All Forum Posts by: Antonio Figueroa

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $320,000
Sale price: $549,000

Complete renovation from a finished basement to installing a beam to open the first floor.

I like using venmo or zell for tenants to pay rent. It's even in the lease as the payment method.  We will just get a new tax doc from them for 2022 taxes to give the accountant. As long as you are recording and reporting everything correctly it shouldn't be a problem. 

as for landlord management so far I use Stessa which links to my business account and mortgages to track rents, mortgage payments, capital expenses and maintenance. I review it weekly for like 5 minutes to make sure things are in the correct categories (income vs expense) It takes some getting use to but so far has been a good combination. 

Ok so sounds like I'm going down the correct path. Are there any books or tools that can help with this process or is it just me doing excel?  I'm concerned about the stuff I don't know to account for or things like tracking the rental income as tenants leave. 

I am shifting my focus on small multifamily properties (4-10 unit) I have done several 2-3 family successfully in NJ and am finding the commercial multifamily require time because they don't come 100% vacant. With that I was wondering if there are any BRRRRR multifamily experts who can recommend how you project your holding and capx costs over several years until the property is ready to refinance and rent.

I'm looking at a 6 family in a rent controlled town that is fully occupied. I suspect repairs will take 12 months and I will need 2 years to get the tenants to leave. 

not sure if the juice is worth the squeeze but the ability to project year over year costs, improvement work and the final refi must be out there in someone's excel folder. 

or am I over complicating things?  I imaging when I reach the 50+ unit projects this will become more of a reality .....

@Ken Dayal - I am working on a 6 family in union city that I am working.  Biggest challenge is it being a rent control area.  The tenants have been there for 10+ years and have not had a rent increase.  The property needs an overhaul which I have good experience with that and my team (from architects to finishing).  To address the tenants I am looking to bring in a property manager to help manage out the existing tenants, if they work out I would use them to manage the property after the full rehab is done (12 months).  Do you think that is a plan that a property manager would take or will I have to run with getting the property vacant and turn it over to the PM to run with the new tenants?  I know a PM down by Edison that will do rehab to rental management, not sure if that is common to find in a PM in Hudson county??

Did you ever get answers to your question? I find myself in the same situation with an 6 family and want to understand can rents be raised to market and also my ability to BRRRR the property which will require vacancy.

I'm calling evey day, I've learned eveyone that works there first name,  position and even vacation plan. Ive gone in person several times and they are starting to know me by name now. So I'm persistent just wondering if I'm overdoing it and they are slow on purpose or if I'm missing something. 

Hello BP,

   I'm wondering if there are any tips on how to speed up the permit review process and to get a feel for how long it takes others to get them reviewed and approved.  For reference I am working on a 3 family full rehab, plumbing, electrical and light framing of closets and doors.  This is being done in Elizabeth NJ.  I am currently 6 weeks in waiting for the permits to get reviewed.  Architecture diagrams with wiring, plumbing, smoke and fire all provided yet the permits are still being reviewed.  Is this normal and is there anything I can do with the town to speed it up?

Did you get the membership and what would you say made it worth the spend?  I find the concept of online forums great but when you try to ask questions around topics that BP wants to restrict you and recommend purchasing a pro membership to simply post a question a bit questionable. Is the content and I guess freedom to speak better with a paid subscription?

Great question did you have any luck?  What do you look for in this particular product?  Newer properties with wheelchair access?  Technology gadgets like Alexa integrated appliances, Doorbells and thermostat?