All Forum Posts by: Michael P.

You are pre-approved but looking for a bank?

Find a friend who is a mortgage broker who will help you with the purchase of your potential property.

The purchase price you mentioned you will likely be in low end neighborhoods that require significant repair, or significant attention to tenants as a landlord.

Why dont you mentioned the area of interest who people with experience can provide feedback.

Regarding the LLC, no lender will do a loan with a LLC as a primary holder as it holders zero collateral, LLC's are nothing but an empty box. You can refinance out maybe, maybe, into an LLC, but today, i cant see how lenders would even consider it, especially since you hold zero experience, or show any history in relation to owning, paying down a rental property. LLC's are used to reduce risk overall, such as a lawsuit from from a specific property, but all you need is to get a million dollar umbrella policy in case you endure issues and you are sued.

Atlantic city has been going downhill for years.  My parents in law own a home just 10 minutes from AC, and you are going from Poverty, into multi million dollar homes.  Downtown AC is a ghost town, I would stay clear.

Seeking referrals for GC's for a project in philadelphia, center city.

When you receive your rent money, it goes into a specific account.  Do you write yourself a check, or just direct deposit it from that account a certain amount that you feel directly into your personal account?  What are the ramifications, issues, alerts people should watch out for.  Whats the proper process.

Hmm, I wasn't aware such issues or loop holes existed, and the fact that you go after the landlord for repayment.  Something to thing about.

Shaun hit it right on the spot.

I would connect with the mortgage company that is currently holding your mortgage. See how high of an LTV they can do. Make sure you know what your home is worth, and how much you owe, this will determine how much of a HELOC you can take.

Hi @Patrick M.

Thanks for the feedback.

Is that what you do?  Do you do it right away, or you wait a month or two to make sure the tenant is paying accordingly?

In NJ, do you place all utilities in the tenants name, I believe water cant be, but gas, and electric?  I would still obtain the bill and provide the bill to the tenant, how do you guys do it?

Happy New Year everyone.
I am a soon to be landlord, just putting the last few touches on my rental.  Is it possible to get on a call for a few pointers for landlords in NJ?  If you have a minute, PM or let me know I can message you, me so I can reach out, it would be much appreciated.