All Forum Posts by: Mike Moreken

I guess it is a pitch.  I know I might be interested in Notes.  Not this way though.

Michael Correale

Welcome

 Online auctions in NJ will not show current bids.  After dust settles you can find out generally.

 Wrong.  Investment amounts < $1500 generally get 8%, >$1500 in lien 18% on the pennies over that amount.

in regards to Trenton, NJ, I use an attorney there who specializes in landlord/tenant law and who wrote my lease. They have also defended it in court several times and the tenant was always removed as speedily as possible. I know other towns/cities in NJ where this process can take months or longer, so I always advocate using a specialized attorney in this tenant friendly state. Trenton is a landlord friendly city, within the law. 

Me too Attorney Mr. Mooney.  I gave him a good idea for the lease when we were in the feedback zone.  All mostly settled now.  Just edited my legal docs today for "additional interest".   I have a NO Pets in my lease.

Yes ok on what you call compassion.  I could look at it as past business too.  I am not a cruel heart person, but I know how important it is to keep this business.  Good to know Trenton is LL friendly.  Luckily have not had to use that portion of Trenton yet.  My recent past hurdles in Trenton were COAH and a permit.  Both are now completed thankfully for persistence.

My lease does not require me.  :) but I will.

Thank you Eric N. just dropped language into my application and lease on "additional interest".

My lease requires it.  Also the lease tells binds me to get insurance.

No compassion!, that implies emotional topics/getting pulled in.  This is a business.  My lease is protecting me.  NJ laws protect the tenant.

I threw more legal stuff in lease where lawyer said interesting but may not hold up in court.

No worries as I have more verbiage that any messed up language does not invalidate the lease.

Bingo!  3*gross income to the rent , good credit, no evictions.   The concept of no bankruptcies may be good too.

Recently talking with prospective tenant.  Shoot 3 down when can't handle rent.  Showing 2 the property next week.  THOUGH one when I mentioned rent plus security due at one time, I heard a hesitation.  It sent up a red flag :)

I suppose when I talk again I can ask "is the rent plus security due high?"  (Trying not to attack person)   But as a friend said 'next prospective tenant'!  So when person calls to set up appointment I'll try to determine this before I waste time driving to the property.

Heard a horror story from another friend's father, rented for 14 years, 7 with no rent, tried evicting first judge said no.  Second said if they move you have to pay the difference in rent!

Then the SPCA got involved with lawsuits when the LL stopped making repairs.

Finally a hurricane damaged the property well enough that the property was not habitable.  At that point they leveled the house to close the story.

That is NJ for you.

All ~projected/real #'s.  Repairs/Supplies/Cleaning for 2015 $14k, done.  But will fund Vacancy + Rainy day funds.  Not to levels shown.  Got this property ~for a couple $K in foreclosure.  Then spent $$ on repairs etc.  I can not write off until 2015 tax season as that is when rental sign finally went up. :)

Vacancy + Rainy day to be a high priority.  Some other fees will fall away.

So 588/1200 = 49% holy cow if true.