All Forum Posts by: Alberto Camacho

I've may have done this previously as well. Being new one tends to focus on following the rules. Considering real estate is about people, I did find it strange that the colleague request area says..

"You can send a message along with this request here — perhaps to introduce yourself. You may leave it blank if you wish."

"Please make sure you're not sending any kind of advertisement or solicitation via our Colleague Request or PM system."

While I also believe a small intro is appropriate I can also understand why some requests might come over blank. 

Info sent for my CPA. Not sure if he's taking new clients at this point but it doesn't hurt to ask.

Taken from Rent Stabilization Ordinance of Union City, NJ

"Applicability. The terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted, rather than to an individual tenant occupying a dwelling unit.

Exceptions. This chapter shall not apply to:

(1) Units in one-, two- and three-family buildings.

(2) Units in four-, five- and six-family buildings that are owner-occupied. Owners of four-, five- and six-family buildings, as part of their registration, must file an affidavit stating that they reside in the building. The burden remains on the owner to demonstrate residency.

(3) Motels, hotels and similar type building and buildings intended for transient use, floor space used strictly for commercial purposes in any type building, including state-licensed rooming houses. Dwelling units rented for the first time after the adoption of this chapter are exempt, and the initial rent may be determined by the landlord, but all subsequent rents shall be subject to the provisions of this chapter.

(4) New construction, consistent with state law, shall be exempt from this chapter."

When I read this it sounds as a condo unit is not subject to rent controls assuming it wasn't part a conversion. Just under exceptions (3) it sounds as the initial rent isn't but subsequent rents are.  A condo association can raise maintenance fees at any point so a owner could potentially be in the red for some time when limited to 3.5% increases. 

So based on the ordinance is a condo subject to rent control?

Thanks

Short answer is yes you can put funds towards repairs. Considering this is a new venture the HML may want you to have more skin in the game.

It might be good to work on per-approvals from multiple HMLs. You'll see quickly where you need to shore up resources. Also work on the transition to conventional. Speak to the HML so you understand where they fit in the refi. Some HMLs don't work with any banks so your left to find a conventional on your own.

Gotta do what's best for you. It sounds like you need some more passive income. 

It it was me, I'd go for low hanging fruit, pay off loan, then add 20K and refi the SFR. PMIs are draining financially. The increase in earned and passive income will allow you to do more investing.

I would not pay off any mortgages. In a yield play it's better to sell and re-deploy the capital for more passive income. I'm not advocating another PMI. I wouldn't buy unless I can have 20% in equity once all is said and done.

Create a detailed scope of work for all that is needed. Then have multiple contractors bid on the scope. Never go with just one bid. The key is the scope of work. Without that a comparison can't be accomplished. 

Any experience running an apartment building? What is considered small?

Another option is a partnership. Someone locally could buy in and get a management fee for taking care of things. You lose more of the passive income but you could get some money out, potentially re-invest elsewhere, still retain a % of the property and have someone that has a vested interest in the property.  

Partnerships are not something anyone should rush into though.

1 Static internet address is not usually needed, normally the wifi router handles the address assignment and nat translation. Not every camera is the same but this ability is generally found on all internet type wifi devices. 

2. Mobile broadband would be required if you're looking for a high level of mobility.

3. Where you can save depends on the camera. Usually the better the camera the more options you have here. Some save to a SD card, others are designed  to connect to a network attached storage (nas) device, some send video to your email and some send to cloud providers. Look up 'saving video from ip camera' and you'll find a few global storage cloud providers. Look up 'trail cams' as well.

Recommendations here are kind tough. Every situation is unique. I may have great service from my mobile provider and the same provider in your area is terrible. If the concern is theft your video setup could be stolen along with what your trying to protect. All these devices need power to function. A high level of mobility implies some sort of rechargeable battery source sized based on expected run time.

It was recommended to me that I cold call RE agents in my area. The idea being from all those calls I will find a some agents that will work well with me in finding properties. 

While that sounds great for me it goes against what I've been taught as RE agent etiquette. I'm thinking this might be a great way to develop a bad reputation with the local agents. 

So to all the agents on the forum, Should I be working with multiple agents and how does one achieve that harmony so no one feels like I'm wasting their time?