All Forum Posts by: Bob Mastroianni

Thanksfor clearing the "disqualified person" thing up @Dmitriy Fomichenko I feel like I heard in the past that you would not be able to invest in a deal where you (as an individual) are also a partner in that deal. 

Thanks everyone for such detailed feedback. The information has been great. I am definitely going to make a move within the next week or so. This has been very valuable to me & to my business.

Thanks again @Matthew Shapson, @Chris Soignier, @Mark Nolan, @Dmitriy Fomichenko, @Paulette Midgette 

This is a great topic, there is a lot of great feedback on this thread.

First, I have to agree with you that because of sites like Zillow, we are seeing a large amount of response to postings for rentals. This is good & bad, it's good because the exposure is so high, but it's bad because it seems like people are replying to every rental that they see, whether they are really interested or not. For example, I set 7 appointments last night to show an apartment that I have coming available next month. 3 of them never showed up & one called to say that he wasn't able to make it. 

For my applications, I use SmartMove. I like their system, it's a very quick turn-around & I like the idea that I don't have to take the application fee from the applicant. I think it makes them feel like the application fee is really going towards their background check & not just some made-up fee that I want to collect from them. Since the fee isn't cheap ($35 per applicant), I normally am up-front with any applicant about what the requirements are ( _ x's Rent, ___ Credit, no Evictions, etc...). I take the applications in the order that they are received, but the tricky part is that, while I have an application outstanding, I generally will not accept another application. I will give the first person the courtesy to fill it out & see if it was approved. I don't want the 2nd person to have to pay their fee if the first person is approved.

This method seems to work with me & I find that my prospective tenants appreciate that I'm up-front & honest with them about the process.

I hope this helps! Best of luck getting a great tenant!

You mentioned that the 2 children were not originally supposed to live there, are they listed on the lease? If the lease only states that 1 adult is going to be living in the unit, you may have grounds to evict her for having more people live in the unit than there are on the lease. It may seem a little harsh, but could be an out for you. 

I have a few questions about Self Directed IRA's and was hoping that some of the BP community could help me out a bit.

1) Question's for ME: So, I am in the process of becoming fully self-employed. I currently have 2 401k accounts that I cannot contribute to any longer, because I am not an active employee of those companies (total amount is about $70k). I'm considering the option of moving them into a Self-Directed IRA to invest in real estate. First, what are the pros & cons? Second, can I invest in my own real estate properties? So, example, I find a property where the numbers work & want to invest in that property. Let's say that it's a flip, can I use my own self-directed IRA money to buy & repair that property, and then move all of the money (original amount plus gain) back into the IRA for the next deal?

2) Questions for My Investor's: I know that there are some good IRA custodian's, but what info do I need to know in order to educated my potential investors? Also, what should I look for in a custodian to ensure that my investor's are getting the best treatment?

3) Local Question: I'm in the Philadelphia & South Jersey Market, who can you recommend as a Self-Directed IRA Custodian?

Thanks for your help!!!

Hi @Michael Ruley & a belated Welcome to BP. I came across your post by searching for the keyword "Glassboro." I recently moved to Glassboro & am looking to expand my portfolio in the area. Would love to hear about your experiences in the area, especially considering that you have rented to students at the college. 

Also, if you know of anyone looking to unload properties in the area, I'd love to take a look at them. Thanks

@Naomi Spira Please keep us updated on the process & the steps that you are taking ( or are allowed to take). Being an investor in NJ, I would love to know this information. Most of our real estate dealing have been in the Philadelphia area, but we have recently started to Invest in NJ also, so any info on this would be a great education for all of us. 

Best of Luck to you, sounds like this could be a great place once you get through the current tenants. 

Hi @Carolyn PaigeWelcome to BP! This site is a great resource. I wish that I found it many years ago.

I also invest in the Philadelphia area. If there is anything I can do to help you out, please don't hesitate to ask.

Congrats on setting a specific goal for yourself, that's a great first step. 

I have properties in PA & NJ. Any time that I have increased rents, I did not ever ask my tenants to increase the amount in their security deposit. As @Patrick Liska mentioned, the increase amount is usually nominal & I always felt that it would be more inconvenient to try to increase that amount. I do make sure that the updated lease shows what the original Security Deposit amount was. For example, if the new rent is $800, but the original rent was $750, I make sure that it is clear on the new lease that the amount held is escrow from the original security deposit is $750.

I'm also curious to hear if there are others in this area who increase security deposit amounts on residential leases.

Good question, this is a good thread!