All Forum Posts by: Brandon Ingegneri

I’m not from NJ, but my understanding is that Cherry Hill is a relatively well off community. I’d think that your $130k wouldn’t go too far there. Obviously someone with more intimate knowledge of NJ can advise you better on this than I can. Having said that, I would focus on getting one deal done. One at a time will allow you to work your kinks out. When you have multiple projects going on simultaneously, your problems can compound rather quickly. 

Get 3 jobs, and save cash.  Learn a trade.  Don't be a snowflake and try to take a shortcut. Learn what it is like to work your balls off and grind.  If you aren't going to college, learn what work is.  Start there, prove to  yourself that you can bank some cash, and research your entry into the business.  Your going to need some money to get things started regardless.  

10% of collected rent. 

Nothing gets paid on a particular unit if it is empty or they do not pay.  Incentivizes the pm to keep property performing. 

No lease renewal fee.  A pm gets paid a % if that month of rent is collected. 

For an existing customer, but the new tenant placement fee in half.  New customers pay 100% of first month's rent.  If there has been an ongoing relationship, at the very least cut it in half.  

Personally, I have excellent customers.  They pay their bills immediately.  As a result, I do not nickel and dime them.  I charge a management fee, and I charge for additional physical work performed at the properties.  If a unit is vacant, it is on me to get it performing again.  Im not going to charge someone on a unit they own that isn't performing. 

@Marc Winter the agent admitted that she gave the buyer the code.

Just aggressively pay these down if you have that much disposable income. Other option would be to sell them. I don’t know your tax situation, but given your stated level of income, it may actually benefit you to take an annual loss on these. You’d have to speak with your accountant.

Another alternative that I have utilized both as a contractor, and as a GC who has to utilize subs at times, it breaking the job up into thirds.  1/3 to secure the job, 1/3 at a designated portion of the work being completed, and the final 1/3 upon completion.  

Having said that, when dealing with customers or sub contractors that I have a relationship with, these distributions are unnecessary.  With our plumber for example, we pay him 100% upon completion depending on the scope of the job.  If we are doing full plumbing and heating in a house, we give him half to gather the appropriate materials and half upon completion.  

You have to utilize judgement, and take into account the relationship with the person in question.  A one size fits all approach will prove to be counterproductive in the long run. 

Why not just quitclaim deed the property and pay your mother's mortgage every month?  You do have to be mindful of the due on sale clause, but on a mortgage balance of that small amount, my guess is that the ship can continue sailing without incident if the change is subtly made and the mortgage is paid without incident. 

I have it in writing.  I do agree with you though. 

I think that it all depends on the actual size of the bathroom.  If it is tight, I would avoid the laundry.  It is is already a decent sized bathroom to begin with, having the laundry on the main floor is a selling point. 

It all depends on the specific deal, relationship with the lender, previous track record, and amount of skin in the game.  There have been instances with people I have done regular business with where I allowed them to put very little down.