All Forum Posts by: Jay Gee

One of my closest friends works for Solar City and is guiding me toward this process with my rentals and my own home.  The electric does not have to be in the owner's name for those who are concerned about liability of utilities.  The PITA part of the process is that if you want the electric in the tenant's name, then all your tenants must provide one year worth of electric bills.  Also, tenant signatures must be gathered for Solar City to gain permission to access the roof since the tenants are technichally renting the property.  That part of the process surprised me.  If you plan on putting the electric in your name, then only your signatures are needed but I concur with others - I wouldn't want utilities in my name.  Why not save 30% on utilities and go green, plus it is def as good selling point to prospective tenants :)

My buddy gave me one big piece of advice. He said move any roof exhausts or extending pipes to the sides. Aesthetically speaking, nothing looks uglier to him then a pipe sticking up in the middle of a bunch of sleek panels.

That's a great challenge.  I have been a landlord for 8 years now and am entering the realm of flipping.  I've been viewing homes and researching values.  Contact is next so i may use your challenge and do a few offers a week. I'm lucky enough that my significant other is an agent. 

Some agents will consider your offers a waste ot time, but others will be highly motivated to work with you because they may also just be starting, too, or are experienced and know strategies to encourage your offers. 

Maybe you can meet with a few agents and offer your plan and $,$$$ for them. If you both click and seem matched up in goals, awesome.  Have an entry plan and exit plan for you and your agent, and who knows how long you may work together :)

Congrats on getting out there and talking to potential clients.  These are just initial thoughts to your question -

1) I'm a basketball coach,  so my analogy to the players is to just keep shooting. Our goal was to shoot 75 shots a game.  If 20 went in, we scored hopefully 40, which was average for a team.  Keep shooting :)

2) Are you using an agent to represent you? Maybe for some of the offers,  try using an agent.  An agent may provide "legal" comfort to a seller.  The clients may be on the cusp and that push could be all you need.   For a few $,$$$, that agent can be your spokesperson. 

Good luck.

Hello,

This PDF is a bit older but I'm also voting with Max that the lease automatically becomes a month-to-month lease. 

http://www.state.nj.us/dca/divisions/codes/publica...

Just wondering, have you found out why they do not want to sign it? 

Jay

Congrats on your first investment purchase. 

This is my first post to the forums. Reading your post,  I thought of a few questions.

72 hour work weeks are long weeks.  I imagine you are doing what you need to do to earn $$$. Hopefully you can cut back as you begin to focus on investing more.  

So, 1) Will your rent justify hiring a PMC? If you lose a good portion of your profit to the PMC, can you accept that? 2) What's the travel distance to the rental? 

If you live within 10 15 minutes of the property, give managing a chance yourself.  Read up on others' experiences and plan best what you can and learn the rest.  I lived in one of my 4 units for 6 years and was lucky enough to rent to an awesome contractor (Well, I did screen him but the luck was the  benefits of him being a great guy and a go-getter).  Now I live around the corner and could never imagine hiring a PMC.

Ps. Would flipping it and cashing in on the profit alleviate your need to work 72 hours so that for your next buy, you could cut back on hours?

Best wishes for your decision.

 James :)