All Forum Posts by: Philip Cali

Currently seeking a development lot here in Northern New Jersey (Bergen, Passaic, Essex, Hudson Counties). Property needs to be zoned for multifamily mid-rise to high-rise. Please contact me - serious inquiries only. 

Lisa,

Appreciate the detailed response. Thats definitely interesting. How does the bank typically react to renovations? I realize that selling as is, quickly, is ideal for them. But what if you have a proposed plan to dump a few thousand dollars into it to make it worth a significant amount more? Im assuming it depends on the plan and the bank, right?

Pros and Cons of managing properties that the banks are sitting on?

The PM companies become useful once you hit a certain number of units. You, as the owner of a property, do not get compensated for your management of the property. It takes TIME out of your schedule which has a value, greater than money! So if you are a stagnant investor, then do it yourself. If you are looking to grow and expand in real estate investments, then utilize your time wisely and focus on other opportunities. Property management companies face a great deal of competition, so most of the time your looking at a 5 to 10% charge on each apartment. We are talking a small expense depending on what you charge for rent. It also depends on the condition of your property. Preventative maintenance is key!

Marcell,

I would not say this is typical. Depending on the amount of properties the PM is handling, sometimes they go over their head and cant meet the demand of every account. They tend to magnetize their attention towards their larger clients with bigger portfolios. 

We provide our clients with direct access to their statements so they can see in "real-time" exactly what is going on. If need be we deliver reports directly, via email, or they can access through our portal 24/7.

Edwin,

I just started my company. I have tested the waters a few different ways and have not received much attention from it. Thankfully, I have a boatload of personal connections. This is where my business is coming from! Thats it!

I would suggest attending networking events.

Depends how in depth you want to go. Our company uses PropertyWare. Its not too expensive but can compete with almost any software on the market. 

Mark,

This is true. We all have to start some where though! 

Thanks Shiloe!

I was going to target residential to start, but I also had a few people in the industry recommend Industrial because most of the time your dealing with only 1 tenant. 

Good point though.

I am launching a full service Property Management company. I have everything lined and in place. I have a tremendous amount of personal connections, but feel the need to conquer some business independently before sitting down with them. Any advice on a specific type of application (residential, industrial, or commercial), to get your feet wet? All the experience is there with an entire team of experienced people. Just thinking outside the box right now. 

Please advise! 

Regards,

Philip Cali