All Forum Posts by: Joseph Guzzardi Jr

@Mike Adams you can begin to charge utility fees for water/sewer to reduce your expenses. Can also state repairs under a certain AMT are tenant responsibility or repeated repairs is tenant responsibility on lease renewal. Not a huge difference but can help if only able to increase the income in small amounts.

@James McGovern not really any way to get around. Just need to be prepared and act fast when you need to. Have 1-2 eviction attorneys at your finger tips in each county. Don't be patient with late or back rent. If it's due by the 5th and it's not in, enforce the late fee, document and continued lateness is cause for eviction.

@Josh Aus Are you opposed to investing in Newark? There are opportunities there

@Ravi Ramu hey Ravi, just my personal input here, potentially controversial. I don't think it's necessary to complicate things this early. This inevitably will slow your investing down and limit your action.

Figure out what your goals are, learn from experts who are investing in these particular locations and evaluate what works best for you.

Create an LLC for each property wherever the location of the property is and ensure you have proper liability coverage. Keep it simple and take massive action.

@Ali Khalid I have personally been investing in South NJ such as Burlington Atlantic and Cumberland counties. Newark is an option though in Central NJ, particularly if you go the sec 8 route and find a good deal. But those will likely be in the off market space and will love very quickly

@Dave Tab Hi Dave. I am an investor agent who has a portfolio that spans from Essex down to Atlantic and Cumberland counties. I started with small multi and now focus on Rooming Houses and the occasional small MFR if it's a strong deal. Happy to answer any questions and assist.

@Ali Khalid Going to be extremely hard finding cashflow in north NJ when you are leveraging the asset at 96.5% at today's rates. My suggestion would be to get creative, consider renting out by the room after you close, but this would require a vacant property or at least a vacant unit. In terms of appreciation, if you hold onto the property long enough in NJ, especially north NJ it will appreciate. Having said that, not necessarily something you should be banking on.

@Alexander Grullon Go to meetups/networking events and hit the phones brother

@Nicholas Jose you will have to consult with your attorney regarding the current lease. I hope the daughter who is causing the trouble is in the lease. I am not an attorney but it looks like you are going to be dealing with this for quite some time one way or another unfortunately. If you need any other guidance or vendors/attorneys I'm happy to help

@Hector Serna keep motivated and truck along my friend. For the 2nd and 3rd instance, in my opinion you should have been working with better professionals. How was your agent and/ or attorney not aware about the tax situation or size of the lot you were purchasing towards the beginning of this.

Regarding the water shut off on a short sale, I once again allude to not being guided properly by the professionals you are working with. It should be noted either in the MLS or on your initial tour that the water was shut off. Therefore in your offer/contract state that water MUST be turned on to properly evaluate the property during due diligence.