All Forum Posts by: Ryan Miller

We just split gas within a three unit in a suburb just outside of Albany. DM me and I can provide you the name of the company that we worked with. Not cheap, and the unit needed to be replaced anyway, but there were rebates available and the work was done quickly. We split electrical at this house as well. 

Hey, Wes. I am in upstate as well and was posed with a similar question. I cited my town "pool checklist", which requires a permit and inspection for any pool over 24" deep, which there's is. I also referenced a statement from my attorney and insurance agent as well as the fact that the lawn would be damaged, the water bill would be higher, and that I would be responsible for any accidents that took place. Yet to hear back from the tenant - lol. 

What have a tenant within a four unit who had voiced concern about continuing to make rent payments during the pandemic. We provided them a reduced rate which equated to a nominal debt of $500. Obviously, we have considered both forgiving the debt and increasing their current rent to make up for the short fall. However, I remember seeing an article on rent relief for landlords that would be sparked from paperwork filed by the tenant. In this instance, I think this would work well as we maintain a very positive relationship with our tenants and this one in particular was appreciative of our approach. Does anyone have information regarding this process? We live in New York State.

Would you be interested in wholesaling it? If so, DM me. 

Scott Kind from Teal Becker. Tell him I sent you. Represents builders and investors exclusively.....plus he will drink a beer with you when you're done! 

Hey, all. I am closing on 3 small (2's and 3's) multies over the next month that will compliment a few others within my portfolio. For anyone local to the Albany, NY area, this is an opportunity to learn firsthand how all of this goes so that when its your turn, you crush it. Two of these houses will be BRRRR's so beyond the paperwork and closing, you will get to work with GC's, help manage a budget, market units, etc. Undoubtedly, I will benefit by having someone else who I can delegate responsibility/tasks to but I can assure you, this will be a valuable learning experience. If you have interest, please reach out and we will schedule a call.

I have heard it a dozen times...create your own property management company in an effort to service your personal assets and those of local real estate investors. I currently manage my portfolio in house but I have communicated with multiple PM companies and conducted substantial research on the topic to help gauge the amount of work required to form a company that could help offset PM costs and potentially create another income stream that could then be used to purchase additional properties.

From 2013-2018 I was co-owner of a real estate development company that built spec homes from the ground up. My primary role was in marketing, communications, negotiations, website management, etc. Essentially, everything but the actual construction. I mention this as I believe this prepared me for my next venture. The idea would be to partner with someone (I already have vetted a few individuals) who compliments my skill set and would be able to oversee the hands on labor portion of the company. My question revolves around the structure of the agreement. My initial thought was to form a 50/50 partnership/LLC where we split work, profit, etc. We would start with my modest portfolio but immediately work on outreach/marketing as to expand our reach and service additional units/properties. I have working capital to support the business early on and could use profits to recoup my initial investment.

I am not naïve enough to believe that this would be easy or overly successful in the beginning but I do see potential as there is a need for quality PM in my area. The most overwhelming aspect of this idea is the technology side. This is something that I would hope to outsource...after assessing the feasibility. I currently use free PM software but understand that I would likely have to find a program that is more comprehensive and allows us to automate everything from the onboarding process to tenant communications....and everything in between. This is not my forte so finding something or someone to implement systems would be beneficial to my personal holdings as well as the PM business itself. Ideally, I would bring the capital required for the start up and be involved early on and then take on a more passive role as my partner manages the day to day and our systems/employees manage the rest (to a degree). I had my RE license, when were developing land as to help us secure building lots, so I could re-up and use that to list vacant units on the MLS.

I would welcome any feedback you may have to help us do our due diligence during the research stage. I am someone who plans substantially to help ensure that my ideas have the best chance for success. I promise not to take advice in a negative manner as my goal is to create a think tank that will allow me to analyze the merit of this idea and decide if it could be a viable business. Any help would be appreciated. 

Surround yourself with like minded individuals and, like Dan said, listen to podcasts. I start every day with one and end by reading a few chapters of whatever RE related book I happen to be reading. I never had a mentor but I've heard that it can expedite the process....just make sure you add value as to make the relationship worth while for the mentor. If you want to manage my properties for me, let me know!

Still trying to self-manage our 7 (soon to be 12) units. We have built a pretty solid team but my handyman recently left the area, which left my scrambling to delegate his work to others who were capable. I need a permanent solution so if anyone has a contact, I would be forever grateful. I am honest and loyal....hoping to find a knowledgeable and hardworking individual who shares these same attributes. I have great a great plumber, general contractor, electrician, etc. so I just need them to be able to do the "basic stuff". Thanks in advance!