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All Forum Posts by: Steve Mcdonald

Steve Mcdonald has started 13 posts and replied 40 times.

Post: Property Manager - Queens, NYC

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9
Quote from @Michael Smythe:

@Steve Mcdonald

Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.

We also can’t believe how many owners hire the first PMC they speak with!

Then they complain their expectations aren’t being met!

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Thank you for this info. I passed this on.

Post: Property Manager - Queens, NYC

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9
Quote from @Melanie Thomas:

Hi Steve, I would recommend you check out the NARPM website. It is a free resource to locate PM companies in your desired area. I have linked it here for ease of use. If you have any questions or need help navigating the site, I am happy to help. Good luck & happy investing! https://www.narpm.org/find/property-managers/

Thank you, Melanie.

He did try that site. But many that were listed did not return calls back. Some who did respond said they manage only large building, not smaller multifamily.



Post: Property Manager - Queens, NYC

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9

Hello all,

My friend is currently seeking a property manager in Queens. Does anyone know of a good and reliable property manager in the area? There seem to be many property management companies, but finding one that is truly reliable has been challenging. His current property manager hasn't been proactive in finding tenants or taking care of the property, which is why he is looking to make a change.

If anyone has any recommendations for a trustworthy property manager in Queens, I would greatly appreciate your help. Due to his work commitments, my friend is unable to manage the property himself, so finding a dependable manager is crucial.

Thank you for your assistance.

Steve

Post: Section 8 tenants in NJ

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9

Can these program force the apartment to become rent control / rent stabilization?

Post: Toilet brand to buy?

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9

I have tried Glacier, Aqua, Kohler, Delta, Sterling, American Standard and some others.

I have had issues with delta compact elongated. Flush broke twice and sometimes clogs.

Glacier the cheapest one the issue was the gasket between tank and back broke after 2 months.

In the end I still checked the reviews and looked for ones that have a bigger drainage opening and a more powerful flush.

Had better luck with the glacier products that were a step up from the cheaper ones, American standard and some kohler.

Before putting the new toilet I either put hot water or draino in the pipe and then put a very good quality jonny wax ring before putting the new toilet.

Originally posted by @Ray Danishyar:

@Steve Mcdonald Hey Steve - if you’re friend doesn’t want to wait or be responsible for any repairs, we often buy properties (we’ve bought many properties in great neck) and we can buy it in cash with a week closing. Reach out to me so we can discuss. From what I understand home prices are only going up temporarily because of stock market gains and quick sales ... sooner or later once unemployment runs out, people savings run out, counties fall more behind on payments etc the prices of homes will be coming down significantly.

 Thanks Ray. I appreciate your input. I did not think about "counties fall more behind on payments" that is true eventually that will end up happening. No way they can cover without raising taxes substantially.


A friend of mine reached out to me about a property he in the process of selling. The house is located in Great Neck, Long island area. Very convenient location to trains and highways.

They accepted a bid and went in contract prior to Covid being serious. So they got pre corona market price. They were unable to close since NYS shut down as corona became serious. Now when the state has opened up the buyers are unable to get a mortgage.

The buyers are requesting the seller to extend the timeline so that they can secure a mortgage with a penalty guarantee if they don't get the mortgage or the seller can cancel the contract now and relist it.

The house needs work, so its not move in ready.

My friend is confused and reached out to me. He seeing the news of the real estate market is going up and is confused whether to relist or give an extension.

Wanted to know what other people thoughts are. Is the prices that are going up for move in ready homes or for all homes. I would think move in ready.

Thanks and I appreciate any input you can give.

Any super recommendation for Queens.

Post: COVID-19 vs. Basic Freedoms

Steve McdonaldPosted
  • Elmhurst, NY
  • Posts 41
  • Votes 9

Interesting topic.

Without health their no wealth. Sometime taking pain now will help down the road for a smoother recovery. Just like any health issue their initial pain and the hope is to get better. The initial part is the hardest part.

As for the cases reducing. That because of the lock down. If remove. it will spike. My friend who a nurse said the counts are higher. The people who have gotten the virus initially did not take it seriously now they are the ones who are asking people to stay home. As far as other parts of the country we will not know till later. Just like when the cases started in USA. It started first in Cali and Washington and Cali took action right away to slow the spread.

Regarding the right to choose. I agree a person has a right to choose. It a free country. But it has a liability: Law Suit. So let say someone goes out and is sick and make someone else sick. That will create a liability. If you look around a lot of lawsuits have already increased. Students are suing colleges for refunds. Even companies who plan to open are worried how to deal with privacy and liability. Insurance companies are worried about payouts. Now you wonder how would they track who spread it. For that gov has announce plans for tracking -  https://www.bbc.com/future/article/20200415-covid-19-could-bluetooth-contact-tracing-end-lockdown-early

I wish the stimulus money that was first passed helped the small businesses and better distributed to the public then focusing on bailouts. They could have done infrastructure projects that would have created tons of jobs. It funny taxpayer money is used to bail out airlines, but in exchange they give us small seats, charge us for everything. Not allow us to cancel tickets etc. But yet we are suppose to bail them out?


Initially I can see a deflation as everyone will hold their money they get and wait till things calm down. Once they feel happy and secure people will start spending which will lead to heavy inflation.

I think china and s Korea did not make massive economic stimulus the way us, uk and other countries did.