All Forum Posts by: Greg Wilkins

Jacob Pereira Congrats! Good luck and good deals!

Dan Bosak Thanks for the reply. Can anyone else from south jersey share? Also nationally it would be nice to see what percentage of rent is taxes. Thanks

My rental property is located in Cherry Hill, NJ. It currently rents for $1695/month. The real estate taxes are a shade under 34% of the monthly rent. I feel that this is large percentage. I am curious if anyone else would be willing to share the same information about some of your rental properties. My working theory is that property taxes this high make buy and hold with a decent cash flow difficult unless you find incredible deals and/or minimize leverage. Thank you in advance for any input that you may have.

Tenant paid the rent on time!!!!! I was firm and fair and she got the picture. Thanks to all the advice here, I did not make her problem my problem and everything worked out. Thanks again!

Ashley Schroeder time will tell. I failed to mention that they referenced going to the ATM.

This is why I love bigger pockets!!! I get to hear everybody's suggestions and comments and use it to make an educated decision. I came up with play it very cautiously and be ready to evict. Don't use the security deposit. Consider waiving late charge with proof. I called the tenant and after she told me the latest, I told her that I would waive the late charge for 5 additional days, IF she provided proof from a third party. She said she would and that her new checks and account should be all set by 5/10/16. I told her that 5/11 would be late charge and notice to quit. Two minutes after we hung up she called and said that they would make cash withdraws of the Max amount over the next few days and give me a money order before 5/5 instead of waiting for the checks to come in. Fingers crossed, ha!

Thanks for the input everyone. Their credit was good when we screened them 5 months ago. I have a coworker who's debit card was compromised and drained recently, so I am going to talk to her tomorrow and see how the bank handled it and what the timeframe was. I would think that they should be able to straighten it out by 5/5/16. I will definitely discuss with my attorney and be ready to send out the appropriate notices on 5/6 if this gets anymore fishy. Thanks again!

My tenant reached out to me this morning stating that she has been the victim of identity theft and her bank account is currently frozen. Rent is due on the 1st and late after the 5th. She requested that I use a portion of the security deposit to cover the rent. The rental is in NJ. They have been good tenants thus far. 4 months of on time payments and they keep the property nice. They were a personal recommendation from my realtor and passed all the normal screening requirements. My question for the BP community: do you believe them and use the deposit until things get straightened out? I requested a copy of the police report so far. Thanks in advance for your thoughts and opinions.

That would be interesting. Did you already pay the full amount to the sheriff? If you already paid everything to the sheriff and told them you wanted the grantee on the deed to be you or your company, then I think you will have a tough time selling your interest in the property prior to the deed recording. However, I would talk to your attorney. An idea would be to execute a deed and have an attorney or title company hold it until the sheriff's deed records, then have the next deed recorded. If you haven't settled with the sheriff, then you could do an assignment of bid, which would allow the new buyer to step into your shoes as the purchaser. That would be like a wholesale sheriff's sale deal. Haven't heard of that before. Maybe you just created a new niche!!!!! Good luck.

@Matthew W.

Pluese Becker Saltzman, LLC have been doing foreclosures in NJ for a long time. A friend of mine works for them and he said he would be happy to talk to you to see if they could help you out. If you are interested, just google their contact info and ask for Joe Giuliano.