All Forum Posts by: Eric Bradeis

I am a new landlord in NJ. I have already sent the tenant a 30 day notice to vacate which was ignored. What should be my next step in the process?

So I'm under contract to purchase a triplex in NJ. I just got home from the inspection and all units are currently occupied and we will be inheriting all 3 tentants. One of the units had drug paraphernalia and drugs all throughout the kitchen and living room. The current owners had informed us that they did not do a background check on this particular tenant. These 2 things are huge issues for me considering that I planned on occupying one of these units after we close (if we even close) on the property with my spouse n child. I have yet to speak with my agent about it yet. Any thoughts or suggestions before I do? Thx.

So I'm looking to buy a triplex using an FHA loan. It is currently fully rented out with all leases renewed until june-july 2018. FHA requires that we move in to the property within 60 days. The current owner doesn't even want to ask any of his tenants if any of them are open to leaving before their lease is over. I know that the current owner wants to get out of managing the property himself. Would I have the legal right to give notice to one of the tenants if I was able to buy the property? Does anyone have any creative ways to make the deal work? Any advice would be appreciated. Thx.

So I'm buying my first house using an FHA loan which doesn't allow me to buy it using an LLC, so I have to buy it in my name. I'm getting insurance for my car, home owners n flood and the agent said that I should have a higher pay out per person for my car insurance if I get into a car accident because she said that I can be sued for my house. How do I protect my house, and myself if I'm ever sued as a result of being in a car accident without paying alot for insurance? Does anyone have any recommendations? What do u do to protect your house and assets? Thx!

So I'm under contract to buy a tri-plex. It isn't an "as-is" sale but the seller is refusing to make repairs. This is my first deal by the way. What I want to do is tell him, "either make the repairs or I don't buy the house." If he still chooses not to make repairs, can I tell him that I will pay 2k more than the best offer he gets in the next month or so? Can you go into contract again if the the first deal goes south? Or is there only one shot to close on a deal? I'm just curious. And I will consider any creative advice or recommendations. Thx.

So I have my first deal under contract and it's a tri-plex. After the inspection, it is brought to my attention that the one of the furnaces, one of the water boilers, and a condenser unit for the AC are all really old and past their prime. They are all in working condition currently. I plan on saving 5-7% of the monthly rent for capital expenditures. But I just want to be more prepared. When do u replace these items? Do u wait until they crap out to buy a new one? Do u buy a new one while the old one is still working? Won't it cost way more if u wait until it totally craps out? I'd appreciate any feedback or advice. Thx.

So here is my situation. I'm buying my first house, I have great credit, I have 5% down, and I'll be owner occupying a tri-plex in new Jersey. So I was under the impression that FHA was my only option. But does anyone know of other mortgage loan options that are available for my situation? A VA loan is not an option bcuz I've never served. I heard of USDA loans and a home ready loan but I'm unsure if those types of loans are available for multi family. Does anyone know or have any other options that might be available? Thx.

And I know that a house hack CAN be profitable, but I just basically want to set reasonable and real life expectations. N I could use some help doing so...

So I'm looking to purchase my first property with the intention of house hacking using a FHA loan. Looking at 3 and 4 plexes and I finally found one that I really really like that has 3 single bedroom units that my family and I would occupy one that has so much space and 4 additional small rooms on the 3rd level that can be converted into 2 more bedrooms making it a 3 bedroom unit by framing out doors and closets. The current owner uses the rooms now for basically storage, an office, n one is set up as a bedroom. N the other single bd units that are both currently occupied with tenants that have been there 3-4 years. But after importing all the expenses and income, it's -$893. I'm not necessarily looking to live expense free, but I am looking to spend somewhere between $400-700 out of pocket every month. Is this unreasonable? Or what exactly SHOULD be my expectations? I've heard of ppl having no out of pocket costs house hacking duplexes, so that's y I am a lil unsure... I'm in south New Jersey just to give u an idea of the market. What should I be looking for as far as expenses? If the property doesn't cash flow, than it's not a good deal? Any input would be appreciated! Thx...

So when the tenant pays a pet fee, what exactly does that cover? Say for instance the tenant has a cat and at the end of the lease u find multiple pee stains on the carpets as your doing your move out inspection. Did the pet fee cover those stains? Or do u subtract how much it's going to cost to clean the stains from the security deposit? Thx.