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All Forum Posts by: Angelo Mart

Angelo Mart has started 12 posts and replied 368 times.

Post: Buying without Buyers Agent

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

I cut out my buyers agent a long time ago due to this issue. A lot of "shady" REO brokers in NJ ignore outside agents and hold properties for "their" own buyers. This is how I was able to land some great deals.

The listing agent on my last deal (which I stole) told me that the reason he sold me the house is because he was able to get paid "on both sides" as I did not utilize a buyers agent

Post: How To Pay Yourself From Your Properties

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260
Originally posted by @Cody Malave:

@Angelo Mart I want to know how people come up with so many LLC names. Don't they all have to be unique entities?

Yes it is very easy. Name it after the home address. Change combinations it is always there

Address: 123 Main Street

123 Main LLC

123 Main Street LLC

Main 123 Street LLC

123 Main Investment LLC

I always tend to nail one down!!! lol

Post: How To Pay Yourself From Your Properties

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260
Originally posted by @Cody Malave:

@Ryan Deasy Do you have individual LLC's for each property? I wouldn't plan on paying myself until I had developed enough income for it to make sense. But I wasn't sure how investing personal money into the LLC (startup) worked. Especially if you're using say a HELOC from one rental to use as a down payment to acquire another/others. I feel like every question that gets answered causes me to come up with two more!

I have all of my properties in separate LLC's with Separate Bank Accounts for each

Post: Today I closed on my 10th property

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

Congrats

Post: Removing existing tenants after buying a property

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

I live in New Jersey which is a Tenant Friendly state. If the Tenant’s year/multi-year long lease is still in effect you Can Not evict the Tenant as the lease is an encumbrance and runs with the land, thus, holding weight. My states Anti Eviction laws will not allow this to happen unless it is a complete NON-PAYMENT of rent

Post: question regarding: section 8 eviction

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

I had this same issue here in NJ which has different laws than FLORIDA. Here in NJ the section 8 tenant had a lease agreement with the prior owner. As per my attorney; the lease agreement is encumbered and runs with the land. Therefore, you must honor the lease and a court will not evict the tenant under Anti Eviction laws

Post: New tenant late rents, no response to calls

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

It is officially past the 10th of December. File for eviction ASAP. It is highly likely that she is running game on you

Post: Having problems with my tenants

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

You broke rule #1 - You built a relationship with them (thats a big NO NO)

I work in the ghetto where you can't trust your own family members. Believe nothing you hear and only half of what you see and remember always file eviction if rent not obtained by the 10th no if and or buts.

Post: Discount rent for on time payments.

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

I get where you are Going with this. I have dealt with late rent and it is obnoxious. Unfortunately, in this case it looks they are doing you a favor by paying on the 1st of the month and they should be rewarded for SAID behavior. Paying on the 1st should be MANDATORY!!!

If not received by the 10th, evict evict evict

Post: Is it necessary to set up separate bank accounts?

Angelo MartPosted
  • Professional
  • Parsippany, NJ
  • Posts 384
  • Votes 260

100% absolutely set up a separate bank account for each rental