All Forum Posts by: Angelo Mart
Angelo Mart has started 12 posts and replied 368 times.
Post: Should I sue for back rent?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Did you screen these "professional" tenants from the start? Either way it is not worth suing in small claims court unless it exceeds approximately $3000 (This is advise from my lawyer in past)
Post: Why is LLC Investment property Insurance so High?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Julie Marquez:
I change my four plexes into LLCs and got new insurance and it was similarly priced. No idea why it changed for you.
Make sure it is landlord lessers risk insurance (commercial lines)
Post: Should an investor own his home or rent it
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Ray A Delfi:
@Charles Bruce I own an investment property and looking for more and I’m still renting, why, I don’t have the time to fix and maintain my home when I could be out there finding more opportunities. When I’m ready to retire where I have enough passive income and a system in place to keep growing my wealth, then I’ll settle down in my own place. I find myself calling the landlord for my current place to fix this or that where it would have been me taking a weekend or time away from work to make those repairs with my own money. It doesn’t make sense to me.
And here’s my rant: Everyone I speak to about realestate criticizes me for not owning a home “The American Dream” right, well the new American dream is to build an empire and not have to work a 9-5 past 45 years old. There are so many that are still stuck on this picture of going to school get a good job great benefits and retire at 60, only to continue to work as a Wal-Mart greeter (no offense Wal-Mart greeters, I love you guys!). I have nothing against the 9-5 it’s has been the platform for building my wealth, but it shouldn’t be the only plan.
ABSOLUTELY!!! I agree 100%...I got so much crap from the old timers in my life about being a real estate gut that rents his place. If you purchase a home in NJ or NY you are completely cash strapped for life and will never be able to invest
Post: Should an investor own his home or rent it
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
I live in NJ which has the highest property taxes in the nation. I had started my multi family investment business in 2016 while renting an apartment. Fast forward to 2018 an I got married and was about to have a baby. I searched and searched the market for a home for my family and the numbers never made any sense to me. Especially since I am an appraiser and convinced we are in a bubble here with those overpriced listings about to pop. I was literally moments away from buying a Townhouse "because it was the right thing to do" when you start a family. It would have been $40,000 down (10%) with an overall PITI + HOA of $2950/Month.
Instead I opted to RENT a comparable unit in same area for $2,350/Month with NO money down (Security Deposit Only) I took the $40k and purchased a 4-Family home which pays ME every month while saving $600/Month in payments. In addition, as soon as we moved in we had a problem with the microwave and hot water heater, all of which was paid for by the landlord.
Home Ownership "the American Dream" is dead in New Jersey at least
Post: Friends with Tenants on Facebook?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Hmm tricky one. Delete Facebook all together and I guarantee your quality of life will improve overall like mine did
Post: New Jersey Notary Public
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
In NEW JERSEY you can make good money doing this. You need to contact Title Companies and Title offices in order to receive orders. A friend of mine used to do it and make an extra 800 - 1000/week on the side doing real estate purchase and refinance closings
Post: Single Family Houses vs Multifamily
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Multi-Family (2-4) units all day!!! It will take forever to build up with single family homes
Post: Hello World! I am new to BP & RE investing. Any pearls of wisdom?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
You work in construction estimating which is a Huge Advantage. Next work on learning the market in which you want to invest as much as you can. Learn the comparable, rental prices, neighborhoods and all
Post: health insurance hacking
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Andy Rousch:
Hey @Angelo Mart! Thanks for the info on Atlantic health. I was thinking of checking Lowes and Home Depot because I feel like that kinda goes together with real estate.
I only have one nj rental house and one long distance rental... I took kinda a break to finish my mba which I have a year left, but than I’ll be back to hunting for real estate lol
Keep hunting! I have a rental property in Landing (morris county) not far from you. Where is your NJ investment
Post: health insurance hacking
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
My wife works for Atlantic Health (Overlook Hosp in Summit NJ) great benefits even for part time. I know Home Depot used to have good benefits part time not sure if they do anymore. Are you involved in Flips or Buy and Hold in NJ?