All Forum Posts by: Kenny M.

 When we had to re-do the roof, he refused access, so we we had to go through our 1st floor tenant's apartment in order to get to the top of our roof. He gated his whole property, so there is no way to access the back of the building without going through the 1st floor tenant or his property. Since this is the side of the building, it's entirely on his property, so there's no way around him. He owns the entire block except our building. It was so difficult to do the rehab, after we were done, I even offered to sell him the building, he said no thank you. He's just a miserable power hungry man.

We have a 3 family brick property which needs to be re-pointed on one side. However, my neighbor has not been allowing me access on his property in order to do so. There's no way to re-point the bricks without being on his property for a few days. Has anyone on had issues like this before? If so, how did you resolve it without having lawyers involved in getting the appropriate permission so we can fix the bricks? The owner is a big shot in the city, and he's not a very nice guy. So, it's something we need to do, but he's not going to make this easy.

I was talking to someone and she said if a company receives any EIDL loan they cannot purchase any fixed assets during the time you have the loan outstanding. Should this be true, what happens to people who have the loan and are also in real estate? Does this mean a person or a business can no longer purchase buildings with other funds? Very confusing.

Thank you for your reply!  Three boilers and three furnaces already on natural gas.  The original plan was to not renew the leases, but then COVID-19 happened, so we turned them over to month to month.  One tenant lost one of their jobs, but they would consider revisiting the utility issue once things get back to normal.  The other tenant didn't reply, so I assume they may have to be evicted one way or another.  We do want to replace the old furnaces and boilers with new ones, and that was the original plan.  The tenants were supposed to move out as we were not renewing their leases and then we'd turn over the units with all new layouts and upgrades.  Since there is a moratorium on evictions for at least another 60 days, it was better to get something instead of nothing, so we kept them on a month to month lease.  So, in the meantime, we're trying to figure out how to make this house more efficient.  Not the easiest thing in the world when tenants are still there.  One of the tenants doesn't speak any English, and her daughter has been the intermediary.  She's been less than helpful, so that's why I feel eventually they will be thrown out.  Usually, when I reach out to her case worker, she then replies as they do not want to lose their eligibility.  

We purchased a 3 unit home that was built in the early 1900's.  Two units are section 8 from the Feds and one is free market.  The families have been there forever... At least 12 - 20 years.  The previous owners had a horrid prop. management company, a Real Property Management affiliate, and there was basically no work done to maintain the home.  The home is not to our standards and is borderline unsafe, so we've been slowly fixing the items we're allowed to fix.  The furnaces are 40+ years old and the boilers are from the 80s. Since we are paying the heat, we need to find a way to  lower the heating bills.  The monthly bills are 200+ a month in the winter per 2 bedroom apt.  We were thinking of installing an ecobee so we can monitor the usage, but I was just told that the entire building has radiators.  How do we convert the radiators to something that is more efficient while the tenants are still living in the units?  

We just completed a building which was a total rehab at the beginning of March. No one is renting now due to the crisis, but the building was appraised at around 1.5m; which we own free and clear. We are a bit concerned about the pandemic and shoring up funds. We have reserve funds, but if we do not have rents coming in, we are going to have to tap those reserves.  Our bank is offering us a mortgage 75/25 at around 3.8% for ten years then balloons. The partners are mulling it over, but we really didn't want to mortgage the property when there are no rents yet. Granted, we'd just place the funds in the bank account for safe keeping; and to shore up reserves.

What do you guys think?

 We are already in direct contact with tenants and accept all rents. We've already started looking and interviewing other candidates to take over prop. management for our props in upstate NY. We're just concerned about the status with the construction project and the few buildings we already have under contract to sell with them. They already the realtors and it's too late to cancel; nor do we want to cancel the sales.

They do not have a website and are not listed online. There is no state licensing board that I know of in New York that regulates property managers. I tried again to call at 9:30am today, got his and his wife's voicemail and then texted asking either one of them to call me or one of my partners. Nothing yet. They also have three of our buildings under contract for sale. So, it's a really dicey situation.

Yes, we're in the middle of the rehab with the city, we have evictions which are going no where as cannot get an update, and we have leads for new interested tenants that they are not reaching out to.  It's extremely hard to get a decent PM apparently in upstate NY, so it's hard to know where to turn. 

One of us goes up once a week or every other week to check out the construction job that he's over seeing. We've dropped by one of the other places occassionally, and it's empty. Since the others are in not so great neighborhoods, I do not think they are being rented out and rent being pocketed. They are both licensed realtors working for a nationally well known firm. They run the property management as their own.  Yes, several tenants have stated they are being run and they are having issues getting in contact with their property manager, so they reached out directly to us for assistance. They can do that through Appfolio, since we collect the rents; which neither of them ever liked. This region is our only region which is under-performing. Little we can do since we're just too far away to self-manage. We've added cameras to both buildings in the B areas, so we can see what's going on and monitor from our office in NYC. It wouldn't be cost effective ingand the cameras would probably be stolen if we did the same in the not so great areas. It's one of the reasons why we're trying to get out of the not so great areas in this region.  I went up personally a few days ago, but he said he's away for the week, but he'd have a worker meet me there. I went up with my assistant, we have keys, and I said it wasn't necessary.

I am just trying to figure out how to take over the eviction process first without pissing him off so the other job he's overseeing is completed with the City of Ballston Spa. One of my partners just says to wait it out a little longer, where as the other two want to proceed with taking over the evictions. I am stuck in the middle here.