All Forum Posts by: Brian Simmonds

Wow thank you all for your help. Really useful information here!

So guys here's the kicker...this is my first multi family investment property. Like my first mortgage payment is due in July! It's a 4 family so luckily my other 3 tenants have all paid and I'm good on Julys mortgage. However I didn't foresee a late payment coming so so soon. Anywho, I ended up letting my tenant know that while I sympathize with her, payment still has to be paid in full by at least 5th of each month. I explained to her that as a courtesy I will waive the late fee THIS MONTH and take it out of her lease at the end of the term. I also asked her for a date as to when she will have June rent...get this she says June 20th! I was expecting something sooner. Although I was upset I didn't want to come off like A-hole. My thing is if she's paying on the 20th I hope she can afford to pay July by the 5th.

You guys have all been very helpful. I welcome anymore suggestion you have going forward from this situation. Thank you. 

Hello BP world,

One of my tenants ask to pay her rent late because of a death in her family. How can I sympathize with her and also be stern about paying on time. How should I say it without coming off inconsiderate? Please advise.

Thanks,

Brian

Hello BP world, I just purchased my first multi family(4 units) In NJ. I'm trying to find a simple solution to putting the security deposits into a 4 separate savings accounts. The bank is asking me for 4 deprecate w9 forms for each tenant. Can I do this with out having to get a w 9 form for each tenant...that's seems like a hassle. Please help! Thanks, Brian

Hello BP world!! Any good meet-ups or seminars in the Brooklyn/NYC area?? Looking for something serious not anything or anyone trying to sell me a program. Or if any dreamers or up and coming real estate moguls would like to get together. Let me know. Thanks!!

Hello BP world! Can anyone recommend home insurance companies? I'm looking to get quotes on a 4 family deal I'm working on. Please help! Thanks, Brian

Hello BP world!! I'm excited because I'm about to have my first rental property however I'm nervous about dealing with tenants. I'm curious to know how you guys feel about property management. I'm considering it for this 4 family I'm about to close on. I would love to get some feedback as to what the cost may be, the positives and negatives, is it a good idea for a 4 family or anything you would like to share. Let me know! Thanks.

I'm going to get the soil tested and do whatever other steps I have to do. 

thanks!!  ..so here's the deal. The owner does not want to remove the tank. He wants to sell it as is.  The tank is decommissioned and is not in use...it's just been under ground for a long time. I was thinking I leave it get the property cheaper and take it out over time.  There's a 50/50 chance it may be leaking. I'm considering taking the risk. What do u guys think?

#ASKBP - Hello I'm currently in the process of buying a 4 unit house that needs a few repairs but will bring in decent income once fixed up. The problem is that there is an underground oil tank. The property is selling at 150K. If I can get the property down to 135K do you think it's worth the hassle of buying the house and having to deal with an underground oil tank? Please advise. Thanks!

​Hello, Can someone explain to me the process and creative ways I can go about getting a 10 units similar to this one ( see below) Just a little history on me.... My girlfriend and I recent bought a nice 4 family in the NJ area, but we both have aspirations to slowly graduate grow from 4 units to 8 to 10, 20 etc etc. I found this post on line and would like your feed back on a step by step way to finance something like this. Right now we cannot afford it but I feel like there is always a way to aquire something like with little money. Am I wrong please explain step by step and different options. I wish I can send the pics but the app isn't allowing me to add pics to the forum. If possible can this be a topic on the #askBP podcast! Thanks! FOR SALE NEWTON MANOR 10 UNIT MULTI FAMILY APARTMENT BUILDING 50 SWARTSWOOD ROAD, NEWTON, NJ OFFERED AT: $990,000.00