Property Repair, a home repair business specializing in renovations
for rental and investment properties, has opened its doors in
Burlington. Owner Mike Podlesny, a 1993 graduate of Rowan University
who holds a bachelor’s in mathematics, says his largest asset is not
his collection of tools, it’s his understanding of how to renovate
properties for maximum profit.
Podlesny’s advice to newer landlords who buy investment properties and
often don’t understand the subtleties of the economics is simple and
direct: Don’t over-renovate." As a typical example, he cites a recent
encounter with the owner of a Genessee Street property in Trenton.
Tenants had just moved out and left the carpet threadbare. The
landlord wanted to lay hardwood floors, but with an otherwise solid
floor, a new carpet was the cheaper – and just as effective – answer.
"When you do a rental," Podlesny says, "you want to do enough so that
the housing inspector will give you the certificate of occupancy. You
don’t want to put in granite countertops. A lot of tenants don’t care
about these things like they do if it’s their own home."
He helps newer landlords understand the difference between making a
homey living space and doing lavish renovations on properties they do
not plan to sell outright.
"I’ve developed many business relationships with landlords," he says.
"To the point where they send me an E-mail just to ask a question or
Podlesny bought his first investment property in Trenton in 1997. He
eventually amassed 13 properties around Trenton, and sold them off a
few years ago when the real estate market was still on the rise. What
started as one kind of business endeavor quickly led to a deeper
understanding of what landlords need to do for their properties and
tenants. Turning a house into a home was a major source of joy for him
and an experience that taught him not just how to fix and patch, but
how to find and fix problem areas without breaking his budget.
"I learned a great deal as to what inspectors would look for to bring
a property up to code and what renters look for in a home."
Rental Property Repair, 8 Brook Drive, Burlington 08016; 609-346-7743.
Mike Podlesny, owner.
Mortgage Lender Leaves Town
The Ewing branch of Nationwide Equities has closed according to a
spokesperson at the mortgage lender’s headquarters in Mahwah. The
phone number for the corporate office is 201-529-1401.
Nationwide Equities, 250 Phillips Boulevard, Suite 255, Ewing 08618;
609-434-1666; fax, 609-434-0004. David Parkinson, branch manager.