All Forum Posts by: Angelo Mart
Angelo Mart has started 12 posts and replied 368 times.
Post: What is stopping you from buying your first investment property?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Men Lie, Women Lie but Numbers DONT. If the numbers make sense do the deal. Set a good lease in place, screen tenants, and be ready to call your attorney as soon as someone defaults on payment this is a business at the end of the day
Post: Newbie - gut instinct or fear?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Austin Whitmore:
@Kevin Miehe
I am by no means experienced, but the biggest question I have is why did you choose a portfolio lender? I don't know your credit or debt to income but you can probably beat that with a regular bank. I used Ruhl Mortgage for mine, but I know a lot of people also use Blue Grass. Also, I would probably throw in a factor for potential evictions because of the many horror stories related to inherited tenants.
Portfolio lenders are the best for real estate investors. Trying to think if I acquired over 4 Multi Family homes with a portfolio lender while traditional lenders told to me to go screw......YUPPPP
Post: Newbie investing in Los Angeles, help finding cashflow
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Leave LA
Post: Finding tenants in the middle of covid19
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
It was tough here in NJ as my city is 20 minutes away from ground zero of Pandemic. It took ALOT more showings since many people were unemployed during their Pre Screening but all in all we got the rent prices we wanted. Was def tough
Post: An applicant asks if I discriminate against "ex ex felons"
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
If it is a weed charge tell him its all good. Any Violent crime robbery, rape, murder he can sleep on the street go back to jail or commit suicide
Post: How has the pandemic changing how you select tenants?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Stick with healthcare workers and section 8 tenants lol
Post: Purchasing property with long term tenant under Market Value
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Review the Lease ASAP. Put a vacancy contingency in contract/offer and then find a new tenant once you close. I hate existing tenants
Post: Wildwood New Jersey STR
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
I hate STR in general. When the economy goes down the gutter, STR's are the first thing to get destroyed. Especially now during the Pandemic, my friends STR is sitting vacant all of May and June since everyone cancelled their weekends already
Post: Will COVID-19 Cause a Recession?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Mortgage lenders are already Tightening up guidelines which will have an effect on the market
Post: A newbie during COVID19
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Unfortunately, hard money lenders and investor friendly banks are SUSPENDING lending to investors as we speak which is gonna make things difficult. Save your money over the next few months (hoping things cool off) and use it for down payment. If you are looking to do a Duplex house hack go FHA (owner occ) for best rates and income stream to get started. I personally would NOT touch a fix and flip or BRRRR at time very moment. Reason being it my hard money lenders just jacked their RATES up substantially but the housing prices are still the same and not seeing the market reflection as of yet. Dangerous time if you are financing at a high rate and buying at peak of market (my opinion)