All Forum Posts by: Mark F.

Quote from @Michael Carlson:

Quote from @Eric Gerakos:

Lot's of lessons here. NEVER have a verbal leasing agreement. If tenant won't sign a lease they need to go. Set a fair rent and don't negotiate. If you struggle with any that, use a PM.

 Yes this is true, the verbal agreement was 2 months ago. Lease expired yesterday and that when I went to go give them the new two month lease and was handed a check for less than the agreed upon amount. I gave them several copies of the new lease over 2 months ago with the new rate.

 The most important part of your post is missing and that is where in New Jersey are you? A number of towns have their own rent ordinances which dictate how much you can increase rent. A judge could easily say $500 a month raise is not reasonable and rule against you. Either way, you need to read this and hire a lawyer. And never do verbal agreements. At bare minimum do it over email or text so there is record of it.

https://www.nj.gov/dca/codes/publications/pdf_lti/t_i_r.pdf

1000% no and here’s why. Enforcement on a wide spread scale will NEVER happen. I have personal knowledge on this and it is impossible for the federal government to investigate and prosecute this in a way that would have any real effect on the housing market. I could go on and on about it but I’ll just leave this one tidbit. They just cut 700 vacant FBI positions. Link below. 

Your counter point will be “but that tech Director guy said they got AI to help root it out!” That’s great but you don’t understand how investigations work. You can identify it all you want but if there’s no investigators or AUSAs to take the case, nothing happens criminally. Sure, they could call the loan due or force them out or whatever but FHFA has no teeth in actual investigations as that is done by the FBI. Link to that story below. 

https://abc3340.com/news/nation-world/doj-plans-to-cut-addit...

https://fedscoop.com/fannie-mae-partners-with-palantir-on-mo...

Quote from @Chandler Hall:

@Mark F. thanks for the honest feedback! You're exactly the type of landlord I want to hear from, especially since you're already using a system that works for you.

I totally get the appeal of free software, especially when it automates rent collection and late fees without issues. If what you have is working well for you, I can see why switching wouldn't be a priority. That said, many landlords, especially those starting out, struggle with scattered communication, tracking/automating rent collection, and organization. That's where I think I can provide value, especially with a lightweight, user-friendly interface.

On the lease storage and rent adjustments, yes - the landlord side will include a web platform where you can upload leases, store documents, track payments, adjust rent, etc. So, while tenants interact via text only, landlords would have a full dashboard to manage everything. My goal is to keep things frictionless for tenants while giving landlords complete oversight in a centralized system.

I'm curious about your experience using Google Voice - do you find it effective for keeping tenant communication separate? Do you ever run into situations where you need to dig through past messages? One key difference with the platform I’m building is that texts wouldn’t just be stored; they’d be automatically logged, categorized, and tied to specific tenants and properties, making them easier to manage from a PM perspective (along with additional workflows for maintenance & other key tasks).

Since you’ve been using your current system for a while, are there any pain points with your setup, or do you feel like you’ve got everything covered? Also, is the software free for you because the cost is passed on to the tenants? If so, have you ever had tenant complaints about that?

 I only use google voice for tenant communication so no issues there. Yes I do have to dig through past messages once in a while but doesn’t seem to be a pain as I don’t usually have a ton of comms with them.

What I am running into is issues with using apartments.com is not having the ability for digital signatures. I’d incorporate that. I’m using a free software on both sides for myself and the tenant, I think it would be ludicrous to charge tenants to pay rent and I know all sizes of property managers do sometimes. F that. I have looked into other free softwares but none of them have enticed me to switch. BaseLane looked good and thought about it but I saw they charge for e signatures. Also they charge for checks which is an issue for me. I’d rather just stay where I’m at, doesn’t look like they have anything for maintenance request which I may try in the future. 

Quote from @Michael Carlson:

I have a tenant who has been a decent tenant and has not given me any major issues. His current lease is up at the end of June and I gave him the new lease 60 days ahead of this. He recently changed his mind and wants to move away but wants to do so at the end of summer, 2 months after his lease ends. Would it make sense to let him stay for an extra 2 months and then list up the property for rent at the end of September or October? I'm not sure what documentation to provide either, would a notice to quit be sufficient for this?

 Every single person in this thread is wrong and you should not listen to them. Unless this is an owner occupied duplex or triplex, you cannot ask him to leave and have to accept his notice of two months. NJ is an eviction for cause state, meaning you can only have a tenant leave at the end of any lease for one of the 18 or so reasons listed on page 34, or owner occupied like I said. Read this multiple times and save it. And stop taking landlord/tenant advice from people not located in NJ. 

Also if you plan on increasing their rent due to the short lease time, not only do you need to give the proper notice but you need to follow JC strict land lording rules. Last time I checked many years ago it was not above the CPI but I could be wrong.

https://www.nj.gov/dca/codes/publications/pdf_lti/t_i_r.pdf

Quote from @Jason Monaco:

Has anyone heard anything? I think court was April 29th and Jorge said the ruling would come a few days later.. this is on whether or not the RICO stands.

You can read at the link below but it may be another week or two, if not longer. I have quite a bit of experience on when a judge wants to rule and it’s on their timeline. Jorge will update us as soon as he gets the ruling. If you don’t get the email, you can assume the judge hasn’t sent out a ruling yet. 

https://ahpservicing.us9.list-manage.com/track/click?u=d44d7...

Two practical things (one that I did and one that I will do) to help. 

First thing I did was install a device my insurance company gave me for free called Leakbot. It’s an app and a device that attaches to the main line and detects leaks and they sent out a tech for free and they found two leaky toilets and one shower cartridge. My average water bill went from $230 to $75 per month. I’m sure there are other devices that’ll do the same thing. 

Second thing I will do is to buy these and install them in the future. It’s water meters installed on the pipes so you’re separating the bills and can choose to send the tenant to the bill or you pay and they reimburse you. Problem is it’ll depend on your setup on where you can install them. Hopefully you can put them on and no other lines going in or crossed. Link below. 

https://truesubmeter.com/

Quote from @Zeth Daniel Vanegas:

I’ve been thinking about this a lot lately:
If a tenant moving out destroys our cash flow, why is that considered “normal?”
Isn’t that a broken system?

Two months of no rent.
Thousands in repairs.
Weeks spent finding someone new.
And we just call it part of the business?

What if there was a way to set up your lease—and your tenant relationship—so that you didn’t have to restart the clock every year?
I'm realizing it's not about avoiding turnover completely...
It’s about choosing tenants and agreements that make turnovers rare (or even unnecessary).

Curious if anyone else has made changes like this?
Would love to hear what’s worked for you.

 Dude just shoot your shot already. Your profile reads like a YouTube ad. Anytime any person starts off a video or types the phrase “what if there’s a way…” we know a pitch is coming. 

Quote from @Andrew Frishman:

I can never get a definitive answer from AHP.... I just get a series of Emails with details about court visits?        Im assuming I am never going to see my capital again??   Anyone know anything I dont?

You won’t get an answer because they went from about 50-60 employees to 2. Yes, two employees. The CEO and some lady. Those two are probably prioritizing fighting the legal battle with the attorneys than answering the hundreds of emails they get from investors asking the same question over and over and over and over….

If they answered all the questions that came from us investors, they wouldn’t get anything done. Instead, just read the emails on the court updates and that’ll have to suffice. Once in a while (every 3 or 4 months) the CEO will do a webinar where at the end, he answers the same 5 questions people ask where he answers them in the beginning info part of the webinar. The main attorney will usually join too. Until then, sit back and act like the money is gone. And yeah, I have money invested too. 

Quote from @Jason Monaco:

Does anyone know what the ruling was from the trial at the end of April on the RICO case…

Edit- AHP just sent an update via email. Guess a ruling was not issued. 

Looks like a ruling was issued May 6, trying to dig up the ruling now. I assume it’s not good news if an update wasn’t sent but could be wrong.  

 https://www.pacermonitor.com/public/case/56655965/AHP_Capita...

Have had one for about 3 years. I purchased a mortgage note first then invested in a mortgage note fund, which coincidentally the fund operator has posted in this thread. When the fund redeems, I plan on purchasing more mortgage note(s). Biggest problem is putting that $7k contribution limit to work. That’s why a fund has made sense so far.