All Forum Posts by: Jake Recz

I know I'm reviving a very old thread here but I figured there was no point starting from scratch. All my questions were answered above except for one- HOW would the bank know that you're "self employed" if your s-corp is a separate tax entity in itself? Paperwork wise you're a regular W2 employee who is employed by a "company". What am I missing? The banks want to see personal tax returns and W2. 

I have a tenant on a yearly lease in NJ. That's his first year there. The lease is up in December. I do not want to renew it and he is aware. He actuslly likes the idea as hes tryiing to buy a house. We spoke about it and I told him that if he decided to move out early he will still be receiving his full security deposit back if property is not damaged. I'm trying to move back into the house. What's my course of action? Paperwork, notice wise. Id like to keep everything by the book. I want to make sure he moves out. He's looking to buy a house but it appears that the process is not going too smooth for him for whatever reason. Im just tryiing to make sure he is out by december... 

I'm digging through the MLS tonight and I came across west Milford, nj. I know that area pretty well. Very quiet, peaceful, good schools etc. I do have to say that the bigger towns where there is employment are probably around 45 minutes to an hour drive away. Is anybody investing in that area? I ran some numbers and they look promising. What am I missing?

So I'm getting a HELOC through TD BANK. If the HELOC is for $100k, I keep the balance at $0, and the property floods, would the bank still be the one getting the check? technically I don't owe them any money at that point? your experiences? I'm just trying to navigate through this without getting screwed in the process...

@John Knisely Thank you for the extensive reply. Wealth of information in a single post! am looking to invest into a duplex in a blue collar neighborhood. I'm mostly looking for cash flow. I would definitely want to stay away from any war zones. I was doing some research about turn-key in Ohio but I just don't feel confident moving forward. If I'm gonna buy a house for buy and hold I need it to be no more than 2-3 hours away from where I live. I just sent you a request.

@Cody L. That is a great question! WHY isn't everyone doing this?! I guess some people just like their 9-5 and chasing that social security check. Not my style! $10k a month is impressive! Keep up the good work! As soon as I hit $5k a month I'm quitting my day job and relocating. 

@Rafael Floresta Would you be able to recommend any good towns in Delaware County that I could look into? Im trying to find a market to invest in. NJ taxes notoriously kill any prospective buy and hold deals in my local area. 

I'm currently at $1200 net after I fully rented out my two family house due to an out of state move. I'm moving back though. Still, this whole passive income thing got me hooked. $1200 just flying in every month into my account and thats on a single property. Now I want more.

Thanks for all your replies guys. I'm gonna talk to them soon and let you know how it goes. My angle... I'm not gonna give them my angle. I could say the basement walls need to be repainted but I'm not about to explain myself to them or act apologetic. they begged for the washer. They got it. it seems that now they're pushing the envelope to see how much will fly... Eh being nice in this business is tough. People are always trying to take advantage.

Sorry I'm still not understanding it... Let's say they are listed on the policy. How would it work if we both got the check?