All Forum Posts by: Allan Szlafrok

@Shayne Whittington I’m getting 4.5% on commercial loans 5 year 25 year am on refis. I deal with smaller community banks specific to my market. I suggest you contact some local community banks as they are usually easier to work with as well.

@Ethan Mastrodonato I assume you mean assessed on the tax records? If so those often inaccurate accurate and may only represent a percentage of FMV. It's more important to check comps for similar properties in the area in order to assess value.

@Mel Hignell Honestly i didn't follow up after that i don't know what happened. Usually only the boss gets in serious trouble but as she explained to my property manager she set up her business in such a way where she could claim she didn't hire the girls for any purpose other than legal massages albeit unlicensed. She ran several other establishments as we were able to find out by doing a reverse phone number search and finding her ads on shady looking websites. She was late with the rent as well as apparently business was slow at our location. I've been told that landlords often turn a blind eye to these kind of things because the owners of the parlors often pay 5 times the asking price for rent. As it happens she wasn't even paying the rent we were charging so we were happy to see her leave in handcuffs or otherwise.

@Mel Hignell Unfortunately i may have you beat in terms of sheer grossness. Did an inspection on one of our units after neighbors complained and discovered that the tenants had converted our apartment into an illegal “massage parlor”. Massage tables, oils, incense, and some.....I think the polite term is marital aids...left out in the table. We called our friends at the vice squad and they came to investigate which probably took them more trips to the parlor than necessary but they were able to confirm what was going on. They raided the place, made some arrests, and that was that. They left the place in really nice shape but I still wouldn’t wanna look at it under UV light. So basically I know what your going through. It feels a bit like you’ve been violated in a way. Sorry to hear about your situation hope it works out for you.

@Kevin Cespedes Try talking to some community banks they tend to be better listeners about situations that aren’t cookie cutter.

@Adam F. I wouldn’t bother if you already have it in the basement. The tenants already don’t have to drag their laundry i the local laundromat which is huge because I know the area and how hard it is to park around there.

@An Lam Have you read Michael Pellegrino’s book on NJ tax liens? He’s the expert in the space you may want to reach out to him about your specific situation. He’s an attorney by the way.

@Anthony Madle Taxes are definitely high but they vary from town to town and the higher rents in the area generally cover those costs. I would say the other main things to be aware of is that the laws are very skewed in the tenants favor and removing a non paying or disruptive tenant can be a hassle. It's also an extremely competitive market because there is a lot of money chasing very few deals but I'm sure that's true in most markets these days. If you are looking to house hack you're at an advantage because you can take advantage of FHA loans with lower down payments and can look for properties through Homesteps and Homepath which bar non owner occupants from bidding for the first 20 days. Look into those programs and good luck with your search.

@Nick Farrell I used to work with my dad in another industry and when things were going well it was fine but when business got tough it caused a lot of friction between us. I wouldn’t recommend it. If there was a way where you could do the investing and you could lean on your dad for support and advice I think that would be a good dynamic. I’ve also had family members invest in deals and again when it’s good everyone is happy but if things get hairy it causes way more stress than it would with someone you don’t have to see around the holidays. I personally don’t recommend it but if you go that route make sure everyone’s responsibilities are clearly defined and you aren’t stepping on each other’s toes. Good luck to you whatever you decide.

@Smit Dan Of interest to anyone considering Airbnb in Jersey city.

https://www.nj.com/hudson/2019/04/the-end-of-airbnb-in-jersey-city-city-council-proposes-to-limit-short-term-rentals.html?outputType=amp

It’s basically game over