All Forum Posts by: Mark Langdon

It depends on your skills. Get an electrician unless you are a good handyman. If you don't wire it up correctly and/or make sure the amps are correct you could have a big issue. Be careful. It should be really cheap if its as simple as the change the plug. If the amps are too low you will need to run a new line.

Too broad of a question. Help us help you on where you would like to focus and what you really want to do. Local REI's, BP, and networking is how you get in the game to find leads. Your whole marketing plan takes some thought on what you can do so get involved and you will be able to figure out where you want to go.

Welcome @Phillip Trenk and time to get to work. Go to REI meetings; fill out your profile; and start forming your plan bouncing it off other BP members on how and where to start. Good Luck !

I am from the old school where we don't really use heat pumps here in NJ. The question of to provide central A/C depends on your comps and competition. If your market and rent is typically no central A/C then do the room A/C's. If the rent and market is more high end than you should do central A/C. One of may rentals that is not high end; they just use window A/C units while some higher rent rentals I have; I do have central A/C because if I didn't then I would not be able to charge the same rent as comp's in the area. That's how I would decide. Since you don't have a furnace with ductwork it is going to be expensive to put in central A/C so get quotes from different contractors doing mini-splits and convential central A/C. That is the only way you can find out if its worth it so get the quotes so you can decide.

Something is definetly wrong. Sounds like the whole batch of units are defective in some way as I am sure they were all installed at the same time by the same contactor. I know the warranty time is over but you may want to try anyway to call the manufacturer. At the least maybe they would give you some discount on some new ones. You should compare what a whole new unit is to install also as your coil prices seem very high. I would think it would not be too much more to install a whole new unit assuming the freon is the same. Your in a tough situation with no easy solutions that are not costly. I would replace the entire unit if you spending that much money as the compressor's will go soon. Its usually the compressor that goes; not the coils so I hate for you to spend all that money on the coils and then the typical compressor goes. I would be on the offensive on your preemptive action to look at these now versus later.

It is sometimes very hard to find tenants who don't  have a pet. I usually try to avoid it as much as I can but it depends on your market and potential tenants. I usually charge an additional  $ 50/month for a pet with a stipulation sometimes they have to have a professional clean the HVAC ductwork upon leaving (Pet hair). I cannot charge any further pet deposit in NJ as I max out at 1.5 months security deposit and you are not allowed to go over that even if they have a pet. I try to stay away from any big pets as they can do alot of damage. 

I paid $ 575 a few months ago for a multi-family I purchased in NJ.

@Sunny Burns I can't answer your question if a 15 year loan will slow you down. I always work hard to get the best deals so I can do a 15 years or less on the mortgage but that's me. Plenty will argue don't do that and leverage yourself out more to get more properties quicker. Only you know how fast you want to go and if you want to leverage yourself out or feel more comfortable paying down debt quicker. My wife is a mortgage representative so that is my secret weapon for my deals so I obviously only use her. I think your Picatinny Federal Credit Union, 3.125% 15 year, 4.125% 30 year offering $1500 flat fee closing costs sounds like a regular loan for yourself (homeowner going to live there) versus an investor loan so please make sure they are quoting you correctly as investor loans are always higher rates unless you were planning to live in a multi-family and renting out the other half to a tenant. 

It depends on what the current rent amounts are. I am not an expert since I have never had to do this yet with my tenants but you have to think in their shoes. I am guessing it would need to be at least 1 month's rent to worth to make it worth their while. You would say 1 month's rent if they leave this Saturday by 12 Noon and the place is empty and clean in a "broom swept" condition. Obviously you could try doing a lower amount first to see if they would bite but probably best to put in only "one best and final offer" and be firm about it. 

1) Curious why they want the tenants out. If its only because they don't have a lease then just draw up a new lease (month to month or year) for them to sign. If they have to get out; have they tried to ask them first and see what their position is and if they would leave by a certain date or have they already said no; we are not leaving

2) If no luck then go with cash for keys

3) If that doesn't work then you have to go with the lawyer/eviction route. Follow all the rules properly.