All Forum Posts by: Kenny M.

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. 

 PM Sent.

 Thanks, but that doesn't solve or address the issues above currently.

We started investing in upstate New York area right after the correction in 2009.  Since then, me and my partners acquired several properties in C and D areas. We also have some in B areas. Our property manager that we selected back in 2009 was pretty good. However, he got married two years ago and his wife now handles leasing and evictions. She's horrible. She doesn't respond to voicemails, texts or emails. He doesn't respond to them either. We tried replacing them last year on a rehab, and the company we picked was actually worse than these two. As for the guy, I have no issues with him. However, my partners want to get rid of them ASAP. I am trying to be the voice of reason here as we tried to replace them after we purchased another property last year, and that mamangement company was even worse, so we moved it back to him and his wife. We've sold off five of the one's that were in not so great areas, and have another 7 in not so great areas, and 3 in really good areas. We plan to get rid of the remaining 7, but keep the other 3. I just do not know how to proceed. Since we're 200 miles away, it's not possible to manage ourselves. We do collect the rents though.  All other areas we work out of we control and manage directly. Here are the issues at hand.

1) Communication issues are not the greatest right now. This happened right after he hired his then girlfriend to manage the office. He promised things would get better, and it did. Now, as his wife, it's very bad. Even I would e-mail them and get no response. 

2) His team has been managing a rehab that we're doing in partnership with a city government in Ballston Spa, so we are stuck with him on that until it's done. Still a few months away.

3) We have 3 evictions, which no one can get an update on. I know each have been served, but we cannot get an update. 

4) We have 4 empty apartments. We do not see them advertised online, but they both say they are. We see expired listings, so through Appfolio we added the listings for the vacant units to rent. We've must had sent over a dozen leads, but they do not follow up with them.

5) We have 4 of those 7 buildings under contract for sale. Two might fall through because of repair costs that were just found out about. Of course, he's not responding because he's away with his wife until Wednesday. My partner has been dealing with the attorney, and he and his wife have been CC'd on every e-mail. Neither respond with estimates.

I really do not know what to do here. We want to take over the evictions as we've already spoken to two attornies who can get a trial date and get rid of these non-paying tenants. The problem is we are concerned that telling them we're taking over the eviction process will throw a wrench into his work on the construction job he's overseeing for us with the City of Ballston Spa.  

I'm at my end of the rope with these two. I've fought to keep them on because we cannot find a decent property management company in upstate New York. We plan to keep the 3 good properties and sell the remaining 7.

I was actually looking at this prop. in Albany. Anyone know about it? https://www.zillow.com/homedetails/105-Ontario-St-Albany-NY-12206/29646606_zpid/

 PM sent.

5  - 2bd room units.

I am buying another multi-family in CT, but it's a small mortgage;  The cost of the house is $509k, and the lenders I've used it the past have little interest in financing it.  I am told it's too small a they need at least 800k in financing. That is a bit out of reach for me right now, so I am hoping some people here would have some options.  I can put 20% - 25% down, I'd prefer not to escrow the taxes and insurance (if possible).  I'd also like to aim for a rate in the high 4's or low 5's.

That's NET.