All Forum Posts by: Chris Masons

Tim,

As others mentioned serve your notice to cease when they are late. Another thing that I didn't see anyone mention is your tenants are protected by the anti eviction act which applies to 3 units and higher non owner occupied dwellings....

There are only ~ 12 reasons roughly why a tenant can be evicted while protected by the NJ anti eviction act.. I believe one of them is habitually late rent payments so you should be justified in your cause to evict. You will just need to show a pattern of continued late payments, and serve notice to cease, followed by notice to quit. A landlord is entitled to his/her rent on time on a continued basis. Paying rent continually late is cause for eviction I believe.

Good luck and perhaps before going eviction route have a in person sit down with them? I manage 27 units and feel this can go a long way and at the least  you can get a better feel and prepare yourself based on their response.

Chris

Hi Rich

If you can claim " Real Estate Professional" This can be huge!

 This basically gives you unlimited losses to write off on a yearly basis from your rental income VS. the 25k passive loss limit that the non Real Estate Professional is capped at.

If you work a full time job you really need to take a hard look at if you can legitimately claim you are a Real Estate Professional.

From what I understand people with full time jobs and also claiming to be  Real Estate Professional are red flags from IRS standpoint as it is tough to meet the requirements while working full time.

Good luck

Chris

I try to have the best of both worlds and than some....

I work for a fairly large corporation and make decent money, have good benefits, 401k and some great perks at work...

In edition I self manage approx. 25 doors and this rivals my W-2 income... If I quit my day job I would lose out on some great benefits, good pay.. I would gain a lot of time back but I don't think I can make up the cash differential in Real Estate.. OR at least not relatively quickly... The thought of not having to come to work everyday on some days is very attractive but my long term goal is to be able to retire early - 55 to 60 latest is my goal - and live comfortably.....

The other thing I am able to do because I have multiple streams of income is to parlay some of my W-2 income into blue chip dividend growth stocks, REITS, and MLPS to further diversify and create a continually growing income stream.

By the time I retire I hope to between my Real Estate income, retirement accounts and dividend income from non retirement accounts more than double my w-2 salary.

It's all about your goals and desires. I know some people after working for themselves could never go back to an office and work for a Corporation. Some of the wealthiest individuals are entrepreneurs or people who took a risk and opened up a business on their own and became hugely successful.

For me it's slow and steady, being consistent and diligent with multiple streams of income.

Everyone has to find what they are good at and comfortable with.

Chris

Hi Emilie,

If you have good credit and your income ratios are desirable and the property financials make sense you should be able to find a lender that will do 20% on a multi family.

There is no guideline that I am aware of for your first multi property requiring 25% down.

Good luck,

Chris

Hi Caleb,

My style is very similar @Amit Kal in that I own ~ 15 properties that equates to about 25 doors consisting of multi families, single families and condos... I have bought two outright for cash and the rest I have put down 20 or sometimes 25% and mortgaged the rest.

I have been buying and holding Real estate for approx. 19 years. I bough my first property back in 1997 and I was 22 years old. My last 6 properties I have bought with a partner which allowed me to save capital and acquire more for less.... I invest in areas close to my home - which is in NJ as I self manage.

Keep in mind Real Estate is not a get rich quick scheme as it takes time, money and experience and also a bit of luck - being at the right place at the right time.

Slow and steady wins the race.... Don't just buy just to buy for volume. Make sure the deals make sense and it fits your long term goals and criteria. If you are savvy and know what to look for eventually you will find deals. Have patience and above all Don't lose money!!!!

good luck,

Chris

Read over your lease, perhaps there is something in there this can fall under? Send a notice to cease and cite disorderly conduct which is a legitimate reason for an eviction...

Obviously you need to follow procedure notice to cease and if the behavior doesn't cease follow it up with a notice to quit and file for judgment for possession based on these grounds...

Also add a statement stating nobody is allowed up on the roof!!!  Lastly you can threaten to contact Section 8. If  tenant feels they may be at risk of losing their section 8 voucher - which BTW are extremely difficult to come by currently, that in and of itself may be enough to cure the behavior.....

good luck,

Chris

Congrats!

Way to nail a solid triplex with great numbers on your first investment!!!

Keep it up! It can get very addicting if your first is a success!! Don't let it get to your head and start looking for your next!

Best,

Chris

Seems very high......

No GC needed for this work.... Honestly, this stuff a handyman should be able to handle.

I would definitely get some more quotes for this...

good luck,

Chris

Welcome Randy!

I have a handful of properties in Union and Somerset counties..

Feel free to connect with me!!

BEst,

Chris

@Tatiana Duarte

Welcome... You definitely will like it here! I am a buy and hold investor and most of my holdings are in Union, NJ  I lived in Union for 12 years and am very comfortable with the township.

Things have gotten lofty lately between prices and taxes but there are still deals to be had. Just may require a bit more time and patience to find the right property.....

Sounds you have a good plan and similar to mine when I first started out. My first purchase was a 4 family which I planned to occupy but I ended up renting out the entire house. Threw off a boat load a cash and enabled me to proceed to my next pretty quickly....

If I can make 1 suggestion it would be to try to buy your first investment relatively close to where you reside.. Or perhaps owner occupy a two family if you don't own your own residence currently - (a great way to get your feet wet in this business)

If you need any help or tips you are definitely in the right place.

Good luck!!

Chris