All Forum Posts by: Angelo Mart
Angelo Mart has started 12 posts and replied 368 times.
Post: Corona virus and rents
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Sandy Gabin:
Then in that case if you have a mortgage, call the bank and ask for a forbearance. And explain the situation and make sure you write down who you talk to and date and time. If you don't have a mortgage, then talk to your tenant or tenants on how much time they would need to pay the rent. Remember there are plenty of jobs out there and if they are responsible, they would search for other jobs or ways to pay the rent. Hope this helps! 😊
NYC and Newark NJ have already implemented a Suspension on Evictions due to the fact is it an Emergency Crisis. This is not looking good. See below
Post: What will be the impact of the Coronavirus crisis on real estate?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Brian Alvarado:
@Ron Singh I am under contract closing date would be April 19 ,am going to house hack a 3 fam.
Opinion on should I wait to prices drop? Thank
Read Article Below. Things area getting REAL out here
Post: Eviction moratorium? How about mortgage moratorium?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @William Coet:
If tenant can't pay there has to be an equivalent moratorium on mortgage, property tax, insurance, and maintenance costs too. Not joking
I absolutely agree. Do I have emergency reserves? Yes! CaN I Stretch it for 6 months? NO
Most moratorium state that they will HALT EVICTIONS AND FORECLOSURES. I hope if they let tenants live for free, they must, freeze mortgage payments as well and extend the term of the loans. They can't place all financial liability on the landlord. It is a trickle effect
Post: Coronavirus/COVID-19 causing non-payment/eviction
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Tim Youse:
I only have one unit so far and it's section 8, so even if my tenant can't pay, the gov will be paying their portion. My plan going forward is to stick with section 8 units if I can, even though the initial on-boarding process is a pain.
Absolutely, SECTION 8 IS NEVER LATE
Post: Coronavirus/COVID-19 causing non-payment/eviction
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
This is a VERY good question:
There is ALOT of talk in the NYC / NJ area about tenant rental forgiveness due to the Coronavirus. Please everyone I know we are all optimistic about REAL Estate being the best investment which it is but in times like this you MUST have emergency reserves. NEW YORK landlords are gonna halt evictions for up to 3 months. I THANK the lord I have good tenants but god forbid someone becomes infected and can't work, my property manager said it is not worth moving forward with evictions as courts will be backed up and Judges will grant them to stay due to hardship.
According to my attorney, Judges in each County of my state (NJ) which is PRO TENANT tend to lean in different directions when it comes to evictions. I recently had advise from a local experiences landlord / tenant judge that says in most cases it depends on which side of the bed the judge woke up on that morning "A lot of gray areas" Health issues area utilized as a hardship plea which it should. I am pro landlord and ready to evict at any moments notice. However, what if just what if my best of the best tenant does become infected and can't work. Decisions decisions, might have to let them slide that month
Learn the law, interpret the law and enforce the law when need be
Post: Coronavirus STR Data
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
This is exactly why I stick to Section 8.
1) Its always great
2) its never late
Post: Squatters Breaking into my empty 4 plex...
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
My properties are located in a drug infested ghetto. During rehab we hire a company which installs Steel Ventilated metal screens on door / windows. Its a great system. Look at DAWGS in Chicago I believe they are nationwide
Post: Is the Pandemic affecting your business? No trolls please
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Colleen F.:
I haven't seen anything in rentals although more tenants are home these days.
@Julie McCoy that policy is going to hurt alot of airbnb owners. Did they notify owners on this in advance or did you just find out when they cancelled ?
The Pandemic has just hit the United States within the past few weeks. You are not going to see any signs of default yet. Just wait this could be bad
Post: Is the Pandemic affecting your business? No trolls please
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Terrell Garren:
One of my residents works at national seafood restaurant chain in Concord, NC. You can easily guess which one. Really nice honest lady and proactive communicator. She said business was visibly slowing and they were cutting her hours. She's good for April rent but potential problems after that. Here we go.
Exactly. I was thinking same thing. Im already seeing local restaurants take a hit. One of my tenants works in a restaurant
Post: Carpet for rental unit? Yes? No?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Bedrooms ONLY no carpets anywhere else