All Forum Posts by: Timothy Heck

Hello all,

We have a commercial property on a local highway with a rectangle of grass/some bushes shrubs etc.  around the parking lot and building in Linden NJ.  Also the small house behind it with maybe a 1/4 acre small backyard 200 Sq ft  front 50 sq ft.  If i wanted it cut 2x a month how much should that typically run us if its commercial  & residential?  

Hello all,  We have evicted a hoarder, she signed  court agreement to vacate 4/30/23.  She has not lived there in months, been in the hospital she can't even get up to the 2nd fl where it is now.  Her family emptied out storage on the 1st fl and took her car out of the lot, I highly doubt they want her rat poop furniture or 6 month old expired pasta boxes coming to whomever took her in now, but there are mice & rats & poop everywhere.  My attorney is setting up a lock out with the sheriff, should I really wait 30 days to get rid of all this junk?  Or could I get it dumpster by the 3rd or 4th weekend of the month, does anyone have experience?  Has this backfired on anyone?  

Hello, my mother has a condo we are considering doing seller financing, the big issue is she has a rent controlled 100 year old tenant. The property may not cash flow for a few years but once she is gone with rehabilitation it should be fine. A potential buyer bought a similar condo in the building from my mom for cash last year, he wants to buy it in an LLC.

any pitfalls for a seller to consider when holding paper?  I assume we would escrow maintenance, taxes.  The building has insurance,  should we do a separate one for the unit?

Hello all,

My mother has a condo in a building that is 50-55 yrs old in North Bergen NJ.  She wants to sell it but we have an existing tenant who has been there a long time and is over 100 yrs old.

A buyer who is interested just got turned down for a conventional investment loan from Wells Fargo b/c I think the rent would not show enough income each year with a loan. 

I have 2 1questions

a. Does anyone know investor friendly lenders who might finance this?  The buyer also bought my mothers other condo last year for cash and is making around 10% return so he needs something to shield from taxes.  Most likely the tenant will be deceased/moving with family in the next 2-3 years.

b. Has anyone done seller financing for a condo type of property?  What were the terms?  Is it crazy to any longer than 15 years?  It would help with coving some of mom's health aide bills.

Hello,

I have been using Rentec Direct the last few months and am getting used to is, just a general question for PMS if you have personal expenses on a credit card, do you categorize those under "Owner Withdrawals" or create separate categories, ex for Medical expense or Personal Travel?

Also for when you pay a credit card, should you just delete that on your feed and account for it with the bank account feed you are using to pay it?  What do most folks with Property Management software do in this case?

Hello,

I have a tenant of my parents who is now 3 months behind, their lease is up in 3 months.  It was 2 brothers and their mother and the mother has moved out.  As well one brother is a trucker who has said the loads are slowing down.  Bottom line their income is down and I don't see signs of getting better as the economy slows down.

Should I offer a payment plan to the end of their lease or give a longer timeline?  Or just keep it short to look to evict?

I've heard its a landloard market so i shouldn't worry about getting someone maybe late summer or fall.  This is not in a great town but close to NYC and they have some new condo buildings that are renting for $400 more than ours currently, our building is 15 years old, not luxury but definitely modern.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $475,000

6 over 6 2 3br units in town near NYC in NJ.

What made you interested in investing in this type of deal?

Good location, stable reliable tenants

How did you find this deal and how did you negotiate it?

My parents owned the home.

How did you finance this deal?

regular bank loan and gift of equity.

How did you add value to the deal?

Updated the roof, HVAC, Updated 1 of 2 boilers and Water Heaters, added sillicone to outside siding. New Steps front and back.

What was the outcome?

Still owning Equity is up to $575000 or so.

Hello Bigger Pockets family, I'm a longtime Podcast listener, 1st time poster.

I'm trying to get user opinions on the best Property Management software for Accounting/Backoffice automation (posting the accounting while paying vendors/accepting payment) as well as online payment (I use zelle now but worry about eviction issues later, also I don't want to wait more than 3-4 days to get a payment. (also I should mention I'm a CPA/accountant, been using QuickBooks desktop since I took over for my dad, he passed away 2 years ago so now I'm up from 4 doors to 11 with my 80 year old mom who's home health aids are the biggest cost to us, she's getting hip replacement surgery on Wednesday....so I'd rather ask my BP team to get this right the first time.

I'm willing to pay for software, don't charge an egregious float on top of that.  Also should I worry about reviews on the apple app store?  Rentredi reviews there give me pause....)

Also with screening tenants, we are evicting a hoarder so I would like to make some of that online and not having people do manual applications, did I mention I live in Long Island and go to NJ 1-2 x a month to collect the rents and meet with our aging bookeeper who is tired after faithfully helping my parents for 13 years.

Review sites (landlord guru, getapp have mentioned Rentredi,  Rentec Direct, TurboTenant, Hemlane.....I have a sales call into Rent Manager, from what they say it would be $200 a month but we gross $14k if everyone pays so that would be a little over 1%.  I just want to get the best value & get payments clean if tenants pay online (only 2 of 14 do now via Zelle).  I don't mind a nominal Ach fee if we have to.  Please folks for my Mom and I's sake please help us out give us the good bad & ugly.

Tim H (Jersey boy in Long Island)

 Just get a PO box and have her send it there, the idea for a credit if she pays online is good.  What state are you in?  My family has rented in NJ (pro-tenant) for 40 years and they would laugh you out of court if you tried to evict when a tenant is trying in good faith to pay their rent.  Not everyone is going to go online to pay, no matter what.