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All Forum Posts by: Gregory Montalto

Gregory Montalto has started 12 posts and replied 33 times.

Post: WHOLESALERS IN RICHMOND

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

Also looking for properties in Richmond. We are local. See my profile for more information about our buying criteria. 

Bill Jeffries of Kane Jeffries. 

He is old school and knows Richmond real estate. 

Not going to be the cheapest listed in this thread - but do not skimp on legal advice. 

Post: Philadelphia design question

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

A kitchen "designer" does not have to be someone with the word design in their job title. What is most important is finding someone who has installed a large number of kitchens in the last few years. They will know what types of cabinets, countetops, fixtures, and hardware are "in" right now. They should be able to draw a layout of the kitchen that maximizes space and takes into account how modern buyers use the kitchen area.

Ask questions about the types of jobs they've done recently in the area you are rehabbing. Give them a firm budget and a general idea of who you believe will be buying the house, and request they come up with a design plan. In fact, get two or three estimates because there are a lot of options with kitchen layouts. 

The best advice I can give is to spend more time planning than "doing". Have a layout on paper, a detailed budget, project timelines before you begin any work. You want to be able to hold your contractor accountable for meeting project scope, timelines, and budget.

Post: Alernative to residential lift > vacuum elevator

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

About to begin a historic renovation project in which the owners want an elevator or lift installed. In doing some research on lift options, came across this interesting product:

Now a new type of elevator developed in Argentina looks set to revolutionise the residential lift market, making elevators affordable to everyone.

The self-supporting vacuum elevator is constructed of aluminium and polycarbonate and takes just a few hours to install. Unlike previous elevators, the new lift is completely self-supporting, extremely light, has a footprint of just one square metr e and requires no excavating pit or hoistway, it can be fitted to almost any two or three storey building at a fraction of the cost of a normal elevator.

http://www.gizmag.com/go/4007/

It looks hideous.

Anyone have experience with this product? 

Post: Tips For Newbies - Property Managers

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

Some great questions to ask potential property managers here:

http://landlords.about.com/od/BasicsOfPropertyInve...

Post: Tenant Walk thru 30 days before leaving

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

We frequently do a pre move out inspection with tenants. In most cases, the tenants are more than willing to make minor repairs and clean to acceptable standards as opposed to getting charged for those things later.

We've found the definition of "clean" and "working" can vary between tenants, so this pre move out walkthrough allows us to set out expectations. And to make them aware of what items they will be charged for (i.e. carpet cleaning, oven clean inside, etc) if they don't do them. For any significant repairs, we allow them to get their own contractor - but that person must be approved by us.

We also send out tenants a letter 30 days prior to lease termination that provides a check list of items they need to address:

~~

In order to receive your security deposit back in full, please be sure to:

1 - Pay your rent balance in full.

2 - Remove all items from the property.

3 - Clean property thoroughly. This includes shampooing carpet and cleaning appliances.

4 - Have a clean air filter installed. Change light bulbs where necessary. Make sure the battery in your smoke alarm(s) is working properly.

5 - If it's a single family home, please make sure that the grass is cut, the beds are clear of weeds, hedges are trimmed, and gutters are clear of debris.

6 - For any holes in wall, please spackle and touch-up paint.

7 - Per your lease, your utilities must remain on through the end of your lease term. Please make sure the utilities are on during the move-out inspection.

8 - Return all keys that were given to you upon move-in.

Post: Hi from Richmond, VA

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

Welcome fellow RVAer!

Richmond is a fun area to invest. With the downtown development plans, VCU/MCV expansion, and Short Pump growing out West, there is a lot of opportunity in the area for investors of all ilk. RVA is definitely one of those places where value can change dramatically street by street and neighborhood by neighborhood.

Always happy to share experiences and perspective. We've played with both rental properties and flips over the last few years.

Greg

Post: Ever had a rental raided by SWAT or the FBI?

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

A contractor friend was over today and told me this crazy story about a property he owned a few years ago. He was your typical accidental landlord after not being able to sell his primary residence and moving to a new place. It was a decent 4 bedroom in a middle class neighborhood, rented for $1,000 a month to four guys in their late 20s. Contractor did not properly screen the tenants.

After two months of the moving in, he gets a phone call from their previous landlord, who apparently proactively tracked down his contact information down to inform him that the four guys were bad news. Noise complaints, late rents, uncleaned after moving out. One of the tenants moved out ("the best one"), and a new guy moved in who was "a little shady".

Long story short, the newest tenant was a drug dealer who was under surveillance by the police. He had been having pot shipped from the West Coast in PODs that were delivered to abandoned houses, and was using the POD to stash the weed and was dealing out of the rental property. The local police and ATF raid the house, busting in the front door and then using a sledge hammer to remove a safe that was bolted to the hardwood floor in the bedroom. Gaping 3 foot hole in the foot, completely smashed door and door frame. All the police left behind was the business card of the lead detective.

Contractor calls the detective, who informs him that the department doesn't cover property damage after raids. He was told he could go ahead and file a civil suit, but that it would be thrown out in court. In the end, his home owners insurance covered the majority of the damage. But it was a historic home with an antique front door and antique pine hardwoods, neither of which could be adequately replaced with the insurance money.

On the positive side (if you can call it that) he was able to begin the eviction process on the remaining tenants immediately. He wound up fixing up the house and selling it for a loss, never again to be a "landlord". Sad story.

Has anyone else had an experience with the authorities forcing their way into a rental and damaging the property?

Post: Listsource Scam

Gregory MontaltoPosted
  • Property Manager
  • Richmond, VA
  • Posts 34
  • Votes 5

Ask to be set up with a Concierge account. Then the minimum order is $5.00.