All Forum Posts by: Patrick Q.

@Will Fraser

Thank you Will.

I think I will go through with this if I can get solid info that they are in good standing and they are not criminals.

It allows me to get the owner occupied unit ready for us to move in.

Thank you Will.

Hello All,

Looks like I may have to inherit a tenant if I wish to purchase a property that I am in attorney review on.

I have the these tenants names from the lease they hold currently on the property I am trying to purchase.

Are there ways that I can look them up without breaking any laws to make sure that these people are not people I don't want to have living in my house hack?

Could I look up any police activity at the house I am purchasing to see if the police are called there regularly?

Thank you in advance for any advice you guys may send.

Hello All,

I am in attorney review on a property.

There are existing tenants with a lease expiring 3/31/21.

I am told that the existing tenants are currently looking for a new place and will be moving (no move date was provided).

I have a copy of their lease, it seems to be in order and a decent lease.

I wanted the property delivered vacant as part of the deal, so I could vet and choose my own tenant.

Delivering it vacant is not something the seller can commit to because we are in NJ and also the pandemic (the tenants are entitled to renewal).

I have asked for the following seen as though the property cannot be delivered vacant;

-A copy of the current lease (I received this).

-12 months of trailing rent payment documentation proving that the rent was paid by the tenant, in full and on time.

I am considering requesting an Estoppel letter documenting all of the details that would be signed by both the tenant and the seller.

I feel like the decision to take the property will come down to if I am willing to take the existing tenant or not. 

Has anybody got any advice to offer as to how I might further protect myself or actions I might take in this situation.

I like the property and it is a solid investment in my opinion.

Thanks in advance for any advice you guys can offer.

@Patricia Steiner

Thank you for the advice.

This one will be purchased in my personal name as I am doing FHA finance.

I do intend to do everything digitally.

Its the way forward.

Hi Charlie,

I lived in NYC for 19 years, was searching for a house hack in NJ when COVID happened.

I was off for 6 months and spent much of that time educating myself about REI.

We found a nice apt rental in Jersey City (JC) and decided to move for the extra space.

I have had a couple of lenders tell me that I was not eligible because of the 6 month gap in employment.

I have had more mortgage companies tell me that the gap is fine given the circumstances and that I have gone back to work for a similar salary in the same industry.

Try: Loan Depot, Cardinal Financial Company, Nations Lending, Primetime Mortgage company.

These folks have all been receptive to me.

Local banks include; Provident Bank, Kearny Bank, Valley Bank and Haven Savings Bank.

I would try the first batch of organizations that I listed before the 2nd batch.

Send me a private message if you want to discuss this further.

I will share what I know with you if it helps you out.

@Mike McCarthy

I hear ya Mike.

This is my first property.

Looks like there is no easy way to hide it.

I will be fine I am sure.

Thank you.

@Jim K.

Love this response.

They could simply look it up online.

But I might get lucky with a stupid tenant😀

@Terrell Garren

Thanks for the response.

I am no push over and don’t mind to be honest whether the tenants know or not.

If it was easy to remain anonymous as the owner I would do it.

Hi All,

I am a soon to become landlord.

I am going to self manage.

I will be house hacking and therefore my face will be known to the folks renting the 2nd unit.

I would prefer if possible for them not to know that I am the property owner.

The main thing that would give away that I am the owner is when rent payments are made by the tenants.

The property is owned in my personal name.

Does anybody have an advice on how I could try to keep the fact that I am the property owner private from the tenants?

Could the business bank account (s) that I set up be such that the checks are not written out to my personal name?

Hello All,

Does anybody have any recommendations for a software to self manage rental units?

The following features would be helpful;

-rent collection online.

-a portal for requesting maintenance requests.

-a module for general communication.

-a module to find out phone numbers or download a copy of your lease if you have misplaced it.

And all the other things we have to do as landlords.

Look forward to hearing what you guys are using.