All Forum Posts by: Berlinda Luong

I was catching up on some older BP episodes and the one from Julu 23, 2020 titled "$12,500 per Month in Pure Cash Flow with Todd Balwin" interested me. I wanted to try and find out how many last names are allowed per address in my local municipality, but I don't seem to be searching for the right key words. Does anyone know what/where/how I should be searching in order to get it?

Hello BP Community!

I was hoping to get some advice. My last property management company still owes me security deposits and rental income (totalling about 16k). I was travelling a lot so I didn't check in too much, especially since I can cover the mortgage on the property with my income. They would tell me I should have a certain amount of reserves with them in case of a large project. When I finally hit 10k in reserves, I started trying to get some income, which is when they started dragging their feet. I fired them after finally meeting my tenants in person and the tenants begged me to find another company. 

Right now, I've hired a lawyer to send a debt collection letter for me and hopefully after the COVID-19 is under control, I can visit the office in person to see about a payment. Are there any other steps I can take to try and get them to pay me without going to court? Are there other things I could have done? I'm sure this won't be the last time I have PM problems since I plan on buying more homes =)

Stay Safe everyone! BL

Sorry! I'll meet everyone next month. I'm a little uncomfortable driving in too bad of weather. 

I hope it's not too late to add my name to the list!

Hello! I would like to get some advice regarding a condo that is in short sale. 

This townhouse is located in Montclair, NJ right next to Bay Station (a line that goes directly into NYC). It's a 3 bedroom 2.5 bath unit that a little dated but everything looks like it's in good condition. The condo is called Montclair Mews if you would like to see the complex. They are asking for 289k. Please let me know if you would like me to provide more information.

I would like to live here and rent out rooms to cut costs but one of the rooms is much too small for someone to live in comfortably. I told my realtor I would pay the asking price but the other realtor came back immediately and told us someone else has already bid higher than the asking. I don't quite know what to make of this situation. I could bid more but any advice on this process would be greatly appreciated!

Thanks! =D

@Jack Shea

Sorry about hijacking someone else's post but could you elaborate a bit more regarding whether this new account that is formed using IRA money is like a business account? So you can write checks and such from it for a downpayment, home repairs, closing costs? Do I have a time limit as to when I need to pay that money back? If the IRA has pre-tax money, is that another complication?

Hi Amy,

At the end of the day, it is still dependent on your comfort level, but let me tell you what I did. 

I bought a property, the estimated value was 85k but I bought it for 45k. I took out a home equity loan at an interest rate of 3.97% and took that money and paid off my student loans a chunk of my student loans. My loans were around 6.25-6.75% so I though this was a better deal. It's kind of like borrowing from Paul to pay Bill (or whatever that saying is) but Paul's interest rates were better. Good luck!

Hi! I would be interested, but that depends on my schedule. I'll update my post if I can't come. Thanks for organizing this!

Hello!

I'm Berlinda. I just moved to northern, NJ for a new job. I have a rental house in upstate NY (close to Buffalo) that is currently handled by a property manager. I hope to be able to acquire a few more buy and hold items, ideally fixer uppers around me because I love learning and trying things around the house! Some DIY projects l enjoy are flooring (tiling and laying hardwood mostly) and restoring nice hardwood. My most ambitious project was remodeling a bathroom myself, I gutted it to the studs and build it back up! 

I'm an avid podcast listener and found Bigger Pockets just by accident when I was scrolling through the business section. Honestly, I wasn't expecting this whirlwind of real estate information (I think you were right below the Passive Income podcast). After listening to a sample episode, I decided to start from the beginning! I'm currently on episode 68, and felt (happily) brainwashed into signing up and joining. =)

I work as a food scientist! My job the last few years were helping companies make new products for consumers. I've worked in a wide range of beverages ranging from kids drinks (like Kool-Aid) all the way to alcoholic items (like Godiva liqueur). 

Sorry about the long introduction. I look forward to getting to know you better!