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All Forum Posts by: Phil Kurumunda

Phil Kurumunda has started 8 posts and replied 28 times.

Post: Property Management companies

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

Can anyone provide me with a good property management company in Rochester that has better fees than the traditional 10% of gross?  If there is anyone out there, please provide me with contacts, services provided, and scalable rate schedule?

thanks

Post: Scranton Clarks Summit Market

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

Hello - My partner and I are interested in starting investing in the Scranton market. We do need to set up a local LLC through a reputable attorney as well as find a great property management firm in the area. Can anyone advise of a few candidates that we can interview. We do have a property scoped out already and would probably need an inspections company eventually as well, Many thanks in advance.

Post: Pittsburgh investor

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

Don - seems like a healthy market for renting.  Do a google search for top rental markets, it should yield a site with a heat map of the U.S. For the top markets.  From what I see typical properties in PA, yield around 20% annual returns.  This is just a rough estimate. Check out  listings through a good buyers agent. 

Post: Pittsburgh market

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

hello - I am looking for some multifamilies in the Pttisburgh area. Can you recommend a good buyers agent, property manager, and lawyer?  Many thanks! 

Post: Question about purchasing through an LLC

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

also if the property is under llc, would the lender call the loan?

Post: Question about purchasing through an LLC

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

Does anyone know for sure what is possible in terms of a) lending to an LLC b) transferring tge property to an LLC post the closing c) getting the interest tax write off if under llc? any lawyers with accurate answers? I have seen a wide array of answers to these questions. Thanks!

Post: "treble damages"

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

thanks all.! I feel fortunate to get all these intelligent professional replies. The tenant has moved out and I did have before after pictures. I just deducted everything that was fair and gave home the rest. Case closed. I just was not familiar with the validity of the threat. It's clear now that he was leveraging the 5% of his knowledge of the law, to bully me. Glad I did what you all suggested. I am 2 days new into this forum and glad to be a part of it. Thanks all.  

Post: "treble damages"

Phil KurumundaPosted
  • Investor
  • Hartsdale, NY
  • Posts 29
  • Votes 8

Hello everyone. I recently had a tennant that was very un cooperative. Our first mistake was being too flexible and accomodating to this guy. When he finally did leave,he left in a hurry without a walkthrough. we  found lots of items left behind not to mention 2 weeks unpaid rent and garbage piled high in the garage.  Not surprisingly, the tennant demanded his security back asap, to which I denied , stating that the lease clearly states the condition of the house must be broom cleaned, with no major damages.  We quoted him the cleaning and prorated rent and stated we would wait until that is paid or we will take it out from the security. There were also modifications he made to the house without our consent, and some damages he stated were pre exisiting, which is not the case since he was a stickler for perfection and did a thorough walk through. He stated that he could sue us for treble if we dont pay his security in full. Is this true? Wouldnt the landlord have the right to hold on to the security until all conditions outlined in the lease is met? Was this an empty threat?

It was disheartening and exhausting to deal with this person.  He constanly was late paying his rent until we stuck to the late fees, he always had some sob story or another. We allowed him to put a dish on the roof, which he never removed.  He installed some wall track mount everywhere, which we did not charge  for dry wall repairs. We were flexible, and this guy threatened us with a lawsuit..  does he have a leg to stand on with this treble charge?