All Forum Posts by: Gary Grossman Jr

Update: I got ServPro to provide an estimate that I will run through insurance to clean out the attic space. The tenant asked me to get the condo cleaned and clean the carpets. Considering the this was the tenants first 2 weeks in the condo, I kindly obliged. I also gave him the option to get out of the lease and move on which he respectfully declined and said he wants to stay there. The total cost for carpets/cleaning is $225 (not including insurance deductible which may be covered by association insurance). My perspective is low cost to sustain cash flow. With that said, other than time, there is not more I think I can do to remediate the smoke smell. Anything additional I am going to say needs to come at the expense of the tenant. The tenant does not have rental insurance. 

Any thoughts on how I am handling or how to handle further requests would be appreciated. 

 Thanks for your perspective, Colleen! 

I filed a claim with my homeowners insurance first. My adjuster will work with HOA adjuster (HOA has already filed a claim) to determine if/how it will be covered.

@Mohammed Rahman thanks for the advice! Much appreciated! I should have noted that tenant moved in this month and hasn't paid a rent payment yet. I have also filed an insurance claim with my homeowners insurance. 

Looking for some expert advice for how to deal with a potential scenario. 

There was a fire in another unit in my same building about 2-3 condos down. Residual smoke crept through the shared attic space and down into my unit. I currently have all windows open and air purifying unit(s) stationed throughout the condo. All other tenants/owners living in other units in the building are following the same approach. The condition is such that it does not necessitate the need for occupants to have to stay elsewhere. With that said, the tenant has an autoimmune disease and doesn't want to sleep in the house until servePro has cleaned the attic. 

I filed an insurance claim and will most likely have servePro come out and clean the attic in the next few days.I am expediting this process and trying to remedy the situation as soon as possible. 

The tenant has asked for all the furniture to be cleaned. There is a possibility that the tenant requests to be refunded/pro-rated for the nights that he didn't want to sleep in the unit. In anticipation of that request, or potential problems with collecting rent, any advice on how to handle the situation would be appreciated! 

Thanks for the help in advance!

@Kevin Sobilo - When using an LLC and buying a multi-family (4 units or above), can I only acquire a loan through a portfolio lender? Or can I go through a normal bank for conventional/commercial loan?

@Kevin Sobilo - Thanks for the input and help! Is there any benefits to not creating LLC and using multiple conventional loans when buying investment properties? I will create LLC, just trying to understand pros/cons of each.

Hi guys! Newbie here... currently I live and own 1 rental property (SFH) in New Jersey and looking to buy more doorsteps by EOY. I am in the infancy stages and doing a lot of research/reading. I have two questions regarding LLC:

1. Can anyone find out the name of LLC owner in the state of NJ?

2. I have a conventional loan in my personal name for my rental property. If I decide to create an LLC now, what steps should I take (if any) to put that loan in the LLC name?

3. Do you recommend I create an LLC before buying my next property?

Thanks for your help in advance!