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All Forum Posts by: Robert Schulmeisters

Robert Schulmeisters has started 8 posts and replied 33 times.

Post: Upgrades for 100+ rental

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Working with partners in a purchase of 100+ rental in Charleston SC area.

The place is less that 20yo but has not had many upgrades and has not been managed well.

Can anyone recommend a good managenet software for 100 + units that offers good digital payment system and ca be expanded?

Looking for forced appreciation to bring rent up to current rates.

Some ideas we have but could use leads or suggestions are;

upgrading to the new contact less locks, similar to hotel cards that can be programed and tough to duplicate.  Any suggestions

adding new water fountains in playgrounds/ courts.  I saw some place one that has UV lght disinfectant and made for typical personal water bottles, but cant find it now.

Charleston is growing fast and would like to support the higher rental market.

Any ideas welcome.  Thanks

Post: NC Local looking to connect with NJ/NY Investor

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Between NYS governor and NYC Mayor, they would have the whole state rent controlled.

Gov Cuomo is warming up for the 2024 Pres election.

Mid 2019 he latest anti landlord reforms went into affect with list of policies letting tenants shaft landlords. With covid, he has given tenants not paying rent till Jan1 2021.  And may add to that.

All while a movement in NYC is to 'forgive' tenants back rent.

Suburbs of NYC, RE prices are up 10% from last year. SF Foreclosures needing a lot of work use to sell for 40%-60% ARV are now going for 80%ARV

Post: De-escalating an angry guest - check out time drama!!

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

As for the people who ask for an inch and take a mile.

It was once suggested to me to not let counter offers go without consequences.

ex. "We would be happy to help you Mrs Smith, for an extra hour.  Over sleeping happens to all of us. Please note that there will be $50 charge for offsetting the cleaning and maintenance already scheduled.  May I arrange this accommodation for you Mrs Smith?  with a smile!

BP Brandon Turner repeatedly says he trains his tenants that this is a business. Treat it as one.

Difficult people are all around us and rarely it is about you or a reflection of you.  Some people are just nasty unhappy people.  Try not to take it personally.

May I suggest for future negotiations a great book by the once lead hostage negotiator for the FBI.

Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss

I don't think it gets any more stressful that negotiating for people's lives in chaotic & violent circumstances.

This is one of those books you can re read and get more every time you read it.  You can implement it nearly all phases of life.

If you work in any service related industry you often get an earful.  With so many how to books it's tough to know who to listen to.  Think Dale Carnegie and Robert Cialdini taken to the next level with practical applications.  He has free videos on line.

Also available on audible to listen while you drive or mow the lawn.

Post: De-escalating an angry guest - check out time drama!!

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

As for the people who ask for an inch and take a mile.

It was once suggested to me to not let counter offers go without consequences.

ex. "We would be happy to help you Mrs Smith, for an extra hour.  Over sleeping happens to all of us. Please note that there will be $50 charge for offsetting the cleaning and maintenance already scheduled.  May I arrange this accommodation for you Mrs Smith?  with a smile!

BP Brandon Turner repeatedly says he trains his tenants that this is a business. Treat it as one.

Difficult people are all around us and rarely it is about you or a reflection of you.  Some people are just nasty unhappy people.  Try not to take it personally.

May I suggest for future negotiations a great book by the once lead hostage negotiator for the FBI.

Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss

I don't think it gets any more stressful that negotiating for people's lives in chaotic & violent circumstances.

This is one of those books you can re read and get more every time you read it.  You can implement it nearly all phases of life.

If you work in any service related industry you often get an earful.  With so many how to books it's tough to know who to listen to.  Think Dale Carnegie and Robert Cialdini taken to the next level with practical applications.  He has free videos on line.

Also available on audible to listen while you drive or mow the lawn.

Post: Changing locks between tenants

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Low tech low cost

if you have multiple doors change the lock handle.  Usually 2 screws.  most same manufacturers are inter changeable.

Then save old lock and key and use that for next lock change or at different address.

Kwickset are super cheap in price and quality of locks & don't last long.

You don't need best commercial grade but big difference between kwickset vs schlage.

Price vs cost question

Post: Is my property manager taking advantage of me?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

I hope you have stronger language than  "I’d like to have before/after pics"

I would suggest something like 'No pics/no payment'

'No pre approval above $ amount/ no payment

Stick with these points, no wiggle room. 

Kind of like dealing with a teenager.  Actions or inactions have consequences.

This is a business, if he is wasting your time= steal $ from you.

You may want to bring in another person for some jobs just to show him/her that you have options.

IMO

Post: Is my property manager taking advantage of me?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

It is all relative. look at it from all sides.

As a new Yorker myself I know 6 hrs away in Long Island can be from manhattan 

I don't see square foot charges just a list of broken down items that seam to look at dazzling you with #s.

That being said. having been a contractor for 20 years no # by itself looks crazy, but without specifics such as square footage hourly rate, Day rate or flat rates its tough to justify one way or another.

You can use book and internet resources for national costs, Such as RS MEans Nation construction data or home owner versions of https://homewyse.com

The better ones can be adjusted by zip code.  Note ALL of Long Island is way above national rates, but Nassau county is not the Hamptons or North shore.

My suggestion is to agree upon an hourly rate, day rate or flat fee for most of these handman, light carpentry jobs.

Demand pictures of before and after, all phones have them, time in hourly break down or even 1/4 hr billing.  Anything bigger than patches, fixing locks ie small stuff get actual measurements

example sheet rock a 10' x 8' room walls and ceilings, with 8' ceiling = 368ftsq.  Usually doors and windows are not subtracted because they take more time to cut out.  Then you can compare on one of the sites homewyse.com, adjusting for zip code and quality and area.  That site even gives you break downs on materials and labor.  I do think that site is on the lower end, but you can present as supporting evidence for cost questioning.

Start having them break down costs, time and don't forget to add overhead for getting items etc.  Just like a real contractor.

This will send the message that you can't just throw #s at me and expect me to give you a blank check.  Support the costs with break down, explanations and pics.

But ask yourself these questions.

Is the work done quickly in time, are the tenants happy.

Is the quality there or do the tenants not care of the quality?

Are the costs of material real or approximated.

How much does a licensed plumber cost in that area.  Usually here in NY area they charge a minimum service call fee up to 2 hours + materials + overhead + travel.

The same is for electricians, carpenters etc... NYS county and city Gov'ts keep adding requirements to small businesses driving up their billable hourly rates every year.  Then add OSHA, dept of health as well as insurance.  My house plumber has a crew of two, that work 40 hrs /week just to cover liability premiums for the company.  These overhead costs in NYC area are insane.  so keep that in mind when negotiating hr rates.  

Which leads to the examination when figuring maintenance, did you find our going trade rates in the area?

Are you mad at the high price of repairs, the amount etc.

Also some charges should be submitted to insurance.  Tenants renters insurance for toilet overflow and damage or charge back to tenant.

Painting an apt/room should be an agreed upon price when someone moves out.  If it is extra work or extra coats of paint, that should come from security deposit.  All this should be managements work.

Did you have a system for move outs about rent increase, deposit charges etc.

I learned from old timers years ago when running a carpentry business.  If you pay 105-15% above going hourly rate, you get a lot better workers.  Sometime lower price is just that.

If you want more details or info hit me up directly and we can chat over the phone.

Post: How would you invest $1 million?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Am I the only one who would consider buying an island  someplace warm, Belize to Phillipines $100-$200k

Build a small hut and hammock on beach $25k, maybe $50k if I wanna be fancy.

Buy a local distillery $100 k

Spend a couple months drinking on the beach until I get rested, bored or liver fails.  

Then walk into a jungle with a good knife and roll of duct tape and build a shopping mall.

Spend the rest $ to build a resorts for tourists.

If you build it they will come.

or 

One of the before mentioned plans.

But that is just me.

Post: Why put more money down?

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

I read somewhere, so I may not have this correct, But when you put down 21% or more down, you get breaks in premiums and interest rates.  If so how much difference could that be with todays cheap money?

Someday interest rates will jump up, so maybe then??

Post: Finding local school health

Robert Schulmeisters
Pro Member
Posted
  • Posts 35
  • Votes 29

Thanks Chris.  I had thought of the Board minutes, but the teachers union is a great idea.  Thanks