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All Forum Posts by: Mike Kostner

Mike Kostner has started 3 posts and replied 24 times.

Post: Need help rejecting this tenant in NJ

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

Why do you feel a need to tell him anything?

Just accept the first qualifying applicant, and be done with it.

Post: Offering On “COMING SOON” Listings!?!?

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

15 offers, and 8 days left?

I don't think this sounds like a deal.

Walk away.

Post: The Lazy Tenant who sleeps all day.

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

@Carmel Duffy Remove the dryer, problem solved.

After that, hire someone to rake the leaves, and increase the rent to cover the cost.

Post: Receiving late rent payments.

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

Thanks James . My leases do specify that rent goes to late fees first, but I'm not charging those in the current climate.

I've been applying all rent received to the longest owed rent first. I figure that makes the most sense. 

Post: Receiving late rent payments.

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

I have a situation, and wonder if anyone here can help me.

I have a tenant three months behind, due to Covid-19. She has been paying for the last three months, but still owe for April-June.

My question is, should I apply any rent payments to the current month, or should I apply it to the oldest past due month (or does it even matter?

I wondering, because I filed for eviction when they first fell behind, but since courts in NJ are closed, I haven't had a hearing.

Since they're paying again, I doubt it will come to it, but I'm wondering if something like this could affect anything if it does end up it court.

To be clear, if I get a payment today, should I consider it a payment for September, or April?

Any opinions?

Thanks in advance!

Post: Found $873K, need help investing it

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33
Originally posted by @Jeff Shumway:

I don't know how "common" it is to find $873k but that is an amazing windfall.  Congratulations.  I would possibly consult with a tax attorney or seasoned financial pro.  I could forsee you running into problems with IRS or other federal agencies.  People who have a large amount of cash draw suspicion that the money could be from illegal proceeds or laundered in some way.  Real estate professionals and loan officers are trained to specifically avoid and report situations like this.  As far as the gun is concerned.  I would immediately call your local police and just tell them the truth.  If you want to mention the money it's up to you.  What if that gun was used in a crime, maybe even used in a homicide?  I would want the good karma of knowing I did the right thing by turning it in.  Police/FBI can trace the barrel markings with any slugs found at a crime scene to trace it back.  So long as you found it and are turning it in you would have nothing to worry about.  I was a police officer for 7 years and it was common for people to turn in old guns just to get them off the streets.

If you ever have any needs with residential financing I would love to help you out.  

 Please tell me you weren't a detective....

Post: Announcing BiggerPockets Reviews - What is important to you?

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

In the forums, I would like an option to jump to my last read post. It makes it easier to follow a conversation. 

Post: Attn: SBA Disaster Loans for Landlords

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

I signed the closing docs 3 days ago, woke up this morning and the loan was funded.

I received more than I expected, almost a full year of potential losses. 

Post: Urgent: Oil tank removal holding back closing

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33

@Sami Gren

Is the tank buried, or above ground?

Post: Screening for booze abuse?

Mike Kostner
Pro Member
Posted
  • Bloomfield, NJ
  • Posts 24
  • Votes 33
Originally posted by @Taylor L Parton:

Not sure what you are talking about.  This entire Post n mentions should be deleted.  If A Gay Black person  from Mexico  pulls an RV into my Park and we have space and they have money n a Good attiitude  We will rent them a space.  We are in the Biz  to make money  not critique life.

What if he's a drunk?