All Forum Posts by: Mike A.

My apologies for missing some of the information.  

The other two units should bring around 3000.00 a month, total.  Total income would be $4525.00 per month approx. for all three, I have not factored in the illegal fourth unit. The unit the owner will be renting should be around $1950.00, but they will be paying $1525.00 on a month to month basis. After they move out, the monthly rent for the building should be around $4950.00. Please keep in mind  this was prior to the pandemic, so we have no idea if the property has gone down in value nor how rents look right now during the pandemic and aftermath.

Taxes: $6000.00

Water: $1200.00

Insurance: $1500.00

Mortgage: $32064.00

===================

Total expenses: $40764.00

Total income: $54300.00 (with seller)

Total incomeL $59400.00 (after they leave)

We're using the template from Biggerpockets. We're just customizing it to include how to file for unemployment.  You'd be amazed to learn how many people do not know how to do this online. It's pretty simple. We already have two tenants who've "lost their job" and now are not responding to our messages.

Need some feedback on a deal we're under contract with in Jersey City. We actually went to contract just before the pandemic hit the area.  Since then, we requested a 75 day extension on our due diligence, and the seller agreed.  Here are the facts.

Neighborhood: The Heights
Type: 3 family (2 1 bedrooms/1 bathroom, 1 2 bedroom / 1 bathroom).  Technically, they also added an additional 1 bedroom and 1 bathroom in the attic, but it is not legal. Has a huge yard as well, no garage.
Total sq. ft. of the building: 2842 (with 4th bedroom/1bathroom - fully functional and pretty nice.)
Price: $680k
Income: Here's the tricky part. The seller wants to stay on as a tenant for a year as their child finishes school and then they will move... at a reduced rate of $1525.00 per month. The remaining two units will be delivered vacant. Since the pandemic, we're concerned in moving forward. We closed on another building, but it was fully rented. This is basically only 1 unit filled, two (technically 3) units vacant. I know, filling in JC is pretty easy since it's walkable to the train and the bus, but the eviction moratorium is also troubling.

Are we concerned for no reason? She would request a price reduction? If so, how or what do we base that on? The building is pretty nice and the owners picked us over three other offers since we're allowing them to stay at the reduced rent rate.

Thank you.

We plan to. We're first going to file a police report and have the adjuster walk the property and take photos. Once that is done, we're going to skip-trace where he is now and serve him for the damages. It's north of 5k with clean-up. 

The attorney had no opinion since it was technically granted by the court, just not served by a Sheriff yet as there was a backlog. We've not been there in two weeks, but we did check it out weekly in February and early March, no one is there. We're just concerned of a possible squatter if we just leave it be. We weren't sure of the timeframe to report to the insurance company, so we filed the report last week. Myself or my partner was going to the Police station next week to file a report since they are temporarily not sending out Police unless a violent crime against a person happened. Welcome to White Plains, NY.

We'll take pics and video the property during the walkthrough. I might have to drill out the lock or pick it as the lock was damaged by the tenant too. My lockpicking skills aren't the best. The key sometimes doesn't open the door, that's why. The cylinder isn' turning always. He may had put something in the lock or glued the other side prior to leaving. Just a tough situation. 

You should use waterproof quick click. Underlayment depends on the moisture from your floor. Always best to be safe rather than sorry. It's pretty cheap too. I wouldn't cut corners on that one.

Strange situation. We had an eviction filed in January, and it was granted on March 5 by default as the tenant never shown up for the Court date.  It was sent to the Sheriff to serve. Since there was a backlog, there we got hit with the moratorium for evictions. However, the tenant vacated on his own weeks prior. Left a mess and damaged a lot of things, vandalized and everything. We're covered for the vandalism as the insurance company will pay for the claim, but they want pictures. Unsure on how to proceed. Any suggestions based on past experiences?

If you check Twitter it is amazing how many people hate, literally hate landlords. Why? As a landlord I always try to help my tenants and address their issues ASAP. We are not the big banks or wall street who own properties they rent. We, in general, are small time operators and (I hope) take pride in running our businesses the best way possible. I just do not understand the reason for the hatred. 

So no ideas? Just stay silent?

We use Tenant Cloud. Cozy is a good option too. I like the ability to track all expenses in Tenant Cloud and it has an app which makes managing on the much easier.