All Forum Posts by: Ronald Starusnak

@Scott Raynor - Shoot me a PM with the details of the property (if you haven't already closed yet). I can help you analyze the deal. If you want, you can even just send me the city. 

BP has a rule against self promotion - this post is not that. We have previously managed properties in Potsdam and other areas in the far north of NY, we're about 2 hours away but there really is a lack of managers up there. What we've done previously is just charged a higher leasing fee to cover the extra time and fuel for our leasing agent to show the property. 

We charge 35% of one months rent to have a tenant placed and we increased that to 55%. Everything goes a little bit slower when we take on properties that far but it's never been too much of a problem at least for us. We have in-house maintenance guys so scheduling one of them is usually a no-go and we're more inclined to use a sub that is local to the property. 

We have done many fire restorations. Lumber has a specific strength for the size, this lumber even though it is damaged is much stronger than the lumber you can buy today from Home Depot. The slats that they went over with plywood is fine. Those things can be ripped off of the roof, they're mostly for something to nail the shingles to. Back in the day they did provide some rigidity to the rafters to stop them from racking back and forth but you have plywood on there now. 

This fire most likely occurred in the 80s or earlier because the framing they used to repair it is also rough cut lumber. It hasn't been common to use rough cut lumber in a very long time. So this repair has been there for at least 30 years. 

Frank, send one of your mafia buddies there to coerce the tenant out lol 

Evictions are already on hold. I think most of my tenants will pay their rent coming up for April anyways. 

Excellent read. Very well put. Thanks

I haven't had anyone not pay rent yet from this but rent isn't due for a few more days. I have one tenant that only paid 50% of their rent for March and they're going to be on the way out as soon as the eviction ban is up. Their ability to not pay is not related to the virus. 

How many properties is the $1m in listings coming from? That could just be 3-4 listings which isn't necessarily on the higher on. Also, the amount of the listing is irrelevant if the listing price is too high. Are you with a good brokerage? 

I think the actual cases are much higher. We're talking confirmed vs not even tested. There are reports that there aren't even enough tests. Many investors can only shoulder so many non-payments or late payments. I think it's important to perhaps start a discussion with lenders now. 

 A lot of long term holders just don't care what the market does. A friend of mine had a few hundred properties through the crash & after and he just sat on everything and let all of his properties amortize. If you're renting, chances are rents aren't going to go down if you're doing things right.