All Forum Posts by: Angelo Mart

An Estoppel agreement before closing HELPS. YOU CAN obtain leases and verify with the tenants that they agree everything the previous owner told you is correct. You can send a letter with the estoppel agreement letting them know contact information, how to submit maintenance requests and pay rent. One thing I do which a lot of people I am sure will disagree with is I introduce myself as the PROPERTY MANAGER and the landlord is some mysterious old man that is demanding. I no longer tell anyone I am the owner. See I operate in a tough crime ridden area where people lie, cheat, steal and manipulate everything. The second I tell them I am the owner, they assume I have money and instantly try to manipulate me with lies and deception. I tell them I am the head property manager for a large real estate company and they show more respect. Some people to not respect Authority at all, thus, will not respect the "LANDLORD"  everyone has their own way of doing things

I could not agree more. I learned a long time ago to stay out of the BS

Sounds like my area of investment. 

Payment is ALWAYS late = Send late notice. If they do not comply you can in some states File for eviction based on habitual late payments. This shall set them strait

Utilities not paid = not sure how this works where you are.  

Constantly something that needs to be fixed = Some C,D tenants complain about stuff that need repair that is minimal and BS. If if is major like collapsed staircase, broken windows or anything the effect the Health & Safety of tenants then fix ASAP

Tenants not taking care of the unit and I’m responsible = Install cheap stuff like I do 

Just had 2 section 8 re-inspections and there is a laundry list of items to fix = My section 8 units were all fully rehabbed. I assume your home is older in older condition. Regardless you need to fix that stuff ASAP or Section 8 will cut off your money. I hope you have replacement reserves (emergency repair) funds set aside for this stuff

Cash is King

Some Areas of NJ are extremely overinflated and valued even higher than the height of the market which concerns me from a real estate appraiser's standpoint.

Some People are selfish, it happens to me at times

Im in New Jersey which is a Tenant friendly state. Me personally I self managed (on top of my main job) for the first few years. Once I went over 4 units I hired a professional property manager and it has been going good. Remember, it is Income but it is never fully passive income as you still are required to answer calls and check billing from property manager. You can get involved as much as you would like which helps you to grow

No I believe that a late fee is the Landlords money as specified in the lease. My manager gives me the late fee but one month he did such a good job I handed it back to him. But since then i always keep it and you should

He is based in Clifton and covers all of Passaic & Essex. Not sure what type of fee he charges tenants as he took my properties over after I filled them. He knows what he is doing as there are a lot of idiots that claim to be managers but are not. FYI monthly rental rates are based on size of portfolio. The more units the better. I handed him 9 units to start

Irvington Cash flows nice but not for the faint of heart...EVery city in Hudson County varies significantly so do you research