All Forum Posts by: Mark Gee

Thanks @Ryan Dossey

I appreciate all your thoughts.  I'd like to find a solution that works out for both of us, but it should be noted that he's working less than 8 hours a month on average.  

Having a night to sleep on this, I'm thinking it may be time to part ways and hire professional management. The constant complaining isn't worth it and $1500 current market rent would be on the low side. (utilities are included for all tenants and he has 3 people living in a one bedroom).

Thank you @Wes Brand  I think you made a very good point about him taking a low rent for granted. He may not feel that's part of his compensation. 

I'll be meeting with my Super today trying to salvage the relationship, if possible. 

My Super and I haven't been getting along lately.  He's helps me manage a 6 family multi and he occupies one of the units with his 2 kids.  I'm trying to decide whether we should go our separate ways or if I just need to do a better job managing him.

First off, he's not a bad guy and I trust him.  He pays $1000/mo in rent, which is about $500 undermarket.  Plus I pay him $150 for basic maintenance (grass cutting 5 mo of the yr, snow shovelling walkways 3-7x a yr, light hallway cleaning, occasionally helps w/ lockouts, takes the garbages out on the correct days, etc.).

In addition, as the building Super he keeps his tools in the basement and I give him some additional storage down there. He also gets sole use of the driveway which is a perk b/c he has an F150 that would be difficult to park on the street.

I also give him extra money for additional side jobs. In the past few months he's been paid about $25-30 an hour to do some roofing and gutter work, laid down new linoleum in one of the bathrooms, porch repair, etc... 

The issue is he feels I keep asking him to do more and more (as part of regular maintenance) and I "don't treat him as an equal".  For instance, I asked him to repair a broken window and install a deadbolt just yesterday. He routinely hauls some construction garbage off the premises when it builds up (from remodeling the units). In my mind, I try to keep him busy and keep making incremental improvements at the house.

I feel that he complains and whines about things instead of simply communicating when his workload requires additional pay. I feel he's being ungrateful at times for the $650+ per/mo in benefits for typically 7-8 hours of work per month.

We've had the same issue several times in the last couple months. Do I need to manage better or is it time to go our separate ways? I certainly like having the extra eyes on the place (I live 25 mins away), but perhaps a change is in order. Or maybe I'm just a bad manager of him?

Apologies for being long-winded with this....

Welcome @Sam N. 

I love Monmouth County and invest here.  What exactly are you looking to do? I imagine you've seen some really interesting deals put together as a commercial real estate broker.  

200 units in 5 years? That's very impressive.

@troy

Hey Troy - I ended up staying 'old school' and using standard hardwood oak flooring for the same price as the Coretec.  So far, very happy w/ my decision.  Best of luck.

Thanks @Mark Scarola for putting together another good meeting together.  Eric did a great job and I learned quite a bit about short sales.  Much appreciated!

Hey BP'ers -

Buildium prices are about to go up!  I'm signing up tonight before the minimum monthly fees goes from $40 to $60.

Any current users want to refer me? It gives us both a $50 credit apparently.

Thanks!

Nope - they don't accept credit cards! It was a bank wire. Stupid I know, but someone on BP had recommended them years ago so I didn't think it was an issue. That's why I'm posting this. It IS an issue. They are NOT to be trusted. I believe I'll get my money back, its just a matter of how long that takes....

Just a word of caution for fellow investors out there-- Avoid using www.fastfloors.com

They promise quite a bit, and then delivery on none of it.  The main salesman there, a guy named Ken, sounds very competent over the phone BUT don't fall for the English accent!!

"Fast Floors" guaranteed delivery within a week; yet 3 days later they emailed to tell me the floors that I had ordered and paid for weren't even in stock. Totally killed a tight timeline.

Then, to make matters worse after cancelling the order. Its been 3 weeks and I'm still waiting for the refund. Awful customer service in every capacity. Phone calls, messages, and emails continue to go unanswered.

Hey @Brian C. Congrats on your purchase, Hoboken is a great town to invest in!

Do you mind sharing the details of the transaction along with the cross streets? Were you able to get a 2/2, 1/1, or a studio or one of the bigger 'luxury' type units?

Also, will you be living in the place or renting it out?

Cheers!