All Forum Posts by: JD Martin

I use erentpayment and cozy, one for those who want to push payments whenever they feel like, and one for those who want to set up automated payments. They can also deposit directly into our business account. I don't take checks or cash payments unless they are brought to my bank and deposited there by the tenant. There are too many ways to get paid these days without the landlord having to schlep all over creation to all the units honking horns and picking up wads of sweaty money. 

Biggest mistakes I've made is worrying about fixing houses the way I would want to live in them, rather than how the renter sees the property. This has caused me to spend extra money occasionally on things that no one else seems to care about, and if you are a long-time homeowner and aficionado of making your environment nicek, like I am, it can be hard to see a house through a renter's eyes. 

Sure, if it is not copyrighted or registered with the state, or whatever other protective devices exist in NJ. If you were in business long enough, you might be able to make a reasonable court argument against someone glomming on to your identity, but business is business, and registries and trademark protection exists for a reason. If you are DBA as "Matt Liu Enterprises", unless you believe there's someone else out there interested in using your name, or you plan on becoming the next Microsoft, I wouldn't worry about it too much.

Another vote for dishwasher. No one will remember an extra cabinet, but they will remember your property did not (or did, if you live where it's unique) have a dishwasher. 

Demo and structural issues come first. Next come non-finish work that impedes the completion of other jobs. Next comes non-finish work that can damage finished surfaces. Last comes finished surfaces. So in your list above (I'm not going to hit everything), I would do something like this:

1. Replace the roof; 2. Demo wall; 3. Remodel bathrooms (leave finish work); 4. Replace water heater; 5. Install drywall; 6. Replace closet doors; 7. Install kitchen; 8. Install floors; 9. Install landscaping

You should work from the inside out, bottom to top, from rough to finish. If you have a foundation issue, for example, you correct it before you start putting in drywall, which is liable to crack by jacking and shifting. 

Whether the costs are reasonable for the job, I can't say, but the administrative costs are high IMO for someone who is doing the job themselves. If they were only overseers, and bringing in all outside labor, it's probably not a bad price. 

Realtor can definitely be part time or full time. I know a lot of people who work real estate as a part time job. If you have to work around a regular "day" job, it is not a bad strategy, especially since a lot of real estate happens on the weekend. 

You draw up a separate contract with said family member/individual for a return on the money at X percent, and the family member/individual "gifts" you the cash. If it's a big problem for your bank, you deposit it into another bank with your name on the account, then transfer from that bank to your bank so the funds are coming from your name. 

Maybe, if there's enough equity, but that's pretty risky from a banking point of view. No one wants to be third in the chow line. The only way you'll know is to apply to some institutions and see what they say. I would expect a much higher interest rate if you do find one. 

I use an unincorporated/unregistered "DBA". The risk is in losing the brand should someone else decide it's a viable brand. Otherwise, if there's no legal or tax value for you at this time, and it's simply a marketing strategy, I say have at it.

For me it depends on how long they have been there, if they have been good tenants, what time of year it is, and how marketable the property is. Someone 10 months in on a 12 month lease that ends in July and always paid on time wants out 1 month early on a good property, for a reasonable purpose? I'd let them walk for free, have them do a good cleanup. Someone a couple months in, during the winter, or who have been PITA tenants? No dice. They are responsible for the lease and utilities until it is re-rented, this is in the lease. I did do an early termination recently for a woman who was very nice and a good tenant but wanted out early to get back together with her husband, whom she was divorcing, after 2 months in. I let her do 2 months rent (the deposit plus a month) and she clean up before she left, and we'd call a clean split, I would take utilities back over. That was fair to us, since it was past prime rent season, and let her make a clean break.