All Forum Posts by: Steven Primiano

@Matt I. thanks for the mention!  Was just thinking about you this weekend - glad it's going well and you made the improvements to the home.

I was put in touch with an investor-friendly lender in Monmouth County.  Won't do low down payment loans, but has some other options that might be attractive.  As a disclaimer, I haven't met with him to discuss in detail.  Only got some basic info.

Give me a shout if you are ready to start looking again.  I'm on the hunt for the next one as we speak!

Steve

Hi Jacqueline,

Welcome to BP. I live in Holmdel on the border of Middletown. I partnered with a friend and purchased 2 properties last year that we currently rent. I also was licensed a few years ago. We are looking for more deals and could definitely use some local contacts, especially those with construction connections. There are also a few meeting worth checking out in the area. PM me and we can chat further. 

Steve

Hey Derrick. Welcome!  I live in Monmouth and purchased my first 2 buy and hold properties with my business partner in 2018.  I am also a licensed realtor. We’re always looking to expand our network. Feel free to messsage me if you’re interested in connecting. 

Steve

@Matt M. Exactly what I wa thinking - bite the bullet and pay because it’s our house and will ultimately be our problem if and when she moves out. 

Thanks for all the advice!

Thank you @James Lloyd and @Jonathan Herron for the links and advice. I’ll definitley look through those. 

Depending on the state law, I will definitely work something into the lease as @John Underwood explained. 

To @Sam Shueh definitely a mattress issue as confirmed by exterminator. 

We moved a new tenant into a 2-family home in New Jersey this past July.  She recently notified us that she found a bedbug and a week later found 3 more in her mattress.  We tried arguing that a bedbug is something she or someone associated to her brought into the home and therefore it is her responsibility.  There is no provision in our lease that specifies how to handle pests. 

Because this is a 2-family house and we don't want the other tenant to become affected, we agreed to pay for an inspection.  The exterminator confirmed the mattress is the source of the bedbugs as they weren't anywhere else in the apartment.  We need to act fast before they become a bigger problem and the tenant is telling us she can't afford the treatment.  We offered to pay for the treatment and have her pay us back $25 per month extra when we collect rent.

Any experience with this in NJ?  My thoughts is that bedbugs would be the same as lice - it is something that a particular person brought into the house and should be the tenant's responsibility.  Not like mice or roaches that would ultimately be the responsibility of the landlord.  We are looking into what the state specifies in their laws, but looking for any advice someone can offer.

Thanks,
Steve

@Keith Gilde Thanks for  sending the post. I have been to one of the meetings @Mark Scarola runs and am  always looking for more opportunities to meet folks. We just closed our first two properties this month and are in the process of getting them rented. Would love to connect with others about their experiences. 

Steve

Hey Brian,

Welcome!  BP is a great place to learn and make connections. I’m actively looking for my first deal, hoping to either flip or renovate and rent. Though not my full time job I am a licensed realtor. We should connect. I think our skills and background could complement each other. 

Steve

@John Leavelle thanks so much for the input. My partner lives around the corner from the place. I plan on managing the property myself but will include a percentage for PM. 

All good advice. Definitely getting a home inspection but furnace and hot water heater all newer. Lots to consider. Appreciate the input. I've been looking for a long time and anxious to take the plunge but want to make sure my research is sound. Thanks again. 

Steve

thank you all. I appreciate the advice. 

@Bob Okenwa  will definitely check with my attorney. 

@jay dean 

@Jay Dean I'll up the percentages when running numbers on this and other properties. 

@Vivek Khoche thanks for the rule of thumb on cash flow. 

Other consideration is that I was pretty pessimistic on the rent. I think I could get a few hundred more but wanted to see how solid the numbers were with low rent. I'll do some more due diligence on the rent estimates, edit the numbers to your suggestions, and see where we come out. Thanks again for the advice. 

Steve