  And Jay is a great dude.

Getting out of the apartment life is a fantastic goal and not usually the easiest.  Obviously everyone here will definitely tell you to move into a multi and live rent free and all that, but that might not be your cup of tea.  A single family home is just as nice of a first time investment, but you must look at it AS an investment.  Think of it as an investment when you buy it.  Run the numbers and make sure you could rent it out and cash flow.  Most people who convert their first residence into an investment property don't truly cashflow because they never bought it as an investment.  Just covering the mortgage payment isn't evnough, ensure you add a PM fee, even if you plan on managing it yourself, make sure you pay yourself to do just that.  Then, down the road, should you decide you want to have it professionally managed, the investment still works.

The awesome thing about moving into your investment is the down payment requirements are easier. 5% down for most FHA type loan products is all you need, but you will have to pay PMI. This can still work, i have a duplex in New London that I lived in for a year and then moved out. We pay PMI on the mortgage but she still cash flows great, and we don't have the extra $40k tied up in the property.

I also have a few questions for you about your electrician work and handiness so i'm going to shoot you a PM. I hope that is OK! :)

-Dave

Post: Military Newbie in New London Connecticut

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

Hey @Cole Beauchemin!

First off, welcome! You have absolutely stumbled on the best resource for REI on the net.

As a service member myself I will tell you that although the USCG does allow you to stay in one area a little more than some other branches, you will most likely end up moving.  So, when you do your numbers, be sure to include a PM fee even though you may not use one at the beginning, you most likely will need or want one 3 years down the road.  

Also, the VA now has a product similar to the FHA 203k loan for renovations so if truly house hacking is the desire and you are not afraid of a little sweat equity, then this may be an good route for you to take.

@Mat O'Grady does a great job with those meetings and I know liberty is tough for you, try and make every effort to attend.  Great place to just pick peoples brain and get real world answers.  Not that the answers on here are not real world, but it's just always better to get the info in person in my opinion.

Lastly, You still have some time in the area, you can always ask one of us to see current projects or get involved with a deal by observing if you wish as well.  I will make myself available to you during a weekend if you want to sit down for coffee and chat, go over numbers or whatever you wish.

Either way, I wish you the very best of luck!

-Dave (Go Navy)

Post: What Software do you use for Property Management?

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

Hi Kelly,

I manage 15 properties in two states with over 50 doors in total with multiple owners and i manage everything using QB.  Set up with a company file established as a clearing house, tracks rent in, expenses and owner payments out.  Took me a bit to get a good process of SD tracking and monthly owner's reports, but its working pretty smoothly at this moment.  Since I already owned the program to run books for other businesses it was an economical choice for a growing PM business.

I will tell you that I fully plan to shift to AppFolio once i grow to closer to 75 units.  AppFolio has a min charge of over $200/mo and doesn't seem worth it to me until i'm slightly bigger.  I plan to use AppFolio based on the personal reviews of other PMs in my area who can't say enough good about it.

Post: Looking for a General Contractor in Southeast CT

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

Hi @Peter McGlynn

Look up @Michael Spittler, not sure if he works in Windham, but he's doing great things in New London county.

Post: Looking to do a new build in New London CT Area

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

hey @Bo A Vanecko, I don't have any good numbers for you, but i know a developer that might be interested in helping you out.  They'd also most likely love to bid the project for you as well. Send me a message if you'd like they're information.

Good luck!

Dave

Post: Soliciting Potential Sellers

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

The business filing on the CONCORD site may have email addresses.  I thought maybe they would have what you were looking for, but no phone numbers.

Post: Rental Properties in New London, CT

David Wolber
Property Manager
Posted
  • Property Manager
  • Groton, CT
  • Posts 128
  • Votes 80

Hey Cliff,

of course! Send me a message so I can get your email address. We'll get you on the email distro and FB page so you can keep in touch with all the info!

Remy, if you want to, you should do the same. 

cheers!