All Forum Posts by: Andy Rousch

@Rebecca B. We are adding more "entrepreneur friendly" products with lending for example one product will allow you just one year of 1099 income and they are able to calculate your income by using a percentage of your deposits rather than your tax return (a lot of times write offs on a tax return end up disqualifying self-employed borrowers). If your interested just reach out. 

@Marcus Auerbach If you get stuck with any clients who have more than one year but less than two as self-employed I would be happy to have a conversation with you and/or them as well

Morris County NJ for Mid-Term Rentals, Outside of Pittsburg for STR

Hey @Account Closed ! 

Although STR and MTR can be great investments, I love that you know what you want and LTR is definitely a safe and proven path if you can find the cashflow. I have trouble finding that in my area often times too right now so I tend to go long distance. I am in NJ, Missouri, and PA. I also have a great realtor out in Cincinnati/Dayton area of Ohio who helped get a few people I know into cashflowing properties out there if you were interested I could connect you

Bought a property for very cheap with cash, 24k for and it appraised around 60k. Since that was owed free and clear my partner and I were able to use that property as a downpayment on the next property so the next property was zero out of pocket. The bank just put a lien on the collateral property. After a year of  consecutive payments the lien will be removed and we will be able to use that same paid off property as collateral on another rental. 

@Jeff Ang 

I hear your frustration I am in the eviction process in Morris County, it is going good though so far. Are you using an attorney? I could refer you to the one I am using. I am not sure if the courts go in any specific order or if attorneys are able to get through quicker since they are there much more often than the average person. 

Basically even when you do evict them you should be able to put a judgement on them. Just a heads up when you go to court they will most likely offer them a list of charities to try and work with and give them a month or so to try and get approved. If they get approved and they catch them up on their rent than they can legally stay until being evicted for another reason or if they fall behind again etc. If they can't get approved for charity assistance or anything else than they will get an eviction date. reach out to me if you want I can send you my attorneys info he has been good. 

One mistake to make sure you don't make is do not try and evict for payments before they lifted the eviction restrictions. This will have your case denied and you'll have to start over taking even more time. You can however evict for rents after they lifted the eviction restrictions and add anything before the eviction restrictions where lifted to moneys owed through a judgement etc. (I am not an attorney this is just some of the things I have been seeing and strategies I have seen to try and attempt to get money back in NJ) 

I would have someone inspect anything major that could cause a fire etc. but anything that isn't high risk I would be ok with but that is just me, you have to do what your ok with with your level of comfort. Also a big question is whether you plan to keep the property for a very long time or not. If you plan to keep it for many years to where you'll probably have to update again than it is less of a concern in my mind but definitely bring out a contractor at bare minimum to check out the work done  

Saturday let me know the time and place! 

Hey River! What are some of the main goals your trying to get out of BPcon? and are you a conventional lender or private/hard money? 

My partner and I turned one of our long term rentals into a short-term rental. The only main difference with purchasing is for a long-term rental you can include 75% of the appraised rent schedule into your income to help with debt to income ratios when needed. This is for conventional lending, if you go through a private lender or commercial lender you might find someone with guidelines that will include Airbnb income 

Come network and enjoy a beer at our monthly brewery hop and networking event! This month we will be at the Bull n Bear Brewery in Summit NJ. Reach out and connect with any questions! hope to see you there!