All Forum Posts by: Derrick E.

Quote from @Joelle Chilazi:

Quote from @Derrick E.:

Quote from @Dustin Tucker:

Hello Joelle, What are the laws like for landlords, how long does it take for an eviction to take place? Could you explain that process?

It’s New Jersey. I think you already know the answer to that question lol 

Have you been to NJ before?  Curious.  I see you are from West Virginia. How did you come to have expertise in the eviction rate in NJ? Which areas of NJ are you referring to?

 Yes I have been to NJ multiple times. I actually enjoy visiting there from time to time. 

I get that you are from there so you are getting emotional and taking my comments personal, which were not my intentions. 

NJ is very blue, liberal, tenant friendly state. Anyone with the capabilities to do basic research knows and understands this. 

Best of luck in your real estate adventures. 

Quote from @Evan T. Ong:

Thank you everyone for the advice! A lot of my stresses and gripes have been cleared. If you don't mind, I do have additional things I would like to ask:

- Once a get a job and my first property, how do I manage my time with working at the job, planning on my property/other financial decisions and have free time for myself?

- Is college a good idea? Finding these deals and being involved will take a lot of time and college has the risk of adding heavy debt. There are a lot of criticisms about college in the US right now, but some people declare college as a neccessity. 

- When do I apply for a loan in the process of me getting a deal? Is there free time in a deal where I can get my loan ready? Or do I get my loan ready first, just in case I get rejected by lenders? Or is the other way around, where I want to back out of a deal? Does the lender have to wait to put the mortgage payment in action until I buy the property?

 In your situation, when the time comes you think you are ready to purchase, go to your local bank and tell them you want to get pre-qualified. Submit all of your info etc and see how much you qualify for.

This will change in the future as you start to do other deals, but this is the best way starting out and doing a house hack etc.

As for college, I went to college and it was one of the biggest financial mistakes I have ever made. It depends on what you want to do in life I suppose. You want to be a doctor, lawyer, engineer etc then go to college. You want to be in real estate then skip traditional college. I would encourage you to get in to the trades, could probably start this now or very soon. Learn to be an electrician, plumber, HVAC, etc. These are all trades that will help you in your real estate investing, they all make good money outside of that, and little to no educational debt for these. If you aren’t interested in that type of work then look in to becoming a real estate agent or real estate appraiser, once again, something in the real estate field, pays well, and little to no educational debt to hold you back. 

Just know that EVERY inspection on EVERY house is going to find some issues. When you are knew to this, an inspection report will scare you to death. Just know that it’s normal.

Next time, you should ask for another investor or contractor that you trust to look over the inspection report with you. Just because the home isn’t perfect (no home is) doesn’t mean the house is unsafe, or a bad deal. 

Your realtor should also know this info, but apparently they do not. Maybe find a realtor who also invests so they can help you with this side of things.

Quote from @LaShawnda Robinson:

Quote from @Rob Austin:

In my market there are a lot of homes that are between $30k and $75k that could easily be turned into short-term rental investments. 

I'm wondering if there are any non-conventional lenders who loan for this price range. 

It would have to be dscr or something similar rather than conventional.

 I specialize in loans $75K or under for real estate. 

DSCR loans? Nationwide? What's your minimum?

Get a job and save as much money as you can over the next few years. When you are within two years of purchasing make sure to have good tax returns to submit as lenders will want tax returns for last two years.

Use the money you have saved and your tax returns to buy a duplex/triplex with an FHA loan and house hack.

That would be my game plan in a nutshell. Best of luck.

Quote from @Dustin Tucker:

Hello Joelle, What are the laws like for landlords, how long does it take for an eviction to take place? Could you explain that process?

It’s New Jersey. I think you already know the answer to that question lol 

@Tyler Kesling feel free to send me a DM. I am local and own multiple rentals in Huntington/Ashland area. 

Quote from @Greg Scott:

Quote from @Derrick E.:

I always play it by ear. If I have a potential tenant that I like then I work with them. 

I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free.

This is an obvious fair housing law violation because you are choosing which prospect get the concession. DO NOT DO THIS. It could cost you dearly in the future.

That’s not true. It’s not something I do every time, or even often for that matter. I’m allowed to help someone out if I want to do so. 

It’s not advertised, then I deny someone cause I don’t like them for some reason etc. 

I always play it by ear. If I have a potential tenant that I like then I work with them. 

I just turned over a unit in middle of August. I liked the tenant, school is starting back etc, I told them they could pay first month and security deposit and I would let them have the rest of August for free. I did make sure they got the utilities switched over in to their name which took a few days.

All in all, it was maybe 7-10 days left in august by the time they got all the utilities switched etc. This made it much easier for them in terms of moving as they didn’t have to be rushed.

So I don’t “advertise” any incentives, but I do what I think is reasonable if I think they will be good tenants. 

They are obviously just trying to get one over on you. I’m not an attorney, I’m not sure which state you are in either. I think that would play a big factor in how I would respond. 

In a blue state I would probably eat the $600, but no way I would renew them at the end of their lease. In a landlord friendly state I would tell them to pound sand.