All Forum Posts by: Kimberly Carver

@Wesley W.

Hi Wesley !

Our lease states that owner pays water and sewage up to ____ per quarter. If the bill exceeds ____ the tenant is responsible for the difference. We look at past bills and make the max 50 or so above the average bill. Only once did a tenant exceed the defined amount. I feel this protects us/mitigates from someone being wasteful.

@Joe Villeneuve

Thanks again Joe! We did not buy that home and we appreciate your guidance. We closed on a 2:1 in December, fixed it up, and had a lease signed without posting the unit before we even finished the renovation. It meets the 1% rule which I hear is very difficult in New Jersey.

Now time to save up for our next project! Thank you again :)

@Kerry Baird

thank you Kerry! We shopped around as you suggested and ended up doing a home equity loan (not line of credit) on our rental. We used a conventional loan, 3.5 % x30 years, to buy the new rental. We worked with our mortgage lender while getting the home equity (different lender) to double check numbers and make sure we did not push the debt to income ratio too far.

Thank you for your help :)

@Jackie Cramer

thank you Jackie!

I noticed an interesting trend as I scroll through the real estate groups on Facebook... I see a post saying “looking for ___ bed __ bath house starting ___, my landlord decided to sell and I must move” followed by multiple comments by others who encourage the person to stay, state they can not be forced to leave because of Covid, state they can not be evicted.. etc. sometimes I see the person who states they are looking (in a group that includes landlords who might have openings) engaging in these comment streams and asking for advice on how to NOT leave... would a potential landlord be willing to rent to them after seeing they are searching for ways to stay put when asked to leave?

@Matt M.

Do you respond to everyone who messages you? I find this market so overwhelming. Am I legally allowed to not answer them

@Jim K. Take 2 from 27 to make the 48 50, then 50 plus 25 is 75 is how I would do in my head, or would do 8 plus 7 is 15, carry the 1, 4 plus 2 plus 1 is 7 - also 75.... quickly do both ways in my head to check my work :)

@Victoria Torres we use them for all our purchases (NJ).... I have nothing but good things to say!!!!!

@James H. I am in the middle of the BP rental management book and they allow until the 5th, specifically stating tenants on social security as the reason for doing so, since all SS is paid on the 3rd

@Kyle Castaneda

We did a regular home equity loan from TD Bank this September. I am not sure if they are still doing them but we did it on a rental for 6.125% x20 years

In regards to the comment about the gift- the mortgage company told us gifts are absolutely not allowed toward an investment property