All Forum Posts by: Nicholas Mann

Replying to this thread that’s 6 years old to see if anyone has seen an update in the law? 

I am experiencing similar issues with time of year being the main culprit. From what I am told, hoping the next few weeks really pick up and I can get my vacancies rented. Best of luck 

Just to add to this thread. I have a brand new renovated unit that hit the market mid-November and it has been brutal trying to rent it. I have always heard this time of year was toughest to rent (especially in the northeast). I am experiencing the same issue and I have professional photos, using a reputable real estate broker, and in a very rental friendly market. Hoping the next month January-February we can get it rented. This was a new purchase with a few vacant units so I couldn’t prevent the vacancy at this time of year but going forward I will make sure none of my leases are expire in NOV-DEC. Best of luck and keep us posted when it is rented! 

I think if newer investors want to learn the ropes of Property Management it would be wise to try and self manage their first few units.  Obviously property management is not for everyone but for those who treat it as a separate business venture, it could become beneficial in the long run.  As for myself I have been self managing for a few years and continue to learn the processes that go with management.  Later on in my investing career when I have less time to deal with the day to day I will hire a PM and have a good understanding if they are running my property in an efficient manner. 

Hey James,

I think as investors/builders/syndications/and developers build new properties they have to put up significant capital. They build and invest to help improve the area, bring in better tenant pool, improve the economy and hopefully at the end of the day make a profit on the hard work, time, and money spent on that new development.  There is no hard grading system on investment properties so “Class D” would be a subjective term but ideally it would refer to the “state/condition” of the property, “quality/affordability” of the tenant base and the “rent/income” it could provide.  Class A would be all good/great categories in this regard and Class D would refer to the worst/bad properties in those neighborhoods.  Simply said the development of a lower income area is not too make that new construction “Class D” but to improve the overall area for everyone that lives nearby. 

Hey thanks @Gino Barbaro! Listened to the podcast with you guys on BP, great stuff! I’m a newer investor in the Westchester/Rockland, Tri state market. Thanks again for the input! 

Maybe set up the LLC as a property management account and use that to operate your rental business. My rental LLCs with my bank dot necessarily tie into the property being purchased under that LLC name. It's really just a rent/expense account to keep track do BOOKEEPING.

@Evan Polaski thanks for the reply! Very insightful. I plan on speaking with my realtor to see what some of the other landlords in the area are doing. 

Thanks again 

@Chris Mason

Hey Chris thanks for the reply.  To rephrase my question, some landlords of commercial property ask for payments towards property taxes and other expenses, etc.  Obviously this would be determined at the beginning application/lease stage.  My question is, how do I determine if I should ask for payment towards taxes and other big expenses? It is a mixed use property (storefront 1st floor, 2 additional floors of apartments above). Commercial space rent in the area for similar properties is $3000-$4000/mo but property taxes annually are $25k+, insurance $6k+ and other expenses such as trash, water, heat & electric, etc.  I would love to just say "hey you owe 50% towards taxes etc." but I don't know what determines the commercial tenant paying which expenses. Any clarity on your end to help would be greatly appreciated.

Thanks again

Hello All,

I am currently purchasing a 2nd mixed use property in the same market. I renegotiated a Lease with my first property a few months back and pretty much stuck to the same terms as the prior lease agreement (minus rent increases). This new property is vacant and I will be putting it on the market once we close. My question to my commercial investors out there is when do you decide to implement a triple net lease or not on a commercial property? I plan on reaching out to a few owners in the area and seeing what their commercial lease agreements are like but I was wondering how other investors determine to ask for certain payments towards (taxes, utilities, Insurance, etc.) I know all of this is negotiable but I would like to have a little more knowledge and guidance before I list it on the MLS at market rent. Any and all advice would be greatly appreciated.

Thanks

Nick Mann