All Forum Posts by: Al Richards

Greatly appreciate you I will move forward with trying to sue her. whenever she tries to fix a her credit or buy a house she'll have to pay she's a government. employee so she should be keeping a job so garnishment another possibility

I also have multiple pictures to go along with the video. I create a video so that you can see the progression throughout the entire house.

I'm sorry I couldn't reply sooner I'm replacing flooring in the rest of the unit that I spoke about earlier. The tenant has a really good job for the government as well as happens to work in the same system that I do in my full time job. I have extensive email traffic of the Debt owed as well as a video of the apartments as I walked in for the very first Time. I am in Burlington County New Jersey.

Good morning Bigger Pockets,
So here's my situation: I have it a woman who has moved out without paying her last months rent big surprise but has left a large amount of personal items as well as damage to the rental. I have some knowledge of the eviction practices in my state but none on possibly suing after the fact by the way I'm in New Jersey. I'd like to know my options and if my only resort is small claims court. I estimate with back rent damage and storage fees to be about $4,000 Owed. Any suggestions are appreciated.

I am also in the NJ ( Ft DIX Area), there are some really niche markets but there's profit to be made everywhere. This site is amazing, there is a wealth of information that's real time and is applicable to today's market situation. Between meeting people on this site and joining a real-estate group in the area you should make many contacts.

Welcome Jim, I'm a new investor in the Ft Dix area where are you located?

Welcome Perkins, Im an Army vet working as a Civ on Ft Dix NJ.
I'm no expert but in my opinion its all depends on how long it will take you to pay down your debt. Student loans tend to have lower intrest rates so you will have to calculate what the outcomes from either path you choose will be in 5 years.
With the low prices and alternative sources such as homepath now is a great time to buy. Factor in passive income, slight appreciation, tax breaks and the fact that someone is paying off your mortage waiting 5 years can be huge loss in profits.
Im guessing your AC so your job is pretty stable, Im not suggesting you jump in with both feet but buying 1 property every 1 to 2 years while making payments on your debt may make better sense 15/20 years from now.

So far I am about 30days late to close on a property I find to be a great investment. The property has been the easy part the financing has been a nightmare. I'm getting a FHA/ FHA 203K loan and I have everything needed on my end just waiting on the lender to get the appraisal. The problem is I was told the appraisal request was submitted 7 days ago, I was supposed to close tomorrow, currently I can't reach my loan processor and when I do I don't get a straight answer. The seller is ready to walk away with my deposit, what should I do……?

Here so background on the property,

140k purchase price + 110k rehab loan=250k Loan

4 units, 2br each average rentals 1200$ each

Monthly PITI 2500$ /Rental Income 3600$-4800$

I guess im pretty lucky, one of my tenants was laid off so he opted to try and move out as soon as i let him. He was a great tenant and Id rather keep him, avoid possible headaches with another tenant and take a slight loss. I cut his rent by 25% while he is now it charge of my landscaping for the property in which he resides.

It has worked out great so far my yard looks better thanever, he is even planning on growing vegatables in the back corner of my yard for everyone.

WOW, I have some rentals in NJ and I just spoke to a realestate attorney who has never heard of this.