All Forum Posts by: Devang Patel

Does any one have a recommendation for a property management co for 22 units in NJ?  Units are in central nj.  

obvious to me the government is trying to use this as a way to kill off the private wealth building investor

linden nj

one of the tenants is actually now moving out today, and the tenant that is non paying for over 13 months i am trying to offer cash for keys.  If I can get them both out I can perhaps I can renovate the units and obtain a higher class tenant since the neighborhood seems to be changing.  Or it will make it much easier to sell.  Difficult choice to make.  

I have a 4 unit in NJ that i purchased 4 years ago.  From the beginning this property has been difficult.  I had to evict 3 out of the 4 units initially.  Thereafter I have had to take tenants to court constantly to get them to be able to pay.  Currently, I have a problem tenant who has not paid in over 12 months and due to Covid cannot do anything about it.  They also have forced my best paying tenant out by apparent harassments.  The other two tenants are always 1-2 months behind at this point.  Obviously during normal times I could proceed with court hearings but due to the moratorium and super slow court hearings, I am stuck.  I am thinking of selling but recently drove by the property for the first time in a year (i have a property manager and bc of covid have been mostly working from home and staying local) and saw a bunch of new apartment buildings nad restaurants being close to completion just a block a way. Could this be a sign for a neighborhood revitalization or should i sell while the investor excuberence is still high in spite of the difficulties in evicting? I am very concerned about the long term ability to evict tenants in NJ and the state leaning more and more towards being tenant friendly.

i believe california requires you to also setup as a foreign entity and pay foreign entity tax of 800 per year if you are operating an LLC outside of the state but residing in California

I am from NJ and my partner is from Vegas and we are hoping to partner up in order to invest in out of state turnkey rentals in Georgia and other states where opportunities arise. Where do you suppose the LLC should be incorporated? I have read its best practice to incorporate LLC's in the same state as where the properties are. Is it true some states may require you to have two llc's setup including in addition a foreign LLC for home state?

When it comes to new car transactions, I know the conventional wisdom is to always purchase over leasing to save money in long run.  Most say its better to buy a used car instead of purchasing new or leasing.  But all I can think of is instead of spending that 20-30k on a Honda or Toyota, I could use those funds to put a down payment on an appreciating, cash flowing property.  The car depreciates so fast and is in no shape or form an investment.  Does it not make more sense to pay a monthly lease payment and invest instead in a rental property?  Am I not thinking of this correctly?  

i believe the entire process should take 3 months, but the fact that it is for non payment of rent instead of something else makes it much easier.  

Took about 3 weeks