All Forum Posts by: Joe Montone

Nice review!  I manage a pretty large portfolio in north Jersey and would love Jose's contact info if you can share.

Thanks 

Joe

Hi everyone,

A friend of mine is in contract on his first condo, a 2 BR in the western slope of the jersey city heights. A portion of his loan is pending a renovation estimate from a contractor, and the contractor he's been working with has gone MIA. 

Can anyone recommend a reliable, licensed contractor in the area? 

Looking to help my buddy out before his window closes. 

Thank you all in advance

Joe

@Hannah Canario if the Landlord charges a broker fee it will typically cost the tenant an extra 1/2 to 1 months rent up front.  By not charging a broker fee on our end we aim to save the tenant this money.  Sometimes we are even able to charge an extra $50-$100/month as a result.   

The tenant may still opt to use their own broker in which case they will pay a fee regardless.  Upside not to use a broker is to save money.  It's up to the tenant to have some basic understanding of the market and their own financial situation and make that decision themselves. 

Always require a security deposit.  This is different from the broker fee.  This will protect you in the future if the tenant fails to perform under their lease (i.e. doesn't pay rent, damages the apt, etc)

Hope that helps!

Hi All

We are looking for an electrician in the Hudson County area to run trace heaters and insulate an exposed sprinkler pipe in an open air garage in Union City.  Does anyone have any local recommendations? 

Thanks in advance!

Joe

You should be safe with a combo of Craigslist or Zillow Rent Manager and a good tenant screening. Like someone mentioned above, it's a pretty active area so no need to use a broker. Offering the apts with no broker fee should help you score a few extra bucks per month.  

I manage a large portfolio in the area and we have a lot of success working this way. North Bergen has been a friendly municipality to work with as well. 

Best of luck to you! Any questions feel free to ask. 

@Aaron Spitzer I think the OP is referring to Greenville, South Carolina.  I'm from Jersey City myself, if you have any questions about the area feel free to PM me. 

Currently on vacation in Greenville SC for a wedding. Thought I'd read up on the local market and peruse the local BP forum while I'm down here.  To everyone in Greenville SC, you have a clean and beautiful city and surrounding area.  Very friendly area.  Good luck to you all.  

@Rob Quinn any luck with this search?  I manage about 150 units in the Jersey City/Union City area. We work with a few good electricians whose contact info I'm glad to share if you're still in need, but I am always looking to update my list as well.  

Thanks!

Hello All,

Does anyone have any experience with a failed HUD REAC inspection? Long story short, we purchased our first HUD building at the beginning of the year. We address routine maintenance issues, but the property was in pretty poor shape and we failed our first ever REAC inspection this summer. We didn't know what we were getting into at the time, and now find ourselves having to complete a Management Improvement and Operating (MIO) Plan.. Yikes!.. and bringing the the property back to HUD standards..

Does anyone have experience in a similar situation, specifically creating an MIO plan?? 

Thanks guys!

Hi All,

Thanks in advance for any feedback!  I currently work for a group of investors, helping them manage a multi family portfolio and developing their own property management company along the way.  I am curious at what point you all think it becomes difficult to maintain a "departmental" structure and the need to move to a "portfolio" based structure kicks in.  

Our portfolio currently sits just below 100 units across about 10 buildings.  We have one accountant and one person coordinating maintenance/tenant relations. It's already pretty hectic, and as we expand in size and territory covered, I wonder if this model is sustainable.  Does anyone have experience scaling a departmental structure to a larger portfolio?  I see it becoming a nightmare, especially from a maintenance/tenant relations perspective...  

Thanks again for any insight!

Hey Darren - any idea on when the next meetup will be held?  Would love to check one out.

Thanks

Joe