All Forum Posts by: Christopher Giannino

I use Cozy.co and they have what I believe to be a great "all-in one" software for small time landlords who want to self-manage.  They have credit and background checks which is all on the potential tenant.  I would suggest taking a look at their services.

I have 2 accounts.... a checking and savings.  The checking account is where all the money comes in an out of (rent, mortgage payment, repairs, etc).  I leave the cash flow from the rental in this checking account so I can build up reserves.  Than I have a savings account and that is strictly for the renters security deposit.  In NJ, you need to separate their funds and put in an interest bearing account.  Exactly as @Nathan Gesner stated, it is the renters money so I don't spend it, borrow against it, or collect interest on it.  Any interest accrued will be returned to my renter upon move out minus any deductions for possible damages.  Hopefully you find this helpful!

@Meher Bhatti Welcome!

I couldn't agree more with what @Max Vishnev stated.  As an active realtor in Central Jersey, the market here is absolutely on fire.  Many homes have multiple offer situations within the first day of being listed and are selling way over list price.  Now I don't say this to discourage you by any means but I think it's important to understand the type of market we are currently in.  

I would definitely continue saving, reading up on real estate investing especially with regards to being a landlord and having systems in place and lastly start building your dream team (local real estate agent, lender, contractor/handy man if you think one will be need, etc).  Best of luck and if you have any specific questions, feel free to reach out!  

As most of the others stated, I think Stainless Steel adds value in the right neighborhoods.  To me, it was a no brainier since I invest in a B area and many of my competition offers SS.  

I've bought Frigidaire and haven't had any bad experiences but they are only about a year old so only time will tell. 

@Danny Haddad

Where in Northern NJ?

I would post the deals details on the BP Marketplace as well as try to connect with some local NJ investors (do a BP search).  I'm sure there would be investors interested if it fits their criteria and/or you're willing to give good terms.  

Best of luck!

@Zack Williams

I've used my local Finance of America branch twice now (both for OO purchases) and have had great experiences both times. I would suggest getting a couple quotes from other lenders though just to keep everyone honest. Then I would suggest you use all the lender quotes against each other to get the best terms for your deal. Best of luck!

@Michael Frank

I'm a newer landlord and currently only have 1 rental but so far it's been easy..  honestly, almost too easy!  I put forth maybe 10 hours initially to get my place rented.  That time consisted of showings, reviewing applications/screening potential tenants, move in set-up, etc.  Since then I haven't spent too much time monthly when things go smoothly.  I will say at the end of August I had the dishwasher break so I had to deal with that which took maybe 5 hours but last month, I didn't spend any time whatsoever.

@Jeff Koller

Oh wow, that's interesting..  Reason why I asked on the time frame of reversal was because I thought maybe there was a certain time frame a tenant could "reverse" or "dispute" a transaction.

@Jeff Koller

Just curious, how long after the last monthly payment was made did the tenant reverse?  

Hi @Bryanna Lashley

I personally don't have any rentals in Trenton, NJ but it's something I'm debating.  As some of the others have said, there's areas that are good and others you'd probably want to stay away from.  I know a few investors who are very active in the Trenton area so there's definitely deals to be had.  I'm part of the SJREIA group and would definitely suggest you looking into coming to a meeting.  Great opportunity to network as well as meet some of the investors who are investing in the Trenton area.  Best of luck!