All Forum Posts by: Chris McKenzie

@Nathan Gesner

I can leave their stuff at the house and not pay to move to storage but I don’t really want them back in the house again. If I do that, then they get 1 day to come back and remove it. After that it’s considered abandoned and I call destroy or sell. Alternatively, if I move to storage they would have to pay for reasonable cost to move and store before getting access to it.

@Henry T. I wish it were that easy but suspect the wouldn’t meet the requirements of “safekeeping”. I’ll ask around and see what people say. I don’t really want her or her friends back in the house though.

I have a tenant eviction tomorrow in NJ. Does anyone have a thought on either moving their stuff to storage versus leaving in the house for them to remove?

My understanding is they have 30 days to remove before it’s considered abandoned. Tenant can choose 1 8-hour period within the 30 days to come back to get contents.

Alternatively I can have it moved to storage and they have to pay me back for fair market value for move and storage in order to get belongings.

Advantage is that house can be cleaned and Re rented quicker vs waiting. I also avoid them potentially damaging the property while back to get their stuff. Downside is the cost but seems like that can be covered as long as it’s fair market.

Any thoughts?

Thank you!

Chris M

@Joseph W Deleguardia Ask and get as much as you want about the deal. Understand the seller will probably have other, better, offers that don’t require as much info. So, find a good realtor who can navigate the arbitrage and find you the best deal without overpaying and you’ve found a good business partner! Trust is key on both ends. You need to trust they found something where the numbers are right and they’re trusting that you will follow through with the deal when they meet your needs.

@Nadir M. Not at all. Why would you be?

@Stanley Nguyen of course I’m in NJ just outside Philly. I found a two unit house that is deeded and titled as a single-family but has two separate units that the town allows to be rented separately. I worked with a realtor who said my spreadsheets gave her headaches but we found a place that worked. I’ve used her to fill both rentals (commission for both) and buy a personal home so it all works out along the way. Respect each other and know it’s a longer term relationship and not just a one time thing and you’ll be in a good place. Reach out if you want to chat.

@Yannes Chiang

Tough situation. Be one part landlord and one part human. Not saying those are equal parts but find a way to make tenant’s challenges easier and your situation will be smoother too. This is why we account for vacancy reserves so we don’t need to overreact when it happens. Good luck and happy to chat if there are difficulties.

@Bryan Beal

If you are analyzing 25+ deals and looking for ways to narrow it down to the best, then yes, a range of 1%-2% is a decent range to help narrow it (among other things). I’d never buy a rental based on that alone though.

@Nathan Asher Robson

I bought a two unit for $150k with $50k total out of pocket for all costs (25% down payment, closing costs, repairs, etc.) and clear ~$800/month after all expenses and reserves for vacancy, repairs, and capex. It can be done if you find the right deal.

@John Hunt

Honestly, if you haven’t even graduated yet and are convinced that “w2 9-5 isn’t for you” than real estate probably isn’t for you either. It’s harder to make the same money you could in a corporate job in the short term and if you don’t like doing what you don’t want to, it’s unlikely that you’ll get to the good part. Advice is get a w2 job, learn and save. Then get into rentals to see if you like it and make the transition full time if you do and are good at it. Be realistic.