All Forum Posts by: Joseph Tarallo

Thanks! Yea looks like I should speak to some loan specialists at different banks 

Yea that’s what I want to know before filing you know.  Thanks for the response.  I don’t want to write too much off if it’s going to have a negative affect & I can’t be a qualified borrower. At the same time I don’t want to owe a ton in taxes either if I write nothing off.  

Hello, so I’m looking for some professional help.  I am looking to buy another property which I will need a mortgage.  So when tax season comes I have a lot of write offs.  Plumbing repairs, paint, furnace, etc.  Now if I show a net loss at the end of the year will this affect me when applying for a mortgage?  Is the mortgage company going to look at this and see I have a net loss ?  If so, Am I better off not listing my expenses/repairs when doing my taxes ....? 

I have a tennant from hell that I am in the process in eviciting for non payment of rent , but in case she comes up with money I need a solution. 

So my QUESTION is if a year lease expired in June and neither party contacted one another about renewing a lease, does lease automatically become month to month.  NJ LAWS ONLY PLEASE. 

Also if landlord wants to occupy the unit after lease expired, how much notice is required to be given to tenant.  This is a 2 family dwelling.  

@darrensager 

I'm curious to know what most property owners do when it comes to protecting yourself and also tax purposes. I read some pros and cons for putting rentals in an LLC. The one that concerns me the most is that the mortgage company can take your interest rate away and or show that you sold the property to an LLC. Which can trigger you to payoff the loan or switch you to a commercial rate. . . I wanted to create an LLC for my property but I'm not sure it's the best idea ...
@darrensager 

@darrensager.  . THANKS DARREN . . Today is the 23rd, 23 days late and tenants text me today saying they have partial rent.  That they can give me half today.  I was already planning to file the eviction.  

My next question is what if I start the eviction process and get a court hearing. Then they show up to court and pay ?  Do I have to accept their payment? 

So . . I finally got my first multi family and have problems smh .. The tenant in the one apartment is the same from previous owner.  They're not paying rent and are 23 days late..  I sent out a notice for future rent payments, and a late payment letter.  Also spoke with tenants personally but they just keep saying tomorrow. . . I've come to the conclusion they're going to be a headache and don't plan to pay. . . I want to get the eviction process going.  Do I need to give them notice to quit before filing a court day? Or once a tenant is late I'm able to start eviction process with courts ??

Banks aren't going to give tha, or conventional loans every year I don't think that's the problem. Even if the property is cash flowing you still have a mortgage.. If it's not paid off the banks aren't going to keep giving mortgages to buy more property. @Alberto De jesus

Hello investors hopefully someone can help me with this.  My question is when it comes to getting financed for a second property. If I have one property and it's producing a positive cash flow after mortgage and expenses etc how do I get financing for another one.  Say I have the cash to put 20% down on a second property.  Will the first property show as debt and hurt me from getting a second mortgage ?  I want to know how investors are able to buy multiple properties.  I have the down payments but confused how you will get multiple loans and leverage to buy with bank finances 

I am purchasing a big 3 family building ... big 3 br apartment upstairs I plan to rent out, but the downstairs has 2 apartments, each 2 br.  I am thinking about renting out the rooms individually downstairs for about 150 a week. The total would be 2400 a month if I did it that way.. Kinda like a boarding house.  Has anyone ever done this on here ?