All Forum Posts by: Mandela Muhammad

@Reed Meyer

Want to learn fast jump on the phones cold calling and researching same time. You learn way more by simply picking up the phone. Take plenty of notes after a few hundred rejections you will eventually form a list of investors and criteria they would back you on. Start with newly renovated properties forsale by owner listings.

@Heather Frusco

Lolz I have been doing that no problem, was just wondering if anyone had a scenario where it actually worked out and didn't eat up 85 percent of revenue per rental every 3 to 6 months.

Every where you read property managers charge you 10 percent of the rents to manage a propterty for you. What they don't tell you is:

1) That's ten percent before expenses get taken out.

2) Sure they manage the property for you, but they also add a 100 to 300 percent premium on anything they do for you.

-Example you need grass cut, cost 40 to 75 dollars. Property management company charges 300 if you say, "yeah take care of it, cut the grass".

3) You need someone to show the place for a new tenant. That's a 100 dollar charge for someone from the management company to show the apartment each time they come out.

4) You use the company to find you tenants. They give you no screened applications and leave you vacant for months, while looking for the diamond in the ruff tenants.

5) They ask you to put money in a reserves account for any maintenance that comes up. They will try there very best to exhaust every dollar so they can make money and ask you to add more reserves.

Can't see how anyone makes money with property managers. Could I possibly get a response from anyone who isn't a property manager? Would really love and appreciate any feed back.

@Amalfi Duran

Have you tried making it personal and going to the house to make sure you get in contact with them. When ever I do out of state business and communication is getting funny, I show up in person. I've even sat outside the house in the rental and waited for tenants to come outside if they refuse to answer the phone or the door bell. Long as you start peacefully as you open up conversation I'm pretty sure they will be somewhat understanding.

I've noticed when people hear your coming from NYC they think your Donald Trump with all this extra money to blow. Then when you use property managers they think big company, lets see what we can get out of this guy. Personally having this conversation in person can make all the difference, vs hiring someone to reach out for you.

@Mandela Muhammad

If you are going to use an agent don't use agent from same company as the seller, definitely not the same agent representing the seller.

@Rashad Ellis good day my brother. An agents job is simply supposed to be to link you to the seller or the sellers agent. If you are looking for a house to buy and do not know where to look, then there job is to help you find one.

The protection everyone is refurring to comes from your real estate attorney. Notice majority of these guys refurring you to an agent are themselves agents. Agents want like 6 percent of the property value of the house in NYC, be careful.

@Andrea Livingston congratulations, best of wishes!

What is the Special One-Time Assistance (“SOTA”) program? The SOTA program will provide one years full rent up front and will also allow DSS clients to move within NewYork City, to other New York State counties, or outside of New York State

Have a SOTA program tenant whos reaching end of his lease. The tenant never had a deposit in place. This is my first time with program tenants. I am looking to post a 30 day quit or pay notice on the door with eviction. Tenant claims he will be ready on the first with a months rent but no deposit. Any suggestion s?

@Jeremy A.

In the lease you add a clause that tenants pay apartment insurance. Then simply don't except anyone under 25.

@Jeffrey Masessa

Higher education (college) teaches you how to learn. Master the skill of teaching yourself new things. Find a passion and go for it. While learning something new you will need a jizob to pay the bills until your new learned skill produces enough to pay the bills.