The Life of a NJ Property Manager and Realtor - Ep 16
–It has been a few weeks since our last update so let me catch you all up on what has taken place the last two weeks. The great news for us is we reeled in more property management clients this month. We are now two doors shy of our goal of 120 doors by the end of 2020. When you first bring on a client for property management there is a lot of onboarding to do. You need lease copies, key copies, insurance copies, contact info, you need to find out what the issues with each property are, etc. I equate it to untangling a thorn bush with no gloves.
-We have made good progress renovating 60 Stone St in New Brunswick. As expected, issues popped up along the way. We had to re-wire the apartment and also the kitchen in the basement had a floor that was completely rotted. We had to rip out the entire thing and pour new concrete, frame, etc. As of today the inside is sheet rocked, the bathroom is coming along, new windows have been installed and siding has gone up as well. I hope to have it wrapped up by the first week of December.
-An interesting note I can share, I am in the early stages with a potential partner of launching a real estate private equity fund. A lot goes into this and we are being methodical in figuring things out but it's exciting to think about what the future holds with our company.
Items This Week:
-Grab some popcorn, you won't believe this story. We had a sublessor who was a problem in one house that we property manage for. They were causing damage, late on rent and threatening other tenants in the house. Given landlord/tenant laws and the fact that this subtenant was part of a group of tenants, we could not just physically remove them from the house. A few days ago they physically threatened one of the tenants and at that point I reached out and told them they needed to leave by the end of the month due to several lease violations. I also had a Notice to Cease ready to be mailed out.
Well, they sped that process up by getting arrested for throwing a knife at another tenant in the house. Police came, removed the tenant and threw them in jail. That was a first for me. Within 24 hours the tenant and their family were moving the belongings out of the house. We immediately changed the locks and that was that. So I guess I can now say I have had a tenant who was thrown in jail. The other tenants in the house were very relieved that this person was now out of the house and I was relieved that there was no longer a possibility of anyone getting hurt.
This is the third crazy tenant we have had in 6 years. The second one told me she was going to kill herself because she didn't like her roommate and she was just a high maintenance nut job. The third one had some mental issues and tried to attack another roommate with screwdrivers and was committed to a mental hospital.
Keep this story in mind when you are thinking about hiring a property manger and if it's worth it. Would you rather deal with this? It's a miracle I still have hair.
If you want to follow what we do day to day, check us out on Instagram: @tverdovhousing
Until next time!