All Forum Posts by: Michael Deering

Have you talked to a lawyer? Because you gave SEVERAL options If they were served prior to the freeze you can get them out. As a new owner you have right to renegotiate or end lease. If they are causing property damage, they are violating the lease and are not protected by the "nonpayment" freeze. If you do not have a Fanny Freddie loan you can evict, if these tenants are not Section 8 or under some other HUD program you can evict.

File for possession. I have evicted tenants who were served prior to eviction freeze and I have evicted tenants after the freeze.

Wow outstanding work, that's a great product.   Not my market but I'd stay in one of your spots.

There is a lot of support in Allentown with employment, and the govt and private investments. I still think Allentown is best, but I just closed on a six property portfolio deal in Easton. Although Easton is not my favorite, I am seeing huge demand for my units from people leaving NYC and NJ

Long-term outlook- Blame more rich, make more poor, consolidate capital with rich, fire, poop, sun, high taxes, bad schools, dodgers losing World Series, Giants winning World Series; Humm Baby!

@ Marc Macialek yeah I guess and apparently the husband who called to yell at me has the Hippa waiver to see all the medical files his wife stores at home. This crew is the example of ‘just smart enough to be dangerous’

Wow, I just had a tenant who works at a MD office throw out Hippa violations as a reason to refuse entry.  Your lease should have a right of landlord section that allows you enter given notice.  Hold them to the contract they signed.  A Notice to Quit due to violation of the Right of Landlord and Pet sections should set them straight. 

California is fine long-term. It will always offer a lovely climate and topography for the rich and will provide the assistance for the poor.   In these two populations there is a lot of opportunity for a savvy RE investor to make money.   When I had rentals in SF my tenants under their own free will paid 7k to live among the homeless.  I also had class C rentals where my tenants received govt assistance.   CA is an equity play for sure.

Sell and try to stay away from HOA properties.

1. Consult your accountant about the bank account.  I think even with one property it's good practice to separate funds so you can see the  +/- cash flow and you're used to it for when your portfolio grows. 

2. Check out the Census website for your areas vacancy rates and plan accordingly. My area's rate is 2.5% vacancy and I plan for 5%. For Capex and repairs I budget $1,200 per unit annually, this works out to be ~10%.

3. I find working with local lenders and insurance vendors is best. 

4. I LLC my properties. Beside the legal protection it provides more flexibility with tax reporting. I also manage the properties under a sublease to a separate LLC.

Lenders will lend to an LLC entity if the applicant entity is a qualified applicant (that's you) Get friendly with an account that is also a RE investor.