All Forum Posts by: Tina G

thanks for the feedback. the reason i even considered this (despite the obvious potential headaches) is that i rent to college students in an off campus area where the highest speed internet is a highly sought after commodity, but most kids can't afford it. also they usually can only afford basic cable, which is why i thought premium tv + internet (phone is just included in the package deal) would be highly appealing.

i thought about rolling into the rent, but what if future potential tenants don't want the particular "free" service that comes with the place - what would i do then? deduct some amount of the rent or just find other tenants? then again, what is the likelihood of a college student saying no to free?

looking for thoughts on the following:
i have an opportunity to get premium phone/cable service (i.e. all the bells and whistles) for a multi-family rental unit at a promotional rate. it seems that if i split the cost of the normal rate (rate that will be charged after a year) among the units of the property each unit would be paying a low cost for premium cable/phone that i am pretty sure tenants would otherwise not even consider purchasing (because of the outrageous costs). this would be a way to make a few extra bucks a month, and i would offer it as an option rather than build it into the lease (as rent including cable/phone service).

this does raise a few questions/concerns:
- is it legal/"acceptable" to offer "access to" such a service payable to me?
- would it be better to phrase this option as the tenants are being charged for the "use of the pre-installed wiring" in the rental (i installed internet, phone, and tv cables throughout the property in every room to appeal to renters)
- if this is a sensible idea, it goes without saying that i would need an agreement/contract for tenants to sign: what important clauses should i make sure to include?
------ i definitely know that i would want to write something that makes it clear that i am not responsible for providing or maintaining the service itself (i.e. i'm not accountable for loss of service, downtime, or actual issues that come up with cable service providers)

has/does anyone do anything like this? i know the more common way of doing something like this is to include it in the rent, but it would be too late for that right now with current tenants. and the rent for the units is on the higher side as it is, so i think i would jeopardize my rent-ability by raising rent to include the added cost, not to mention i believe it is illegal to require use of particular cable provider if multiple ones are available in the area.

any thoughts would be greatly appreciated!

the insurance regulations for "boarding houses" are insane, and for over 2 years i have been trying to find a better way. as mack said, in nj a house that would otherwise be 600-800 a year in insurance is 4k+ and even then the deductibles for certain things (i.e. water damage) are very high (~2500). it eats up a lot of profit.

i always wonder what the 'master investors' (the RE minority who own majority of the towns) do about things like this. the only thing i can imagine is that they say it is owner occupied or that it is being rented by "families". i, too, don't like to take risks with things like insurance so i continue to investigate legit ways to reduce the high insurance costs.

mack what did you end up doing? for the record, i eat the insurance costs every year and just accept the remaining profit as "it is what it is". there has to be a better way, i just don't know what it is.

any recommendations for paint contractors in central nj (middlesex county)? basically looking for someone who has worked on rentals and can do a quick, but good job. simple paint job with some prep necessary, nothing fancy just need to throw on a fresh coat to meet city regulations. any suggestions would be greatly appreciated.

thank you, ted :o)

this is my only** RE investment right now (not own, it was a typo!)

hi all,

i am hoping for some guidance. i know ultimately i need to speak to a knowledgeable asset protection attorney, which i am in the process of finding, but until i sort that meeting out i wanted some opinions on the matter.

basically, i have an llc (that i am realizing now, may be "generic" vs. a real estate oriented one...the work of a half-@$$ed RE attny) that has 2 managing members (50% each). i set up the llc a week or two after purchasing the rental property (through a personal mortgage loan), and made sure to register myself as a landlord in the city, etc (i.e. followed the city's landlord rules to a T).

well, after doing a lot more research and learning (from this site and other places) i found out that my llc may not be structured correctly and that my personal registration info (address, etc) is probably publicly available in city records. i want to correct this situation as soon as possible. i take my personal privacy very seriously, and now that i am getting a better understanding of the implications of the structure my unhelpful RE attny setup for me, i am extremely stressed and disappointed.

so my question(s) are:
- should i dissolve the current llc and recreate a new one (this time using RE LLC paperwork)?
- i keep reading about land trusts/contracts as another level of privacy and protection, but since i have a personal mortgage with a bank to pay for the house, is this extra level of protection useless for me?
- what can i do so that my personal information isn't all over this rental property paperwork and filed away with the city on all the forms/registrations i fill out annually?

i have read and heard that there are "best practices" for setting up your entities (no matter how big or small) so that you protect your personal privacy and keep all business info/activity separate from self. this is my own RE investment at the moment, and i have owned it for two years, fyi. thanks as always for the feedback!

hi guy,

welcome to the site! i am also new to the site, pretty new to real estate investing, and from central nj. i have had a rental for 2 years and am looking to acquire more of the same and also get into wholesaling and possibly rehabbing.

i have been referencing this site for a month or so (before even becoming a member) and it is truly a wealth of invaluable information, so you are definitely in a great place to kick start your rei career.

~ T

i have read in books, on blogs, and on various sites like this one that the "magic number" is two years. i have a rental for two years now, but i honestly didn't even think about getting into rei until this passed summer. now that i am in it, i too have set 2-3 year goal. i think as i get more comfortable and confident in it, i will get more involved in it and eventually i may switch to it full time.

it's exciting to hear where everyone else is in their master plans, and it's especially encouraging to hear about people who have made the full time transition and are doing (more than) well!

i bought a rental about 2 years ago and i have been renting apartments (for myself to live in) for over 5 years. i actually am working towards owning another rental and i have no intention of buying a home for myself yet, lol.

it may be silly or strange to some, but i decided that i will probably buy my personal home to live in when i am making enough cashflow from my investments to cover my mortgage in whole or part. also, i honestly don't need a home; an apartment space suits me so why spend above my means and paycheck to paycheck when i really have no *need* for a house?

if you have done your research and ready to invest in a property before you even bought your own house - go for it! owning a personal home is as important as you make. so if you don't need it then spend your money making money :)