Get Answers to Frequently Asked Property Owner and Investor Questions
Q. I have existing tenants in the house. Can you manage them?
A: We are able to manage property with existing tenants. At the end of the current lease term, if the Lease has not been violated and the tenant is in good standing, we will offer a renewal and write a new lease for the tenant. We use our Lease when writing a new Lease for renewal, no exceptions.
Q. How will you handle Lease renewal?
A: Prior to the end of the lease term, usually 60 days out, if the tenant is in good standing we will renew the lease at an appropriate rent increase based on market conditions. We will prepare the lease renewal as needed and get it signed by tenant and landlord.
Q. Do you turn over the property when the tenant vacates?
A: Yes. When a tenant has decided not to renew their Lease, we send them a move out notification 30 days prior to their Lease expiration. We also confirm with the tenant that they received the instructions and then work to schedule a final walk through date/time. The final walk through is documented with photographs. We then coordinate with our vendors (if necessary) to do any work needed to the home to get it ready for the next tenants.
Q. How will you advertise my property?
A: We will market the properties through several resources (our website, Zillow rental manager, social media, signs on the property, Facebook marketplace, etc). Unless otherwise provided, pictures will be taken when the unit is empty to help with advertising.
Q: Can you please send me the tenants credit report?
A: We cannot share a prospective tenants credit report.
Q. How soon will my new tenants be moving in?
A: We want to have your property rented as soon as we can. Once the property is properly turned over and ready for showings, we will work diligently to find the right person for your home.
Who holds the security deposit?
A: We collect the security deposit on behalf of the owner. The tenant fills out a W9 and provides a copy of their ID. We email the W9 and ID to the owner and transfer the deposit to the owners bank account through Appfolio. It is the responsibility of the owner to hold the security deposit in an escrow account.
Q: How do you handle repairs?
A: Repair requests are submitted by tenants in Appfolio. Once we get the request, we reach out to the tenant for any additional clarity. If necessary, we will go to the property to inspect the issue, otherwise we will put the tenant in touch with one of our approved vendors to coordinate a day/time for them to come out and make the repair. We do not mark up on repairs. We have the autonomy to make any repair up to $500 without owner approval. Above $500 and we will call you for approval. For repairs larger than $1,500 – we contract Tverdov Renovation Consultants (which is our construction business) and a 10% project management fee would be added to the bill if you decide you want us to handle the larger repair.
Q: Can I do my own repairs?
Q: Can you use my handyman, plumber, etc?
A: If one of your favorite vendors wants to be on-boarded as a vendor with us, we will consider it but they will need to pass the same screening all of our current vendors passed.
Q: My property needs some work before a new tenant can move in. Can you help?
A: Yes. Our Construction Management business does additions, finished basements, gut rehabs, kitchens, bathrooms, roofs, siding, windows, porches and everything else you can think of.
Q: When do I get my rental proceeds?
A: We disburse payments to all owners once all rental payments have cleared and no later than the 15th of every month. You will have access to your property account at any time through Appfolio.com. We will send you an owner statement after sending the owner disbursement.
Q: What if my tenant doesn’t pay?
A: If a tenant is behind on rent after that point, we post a notice to quit and begin the eviction process. Our management fee does not cover the cost of hiring an attorney to file an eviction. However, we do have a great relationship with a strong NJ lawfirm that helps us with landlord/tenant issues from time to time. Because we manage so many properties they give us great rates and we pass along that cost savings to you! We will post notices on your behalf and appear in court on your behalf if it is a tenant we have placed.
Q: How is my property managed?
A: At Tverdov Housing, we have a portfolio management style. The portfolio manager is ultimately responsible for the home. As a client, you do not have to make multiple calls to talk to multiple people in our office to get answers, there is no “you need to call XYZ department”.
Q: Who handles town, fire or state inspections?
A: We do! We will be there with local inspectors as required. We will also make sure any inspector requested corrections are done to ensure we get an updated certificate of occupancy, fire safety certification or state green card.
Q: Can Tverdov Housing analyze my rental portfolio?
A: Yes. we have investor specialist that can help you with your portfolio and work with you to determine which investments are working and which ones are not. Our team will help you determine what moves to make to get the most out of your investments. Whether that is using them as a vehicle to avoid capital gains tax via a 1031 Exchange or helping you get a HELOC or cash out refinance to acquire more property. We want you to succeed as a real estate investor.