All Forum Posts by: Michael Zareno

I've been landlord for many years, mostly in NY. We've got a few homes for long term rent in Florida. 

I do my own property management, but occasionally list vacancies with a local real estate agent.

In my experience with getting tenants from real estate agents in NY, the commission is one month. The agent screens the tenant, writes up the lease, collects funds, gets paid and that's the end of our relationship until the next vacancy.

My experience in Florida is very different. Once a tenant is procured, the agent wants a pound of flesh every time a lease is renewed. 5% of the annual rent was one agent's fee. Another collects 50% of a months rent. Every year, until the tenant moves or dies. Even without requiring their services for property management or negotiating a renewal, it seems there's no way around it. The only service I want is initial tenant acquisition and screening. 

Am I just calling up the wrong agents? BTW, this is SW Florida.

Hi,

Bought this unit a little over a year ago. Placed a great tenant (who wants to stay), redid the roof with a 130mph dimensional shingle, and new HVAC. Looking to diversify in some lower priced markets elsewhere, so planning to cut this one loose. 

The property is in the Naples Park region of Naples, FL. This area is built of single family homes without an HOA. Nice and desirable because it's close to the beach while being affordable in a way most of Naples isn't.

Here's the Zillow listing, you can contact me or the agent in the listiing

Cheers,

Mike Zareno

Satin finish is a bit shiny. I'd go with eggshell. A quality eggshell should clean well. Save the satin for bathroom, kitchens and maybe a toddler's bedroom.

Mike

here's the link...NJ tax map

Hi Anthony,

I was researching NY taxes by county and came across this interactive map for NJ. One thing to consider, you won't find lower property taxes in the tri-state area than in NYC itself

Mike

Hi Anthony,

If it's due to tenant negligence, such as the rice incident, you are fully in your right to recoup the costs as "added rent". The tenant's lease should point this out as well.

For normal use, like hair clogs, toilets, gunked-up p-traps through no negligence, the landlord is responsible to maintain (at least in NYC).

Also, when drains do clog, make sure the tenants do not attempt DIY solutions such as drain cleaners on their own. Wrong choices can corrode pipes and cause more trouble down the road.

My suggestion, install drain strainers on the tub and shower drains to keep snaking trips down to a minimum.

Mike

Thanks for the welcomes! And, yes, Joshua, we did get slammed by Sandy, being in Long Beach. Besides the mess to my personal residence, 2 rentals had to be renovated/restored. One of the units, on the ground floor of a legal 2-family was deemed a "basement" because it was 4" below grade. It was therefore only eligible for minimal restoration (mechanicals, untaped sheetrock). Thanks, FEMA :-(

Mike

Hi,
Name's Mike Zareno and, after having some NYC residential property in the family for 50 years, we're in contract to sell it and I will be scouring the forums for info on how to effectively manage the proceeds via 1031 exchanges. I may be gun-shy about retail/commercial properties, but I'm going to try to keep cap rates as close to 8% as possible. If i can do that with multi-family, or at least a portfolio of 2-family residential, all the better.
Regards,
Mike