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All Forum Posts by: Rick Bassett

Rick Bassett has started 49 posts and replied 375 times.

Post: Never in a million years did I think I'd be writing this... 🤷🏻

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431
Quote from @Engelo Rumora:


I'd like to buy other property management companies that don't know what they are doing just like we didn't I guess for the first 3-4 years.

Looking to stay close to home in Toledo to start.

I spent some time cold pitching local companies but they are all too proud to reply in their incompetent management style and prefer to continue running a scam.

Congrats on your success, but those are some harsh words for your local competitors (who are probably reading this thread). 

Post: Need advise to resolve Property Manager issues

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431
Quote from @Corby Goade:

Your contract with the PM has all of these answers in it. Is it possible that you are not getting deposits because of repairs or maintenance that has been done on the property? They have to cover expenses before they disperse any possible profits. 

On a side note- any PM that is worth having won't ask you to approve the tenants. That creates massive liablity for both you and the PM. If a PM freely allows the owner to vet tenants, it's not likely they understand federal and local landlording laws, which is not a good sign.  

Best of luck!

Was about to write almost the same response. know your Contract, and don't expect to 'approve' tenants as licensed Realtors/Brokers are better trained in Federal & Local tenancy and Fair Housing laws than most property owners are.

Post: What Was the Biggest Lesson You Learned As a First Time Landlord?

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431
Quote from @Mario Morales:

It's not a hotel, say No to unreasonable requests from the start. Especially younger tenants, they feel they should get everything they ask for

So true, I always tell prospective tenants that I'm not a Genie, and I don't grant wishes..the property is as-represented 

Post: What Was the Biggest Lesson You Learned As a First Time Landlord?

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

Biggest lesson...never rent to family members -and- never take real estate advice from family members who don't invest in real estate 

Post: What Was the Biggest Lesson You Learned As a First Time Landlord?

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431
Quote from @Eliott Elias:

Do not give tenants your personal number. 

 Agree, now we have a main company number that tenants & prospective tenants get, and my direct number doesn't go to anyone that I don't want to have it. Our system defaults to the company number for all outbound calls and texts so my direct # doesn't get exposed. 

Post: Preventing scammers from using my listings

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

We watermark every photo and stopped posting on CL

Post: When do you think you will stop buying?

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

I define a good deal if 4 of at least 5 of the benefits of owning rental properties (cash flow, appreciation, depreciation/taxes, leverage, equity) are pointing in the right direction.  Not all five benefits need to be present or stellar for a property to be a good investment. When I get 5 of 5 I am all over it without hesitation, but those deals don't come up that often.

Post: security deposit disposition question

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

We have not had a court agree to our repair labor charges if we performed the repair labor against a security deposit. Instead, we hire the repair services out to 3rd part contractors/companies and get documented receipts. If the repairs are costly, we also get 2 or 3 quotes to cover our basis in case the issue ends up in court or becomes part of an insurance claim against their renters' insurance. 

Post: Fun with squatters & freezing burst pipes over Christmas Weekend

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

We had several days of single-degree temperatures here in Connecticut this past week, and a squatter broke into the basement of an 8-unit apartment building that we manage.  The squatter(s) found a point of obscured vulnerability under a deck (an old boarded-up basement window) and exploited it. It probably happened on Dec 23rd as we started getting no-water calls late in the afternoon of Christmas eve, and it quickly turned into a report of a pipe burst, which ultimately became three burst pipes. The fire dept turned off the water at the street by the time our guy got there, and the City quickly got involved exerting a fair amount of pressure.

In the interests of keeping this story short, these are all the things that we had to do: Communicate with the property owner, the tenants, and the city constantly, offer hotel rooms to affected tenants (some took us up on this), secure the building from future squatters, get the water main and all pipes thawed out, have the water company turn the water on at the street, have a crew of plumbers isolate and repair/replace broken pipes in a muddy crawl space, clean up the mess created by the water in the basement/crawl space, get into all apartments to inspect for damage, test and get water service restored, and repair some internal damage to one of the apartments (that's still in progress), and apologize to the tenants. 

Normally dealing with a problem like this is a big challenge, but dealing with it over Christmas eve & Christmas day with extreme freezing temps when no one wants to work adds significantly to the complexity. Besides the costs, the worst part was that the tenants didn't have water for 2.5 days, including Christmas eve and Christmas day. 

Post: What's Up With Crash Pads for Flight Crews!

Rick Bassett
Property Manager
Posted
  • Property Manager
  • Greater New Haven, CT
  • Posts 377
  • Votes 431

We have one setup now with a few Avelo pilots currently occupying it; it's a small furnished 2 bed / 1 bath SRH with utilities. The only real issue is that their true end date is not certain as, like travel nurses, they get their contract extensions/renewals about 4 weeks before the planned lease end. We have a corporate pilot that rents one of our furnished rentals every year for 6 months by himself.