All Forum Posts by: Mike Adams

So we have an old 3 unit building in Stamford which we've been updating where we can. The roof and siding has been updated, windows, doors, etc. One of the HAP tenants moved out, so we are redoing the whole apartment. Nothing is staying as it's all old and outdated or in bad condition. Prob. investing around 20k in the apt. It's a 3 bedroom / 1 bathroom, which should fetch around 3.6k - 4.0k for rent. Now, the 1st floor is the same as this unit, but she's only paying 2500.00 and we're also covering the utilities. To add insult to injury, the original owner of the building has a HAP for a 2 bedroom unit when it's a 3 bedroom unit; and there's no way to change that aside from non-renewal. We can only request market rate for a 2 bedroom, so unless we throw them out, a daughter in her late 20's and her mom who's in her 80's or 90's, we have no other options.

I hate to be guided 100% by money, but the inspections are crazy, hate having to cover the utility bills and the unit is also trashed, so it needs a remodel as well should we have to turn it over.

What would you guys do?

0 Votes

Quote from @Scott Mac:

Did you ask the attorney of your amateur locksmithing service was allowable (as the owner),

if not, a quick phone call could clear this up.

Good Luck!

I stated we can change our own locks, never had a problem doing so; she didn't say not to do it. Jersey has crazy laws.. Sometimes, it's as bad as NYC in some ways.

2 Votes

Newark, New Jersey

Quote from @Salina Doe:

I second what Jason asked. I am located in mASS (wicked pro-tenant friendly state) and am starting my first eviction. I am just curious how long did it took - from start to finish to evict them? I have a section 8 recipient so my situation is a little messy but would love to hear your experience!

Section 8 is usually easier as they place the stipend in jeopardy. Surprised they just do not leave on their own accord.

0 Votes

Newark, New Jersey

Quote from @Jason Martinez:

Can you share with us how long this took?

I live in New Jersey too and have heard now but problems with evictions. Thanks

4 months.

3 Votes

Newark, New Jersey

Quote from @Nathan Gesner:

Quote from @Mike Adams:

First NJ eviction for us, yay! Anyways, the attorney tells me we need to have a locksmith there to change the lock. I've been changing locks for decades, so it's never been a problem. Has anyone in NJ (Newark area) done an eviction and not brought a locksmith? Open to some guidance.

The attorney is just talking about something he doesn't know about. He suggests a locksmith because he probably didn't think about you just changing locks yourself. I'm not aware of any law in any state that requires a professional locksmith.

Thank you. I have a drill if need be and plenty of locks. One hopes the person would just let us in with the Sheriff there, but who knows..

1 Vote

Newark, New Jersey

0 Votes

Newark, New Jersey

Quote from @Paul Barber:

Hi BP!

Yesterday, I got a default judgment on a 2-count eviction (for nonpayment AND for a confrontation with the property manager involving the police). Today, I found out that they filed for bankruptcy protection. My question is - Will the courts still let the eviction proceed because of the second count since it is not a financial matter? I’m impatiently waiting to hear from my lawyer but wanted to put it out to you. Thanks

Shouldn't prevent you from ejecting the tenant.

https://www.richardsonlawoffic...

0 Votes

Newark, New Jersey

Quote from @Edwin De leon:

Quote from @Mike Adams:

Quote from @Edwin De leon:

CT has one of the highest property tax rates states, and also high car owner taxes. Why do investors still invest in properties in CT despite higher property taxes. Aren't these higher taxes cutting into your profits especially if located in higher tax areas like bridgeport or stratford ?

We have a few properties in CT, however, we sold off our Bridgeport properties in 2020 right before the prop. tax hike. Not sure how an investor makes any money in Bridgeport or New Haven anymore. One bad month, you're wiped clean. Prices should correct in the coming year or two, but it's hard with rates so high and prices not adjusting.

Thank you for your feedback, I am considering also purchasing my investment property in southern part of PA adams, york, chester, potsville, reading, lancaster because the snow fall is not as heavy in these areas, what is your feedback as far as investing in PA

We were originally in Philly, but sold everything due to the change in tenant/landlord laws. It's pretty bad down there now with what you can check and charge. Not worth the headache.

0 Votes

Norwalk, Connecticut

Quote from @Bruce Woodruff:

$900 is way too low, shoulda been closer to $2k. But as @Henry Clark said, what really matters is - did you provide a clear written estimate first? If you did and they signed off on it, then they have zero reason to complain . (Unless your work was shoddy or incomplete, which I doubt)

Yes, everything is quote ahead of time and then confirmed via text. While doing the work, we confirmed everything with him approving along the way. We also sent a bunch of pictures and a video showing all the work.

1 Vote

Quote from @Henry Clark:

@Mike Adams

Obviously you are correct. But for discussion I pursue from the owners view since they can’t reply.

Did you give them a quote estimate or a lists of costs and services?
.
Did you do a walk thru before or after? To talk thru what was needed or performed?
Did they have expectations beyond what was performed?

Were they unhappy with the $900 or some aspect of the service?

Were they unhappy with the timing or amount of time?

Parking, were they upset with the parking needed during the clean?

If this is a one off then don’t worry about it. If this happens frequently or not. You might review your bid checklist and your cleanup checklist and see if it needs updated.

Just glad you’re out there. Your services are needed.

No, it doesn't happen frequently at all. He is fine with the work, just not happy with the cost. Yes, the cost, which is hourly and per person, was disclosed prior to any work being done. We also offered to have a hauler come in and dump everything. He wanted us to organize, throw out anything that was personal or not able to be saved, then move everything to a room in the basement; which we did.

I'd upload the pictures, but then it may give the house away. I just do not think he understands what everything entailed. In addition, we were there watching over doors and windows being upgraded. Thus, as you see, we were quite busy a few days ago. He claims he could of had his cleaners organize or move everything for $180.00 flat fee. I honestly do not see how that would be possible. The cleaners left moldy food in both refrigerators, and garbage in the garbage cans.

We actually manage the property for them, so I assume he will calm down in a few days.

0 Votes

All Forum Posts by: Mike Adams

Mike Adams has started 35 posts and replied 205 times.

Post: Renew or not renew? HAP tenant, been in the apt for 20+ years.

Post: Eviction granted, lock-out on Monday (Newark, NJ)

Post: Eviction granted, lock-out on Monday (Newark, NJ)

Post: Eviction granted, lock-out on Monday (Newark, NJ)

Post: Eviction granted, lock-out on Monday (Newark, NJ)

Post: Eviction granted, lock-out on Monday (Newark, NJ)

Post: Eviction / Tenant Bankruptcy

Post: Why Invest in a 2 Family In CT When Taxes Are High In This State

Post: Did we charge too much?

Post: Did we charge too much?