All Forum Posts by: Freeman Schultz

Out of curiosity, I have been taking a look at the condo market in NYC for investment opportunities.
Condos are attractive because of their simplicity. They are not as profitable as multifamily, but there is a level of stability.
However, I hear a lot of stories about out of control condo boards where they increase the common charges and they approve expensive
building projects. The boards are able to do as they please without the approval of the residents.

Is there any truth to that or is every condo board different?

How does an investor avoid a board that is out of control?

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Thank you everyone for your responses.

I do agree that landlines are being phased out. However, there are people out there who still keep them. If a tenant requires one, then they should pay a premium.

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Quote from @Nathan Gesner:

Quote from @Freeman Schultz:

If the Tenant wants a landline, they can pay for it. That includes installation and maintenance.

Thank you for your response.

I do agree with that those costs should be passed down to the tenant.

However, if you have a vacant unit and decide to maintain a landline, then it might be best for the landlord to pay for it and then pass the cost to the tenant through rent.

My question is that if you do not want to use Verizon, who would you hire?

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Although most tenants have pretty much gone wireless, there are tenants who require a landline.

A lot of older homes still have the phone jacks and wiring for a landline, however, if they do need to be maintained.

Can you a hire a specialist to maintain and repair a landline or do you need Verizon?

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I was wondering if anyone has used the Home Depot referral service to find a contractor and what the experience was like. Would they recommend it?
I have also heard that for some jobs, contractors will review pictures and video in lieu of a site visit. Is this a common trend now?

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I have been using Flood Factor, however recently they changed the site to Risk Factor and have included other environmental reports.

However, they are now charging fees for services that were once free.

Are there any other alternatives to Flood Factor AKA Risk Factor?

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Quote from @Theresa Harris:

I'd say no. They should have all of the their mail forwarded to their new address.

Your other idea of asking the new tenant to put aside any mail that arrives for the previous tenant for a 4 week period could work assuming the old tenant knows you and the new tenant are not responsible for lost mail (and it is picked up once at the end of the month at which point all mail is forwarded by the old tenant to their new address), but I wouldn't let the old tenant have access to the new tenant's mailbox.

Thank you for your response. I do agree with you. The old tenant should not longer have access to the mailbox. In regards to the new tenant holding onto old mail, as long as the new tenant, my work colleague and the old tenant are on the same page, then it could work. But all three parties need to agree to those conditions.

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Quote from @Richard F.:

Aloha,

Whenever a tenant gives notice of vacating, I always give them an email reminder that the Post Office requires a minimum of 10 days advance notice of their forwarding address. Once you move out, you are out. If I need to meet you there to provide access to check for mail it will cost you $45.

Thank you for your response. I like how you think. Put in penalties that encourage to encourage them to take measures that will save them money.

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Quote from @Bill B.:

I love the idea of the held mail, that would be ideal. You don’t want to be responsible when that package finally says it showed up and you don’t have it. Has the package even shipped? We’re still 9 days from the end of the month. Either have them put the ne address on or ship it faster.

Thank you for the response. Held mail is a great idea and it puts the responsibility on the vacating tenant. It also places the responsibility on the post office.

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Quote from @Colleen F.:

@Freeman Schultz I know the pain of the forwarded mail not arriving. You can have the mail held. This is safer then forwarding, goes right to the post office with current address and stays there and you have to pick it up. Then there are no keys for the tenant to keep. Not sure how long the mail can be held that could be the issue. He would have to check.

Thank you for your response. I never thought of that. In I am going to mention it to my work colleague. It should make everyone's lives easier. I do know this is a common practice when people who go on vacation.

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All Forum Posts by: Freeman Schultz

Freeman Schultz has started 49 posts and replied 104 times.

Post: Questions about condo boards

Post: re: Maintaining a landline in an investment property

Post: re: Maintaining a landline in an investment property

Post: re: Maintaining a landline in an investment property

Post: Home Depot and site visit questions

Post: Alternatives to Flood Factor AKA Risk Factor

Post: Tenant requesting mailbox access after vacating unit

Post: Tenant requesting mailbox access after vacating unit

Post: Tenant requesting mailbox access after vacating unit

Post: Tenant requesting mailbox access after vacating unit