All Forum Posts by: Chris Masons

@Krystallin Baker, this is a bit of an art and definitely takes a lot of time and experience and even than you don't always get it right....

Interviewing tenants is a huge factor, if you don't get the answers you want and or are looking for you move on

thx,

Chris

Biggest struggle for my as a Landlord is getting the best tenants I can possibly get that will take care and treat my properties as if it's their own....

I really strive to get tenants that treat the property with respect and really care about it VS. just a tenant who treats it as a rental and has no pride of ownership...

Keeping the property in great shape clean, maintaining it, Etc. is worth more than a few extra bucks a month in rent.

This really helps when it comes to the appreciation factor. Lets face it, rentals are rarely maintained as well as if owner occupied and I really strive to change this..

thx,

Chris

Just wanted to pint out that there can be restrictions on renting out Condos as well. No where near the magnitude of a Coop but for someone looking to buy a condo as an investment one should check with the Association on rules and guidelines on renting out a unit.

Great general info BTW on Coops  @Christopher

@Christopher Phillipsundefined

regards,

Chris

2% rule is a unicorn here in NJ LOL  Very difficult to obtain. I have a few deals that fall between say 1% and 2% but I can't say I have any at the 2% rule here in NJ...

I am sure it can and has ben done but very difficult here in the garden state

Chris

@Moises Mari

Hi Moises, Do you use an attorney for all your evictions?

thx,

Chris

@Moises Mari

I had a question regarding your eviction filings. You state that you file for eviction the day after rent is late. It is my understanding that you cannot file for eviction for habitually late rent payments without first serving 2 prior notices to tenants.

Can you clarify your process?

thx!

Chris

@Jameson Cesar

While you do have a lot going on, it sounds like you filed for non payment of rent correct? This is the most cut and dry eviction there is in NJ. And this is what you will need to evict them for when you go to court. Everything else is in material for your court date. I would provide proof of what is going on inside your home and present this in court as well but hopefully you won't need to go there. If they show up you will meet with a mediator who will try to work out resolution at which time you should state you do not want to work anything out. HOw much back rent do they owe you? Please be aware in theory if they show up to court will full back rent Etc. judge and or mediator can allow them to stay in which case you should then show them the illegal activities taking place and damage to your house

They most likely won't show up to court (hopefully) and you will automatically win the judgment for possession. You than will have to wait 3 business days to file the warrant for removal (assuming they will not voluntarily move on there own....

Once the Warrant for removal is filed you will get a call to schedule lockout and hopefully can put this behind you and start to repair your house.

Good luck and keep us updated on the 23rd.. IF you need further advice fel free to PM me I have been through the eviction process for non payment a handful of times....

thx,

Chris

Pricing seems on the high side. As mentioned if this is a franchise you have salesmen, marketing costs that mark up the price. Try and find a local mom and pop shop who doesn't have all this overhead and I bet you can shave at least 1 to 2k off the price...

For any kind of CapeX I ALWAYS get at least 3 estimates...

Sure it stinks to have to lay out this money all at once, hopefully you have a credit card you can finance at least a portion of it so you don't leave yourself with no cash reserves....

30 years is fantastic to get out of a Central AC system... There is definitely no point in trying to replace just compressor or just air handler Etc.... Probably runs on the old Freon anyway which cost a fortune. The newer stuff 410A is much cheaper and more readily available.

Good luck,

Chris

great thread.... I Was always a hard worker/earner and constantly saved and saved while living at home with my Mom while most of my friends went out and rented apartments. I knew I wanted to invest in Real Estate

Eventually a 4 family came on the market in town and I was able to get an FHA loan but still put down around 15% The property had a 5th basement apartment that I planned to live in but when I saw the additional cashflow I could get while renting this unit out as well I stayed at home with my Mom and rented out the whole building.. I Was cash flowing over 1k a month and thought I was a genius! People told me I was nuts to buy this old house and to make sure I knew what I was getting myself into, LOL

This enabled me to save up quickly and buy a Mother/Daughter that I occupied and rented out 2nd floor which paid 3/4 of my Mortgage so again I had W-2 income, my 4 family income and a very small mortgage at my Mother Daughter as my tenant was paying 3/4 of it....

At this point I knew I Was on to something and was definitely hooked and realized this is a fantastic way to build wealth, equity and get ahead.....

This was almost 20 years ago and I am still going have 15 properties 28 doors that I self manage while work a full time job.

It can be crazy sometimes but I love this business and would be nowhere close to where I am at financially if it weren't for Real Estate.

Definitely takes drive, passion, the want and desire, some risk taking AND a lot of hard work.  The younger you are starting out the better as you have time on your side. I definitely made a lot of sacrifices early on by living at home much  longer than I had to and living very frugally... Sometimes you have  take a step back to move 2 steps forward...

If you can think it, you can achieve it!!

Chris

RUN don't walk away from this tenant if you can..... He hasn't even moved in and is creating these headaches for you. Can you imagine him living there?

IF you do decide to keep him make sure you have an iron clad lease and go over it with him page by page, spell EVERYTHING out and have him initial each page of the lease.

I have dealt with these types of tenants plenty of times and you cannot give them the benefit of the doubt EVER!!!!!

The excuse not to pay because he though the was getting a Professional painter for his money speaks volumes of the type of tenant he will be.

Good luck,

Chris