All Forum Posts by: Daria B.

@Les Jean-Pierre

Ideally, if they skipped or just didn’t pay and you evicted, you aren’t getting rent so it’s a loss. If you wave it (in lieu of eviction), then you are not collecting what is owed and is a loss ( but.... ). Now here comes the but, you had the opportunity to collect it and waved it (you gave up collection opportunity and gave them a get out of jail free card), albeit they likely would not pay you and would love you to wave it so they don’t have a mark against them.

If you are in the midst of eviction I would continue with it. My opinion. All states differ but I would think you keep the security in light of them not paying in the first place. You also need to check how your contract is worded. I find with every tenant exit good/bad/indifferent, I add something to my addendum to cover me.

@Lakshmi Nikitha Duggirala

I’ve read where others go father out when there a noncomps to speak of in that mile radius of the subject property.

@Ryan L.

Nice to see Paterson is making an attempt to have a secure updated community for 55+.

After looking at the web site I bought this up and it was immediately turned down.

@Noel Challenger

Of course I’ve spoken with my mother and the reality is this will likely fall on me as her heir to get things settled. Ie Fix, don’t fix, worth it or not. Unfortunately, when we get to be elderly it’s not always what we want but what is best for their quality of life.

Hi @Michael Lee

Thanks so much for reaching out to me! 

I am trying to make the best decisions for my mother in hopes she will see there are available options.

Perhaps you and I can talk about what options exist for maximum effect. I need to have an understanding of what I am dealing with in this market.

Renting the upstairs hasn’t worked out for her given the tenant misuse of property and lack of paying on time, if at all. She has not been as fortunate as her neighbor who rents her upstairs living space. She had to have the tenant evicted and that took years to do because the tenant played the court system and the court system allowed it to happen. She was finally granted the eviction and that took a toll on her. She’s in her 80s and I suggested to her that if she wanted to find a quality tenant to seek help from a proven PM. But again in this market that doesn’t seem to be what others do.

I am looking for some advise from those investing, if, in this area. 

Some back drop: 

My mother lives in Paterson and has been for most or more than my adult life. I grew up from the 60’s onward until permanently leaving when I started college and as such the area I knew as a child has drastically changed. 

She owns the house she lives in with no mortgage/note obligation. She had a former tenant that did some damage but most of what I see is wood rot, possible roof issues, and other damage from not being able to care for the home.

I have begun to approach her to discuss the cost of upkeep that ultimately is eating away at her living costs.

Is there anyone investing in this area whether they are renting or fixing and selling?

I’m not sure what else to ask at this stage - I know nothing about this market and am trying to find alternatives to her continuing with these home costs.

On a side note: I don’t see how any body affords to live in NJ with the taxes that I see being paid. Homes built in 1920’s era have the same or more tax base as I see with 2000 and forward.

Thanks!

If they are not incorporated and the work was $600 or more. It's what I did for my 2 contractors that operate under an LLC and as a person doing business.

That’s a great question for the Gainesville municipal office. I’m not sure of your particular situation so I won’t comment my guesses.

These offices have great resources here for city and county and the people that work in the offices ( eg permit, tax, appraiser, code enforcement, etc) are phenomenal. I’ve lived here since 2003 and began investing in this area in 2012 and have found these resources to be a great help.

I don’t think I can post those numbers here but you can search for Alachua County tax, appraiser, and code enforcement and get the numbers.

The office you want is the appraiser office when dealing with homestead.

@Tim Mcbee

Some good points. The problem I see is not being able to check up if the distance it too great.

Whether it’s a GC or paid by the hour subs/contractors, either can go south in a second. Having a great GC over hourly that have no direction or being held responsible for their work can be just as bad as having a bad GC. I would hope to find a good/great GC that I can still fly into the area periodically, and you’re right it’s good to have someone else that can do the checking in absence of he investor, to check up on.

I’m not sure if my comments were in the direction you posted on. 

Some PMs have contractor businesses. You recommend a CM/PM separate from contractor - what is a CM?  

@Christopher Phillips

Funny that you mention the 55+ community. Here in Gainesville there were a set of buildings completed for that age group. Something that took some by surprise considering who the target usually is - college students.

As far as other upscale rental living, this city continues to build these larger apartments - I've seen this momentum the past 2 years and it's not declined. Those of us in the SFR or smaller MFR wonder just how they are filling these when the grow here doesn't support it. A lot of developers are not local so they build and leave. The student base alone, although growing doesn't support the housing being built. The party students (as I'm told by several who have lived here for several years and are in the know) and those with wealthy parents flock to the apartments offering all the upscale amenities. Those students aren't new to the area they just move. As far new students, there aren't that many to fill the number of large apartments being built and continue to be built.

The areas that don't outline the school area are rentals targeting non-students and are not seeing rentals being filled. These people are likely trying to buy their own home. I suspect or the rents aren't what they want to pay. There is definitely a change from last year when filling a SFR wasn't difficult to do.