All Forum Posts by: Danilo A.

@Alyssa Ciccarelli i bought my first rental property in NJ last year and worked with @Nicholas Aiola for my 2020 returns and tax planning. He is great and added a ton of value through his knowledge and experience. Highly recommend having a conversation with him and his team for your needs.

@Abigail Trimborn did you lay the additional sheet of 5/8 drywall with the green glue?  I am renovating the bottom unit of my duplex and am considering sound proofing options.  Curious if it helped!

@Moises Mari i'm looking to connect with an attorney that handles landlord-tenant issues in Union county.  Do you have any trusted recommendations?

@Vaughn Smith For a two-family home, do you legally need a separate account for each unit?  Or can you have one security deposit account for both units?  Also, is it a requirement to have the account(s) in the tenants name or can you have it in your name?  Assuming the consequence of having it in your name is you pay taxes on the accrued interest.

@Marky Suazo i’m in Hoboken as well. Alessandro hosted a few meetups in town and they were great.

@Raphael Roman i’m in for a meetup as well!  Let me know when and where

@Tom Shallcross thanks for the reply.  Agreed, that upfront payment gets held in an escrow account and gets released over time as the expenses are due.  Glad we’re on the same page!

When using the BRRRR calculator, is it best practice to include prepaid homeowners insurance and prepaid property taxes paid at closing in the 'Purchase Closing Cost' section?

For example, when using conventional financing to purchase a property several costs and fees are required at closing such as origination fees, attorney fees, appraisal, inspection, recording fee, title, etc.  However, there are also other payments needed upfront such as prepaid homeowners insuranceand prepaid property taxes. I was leaning towards excluding these two costs since they are already included as part of your monthly operating expenses.  I also don't think they should be included in your invested capital (which would impact your returns) given they are operating expenses.  

What does everyone think?  Are there any other upfront payments paid at closing that you feel should not be included?

@Ronny Tiburcio how much can a landlord expect to pay for water?  I’m assuming it’s variable based on usage, but could you share what a low-high range is?

Hi @Lesley Resnick - I am also looking for a property manager in JAX.  Would you mind sharing your preferred managers with me?