All Forum Posts by: Michael Brattelli

@Shireen Batterson You have to be careful depending on the state. Some states (like NJ) it’s illegal to discriminate against a criminal record alone, except in very few instances. Establishing a baseline minimum for the credit requirements is a good start. Make sure to apply this requirement to all applicants.

@Gabriella D'Alessio Hi Gabriella, I’m an agent and I invest in South Jersey, Burlington county area. I’m always open to chat!

@Ryan Swigart I’m primarily a listing agent and if buyers submit offers with preapprovals from lenders that have a history of poor performance I let the seller know. Many times they will ask the buyer to switch to a local lender.

When I am on the buy side I suggest buyers at minimum speak to one of the lenders I work with regularly because I know they are competitive and will get to the closing table smoothly. However, if you’ve done plenty of deals with your current lender and you’re comfortable with them then that’s a different story. Have your lender reach out to your agent and have a chat.

@Eliott Elias realtors don’t make commissions on referring to lenders, that’s a kickback and is illegal.

@Marc Maitre Great response! I’m an agent and an investor. The majority of agents have no idea how to run numbers on investments and don’t invest themselves. Not bashing agents but many simply are in the business to sell and aren’t into investing.

I know how to source off market deals for myself but it’s far too time consuming to do for multiple investors on a daily basis. I’m primarily a listing agent so that’s where I focus my business.

@Bailey Coleman He painted the hardwood floors?! Why on earth would anyone paint hardwood. Sand and refinish, especially for appraisal purposes. Those pictures speak volumes, personally I wouldn’t pay for what is in those pictures but I also wouldn’t have hired a handyman to do anything more than hanging a fire extinguisher, smoke alarms, some minor exterior work, etc. Next time pay a little extra and hire professionals. If nothing else, use this as a learning lesson.

@Dave Sulvetta @Nathan Gesner is correct. As for NJ law you can look up “tenancy at sufferance” or Holdover tenancy. See below. This is not legal advice, it would probably be wise to contact an attorney who specializes in Gloucester county evictions.

A NJ tenant who remains in possession of leased premises after giving notice of intention to quit may be held liable for double rent. When the lease term is longer than one month, the landlord may commence proceedings to remove a tenant who has held over. The subsequent acceptance of rent by the landlord creates a tenancy from month to month.

To terminate a periodic estate either landlord or tenant must give proper notice to end a month to month tenancy. NJ required one months written notice before the date the rent is due. Local rent control regulations may set different requirements.

A tenancy at sufferance arises when a tenant who lawfully came into possession of real property continues, after his or her rights have expired, to hold possession of the premises without consent of the landlord. A tenant at sufferance can be evicted any time.

@Jason P. Depends on state laws whether you need to disclose the death. Some states only need to disclose if asked.

@Brandon Larson you should point out every single thing you updated, don’t leave anything out. Everything is taken into consideration. The appraiser will pull their own comps but if you have solid ones that make sense then offer it to the appraiser but don’t be pushy if they don’t want them.

@Roman Rytov 8+ cap is near impossible to find right now in my market for industrial from what I’m seeing. 4-5 is more of the norm around here. Best of luck to you sir