All Forum Posts by: Angelo Mart

I was recently in the same circumstances with a boarded up foreclosure that bank would not allow access. My attorney is good at getting them to lower price after they accepted my As Is offer

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I think it is a separate "pet deposit" aside from Security deposit. Sometimes it may be easier to ask for a higher rent which is what one landlord I knew did in NJ.

Yes you are supposed to send them the interest every year, however, i tend to forget as it is peanuts

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You missed an "R"

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Half rent is violation of the lease (mine at least) should have filed for eviction IMMEDIATELY. NO money but the 10th of the month they must go. I no longer have any relationships with my tenants for this reason. Run like a business of run out of the business

2 Votes

Originally posted by @Dennis M.:

I guess the term war zone is relative . There is a crime committed weekly on the one street I have an apartment house on . No one has been shot there lately but just down the road there was a shooting the other night but thankfully they did not die ! I think one mans war zone is another mans nice neighborhood. Whatever It’s called that I do I can attest it isn’t passive or easy in fact I get my gonads kicked up into my throat quite often if I do say so myself. If I didn’t live fairly close I’m certain I would fail to manage them and it would all fall apart . How anyone could do this remotely is beyond me

I completely agree. Long distance war zone is insane. I have property in rough neighborhoods. Some units are Passive some are HEADACHES. Either way all my maintenance guys (plumber, carpenter etc) that I personally know are with 10 minutes of said location

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My first house was a "better block" near a war zone. Lower income but not complete WarZone. Purchased cheap, has tons of equity now and Cashflow is STRONG. Both units are occupied by Section 8 Tenants. I read Section 8 Bible and Section 8 is Great. Don't buy unless Cashflow is strong because rougher areas have weak appreciation. However, I do not purchase for appreciation I purchase with the believe the market is gonna crash. If the city has population growth, Low housing inventory, strong cash flow from section 8 rents then GO FOR IT. Buy a property that is under market value, cash flows, let your tenants pay down the mortgage and you won't even care about appreciation as they are paying it all down while making money. You can also have a property manager that specializes in Section 8

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Originally posted by @Ali Garced:

I think about it this way: does my tenant have access to the internet??

If so, a 20-second google search will let him/her know I own the place. I won't start my reputation with a tenant as a landlord that lies.

1. Hold the property in an LLC

2. Trust no man but god

3. Your tenant will lie, cheat and steal. It happens even in the best parts of town

4. I never lied in my life but in this case it will save you from alot

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I see a lot of people weighing in on this subject. Well I started off as the owner "landlord" and switched my roll up to the property manager on my new properties. See I operate in rough neighborhood where EVERYONE lies, cheats, steals and manipulates you. People assume you have it better, you are rich, you are soft and on call like a doctor when you tell them you are the landlord. The second I changed over to a property manager it was like a sense of relief. People have more respect for the "property manager" than the owner since they view the "manager" as common man just doing his job and the owner is a privileged jerk. Its crazy how the Psychology works. When you are the owner, Tenants want to see if things are negotiable since you are the final word at all times. They will catch you off guard when you least expect it. Like when my very 1st tenant would call me first thing in the morning to tell me she loves me and prays for me everyday. She would then start crying about how her baby father got shot and her back hurts a lot due to the weather (completely irrelevant). She would then follow up with "do you care if my I store some of my physical therapy stuff in your basement (which is off limits) and oh btw I am unable to pay rent on time this month. "But just give me few days I promise you will have it" and she would sent it but it would be late.

Here in North Jersey NYC metro we have no other option but to work in rough areas because the property values are way to high in normal area (500k for a 2 Fam that brings in 2900/month with property taxes at 10K/year). My buddy owns a 2-Family in a different city but in "AN UP AND COMING AREA" still def rough in my opinion. Well one night after work a hard working landlord from the block went to pick up his rent from the tenants in a beautiful new 2 unit. He collected the rent in cash, provided a receipt and went on his way. By the time he got off the property he was confronted by a tenants friend that knew he was the OWNER picking up rent. The Tenants friend pulled out a gun and shot the poor man multiple times killing him. He then took the cash and went to party in New York with it. The killer Posted pics partying at a nightclub the day after homicide. He Was apprehended and charged with felony murder and is sitting in state prison while a poor hardworking landlord lost his life. The story is Sad but True and was another reasoning towards changing my mindset going forward. Like I said I started as the Honest Landlord and turned into a sharper "Property Manager" over time. Remain Fair but Firm and always be ready to evict if that money is not in by the 10th of the month "Some people have no RESPECT for any AUTHORITY"

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Tough decision as many investors are selling out in the event of a Recession. Sell NOW at height of market, leave liquid in bank and buy back in when market crashes (if it does) Who knows what will happen tho

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All Forum Posts by: Angelo Mart

Angelo Mart has started 12 posts and replied 368 times.

Post: Where do you get the cash for your down payments?

Post: Am I Out of Line? Negotiating After Inspection

Post: 3 landlord questions in NJ

Post: Whats Brrr Strategy

Post: Help with horrible tenants

Post: I’ve never heard of anyone having success investing in a war zone

Post: I’ve never heard of anyone having success investing in a war zone

Post: Why is it important to tenants whether or not you own the place?

Post: Why is it important to tenants whether or not you own the place?

Post: Getting offers to buy my cash flow rental