All Forum Posts by: Angelo Mart

Join a local landlord group, build a website or craigslist. I met my guys from their web presence

I had the same problem with a tenant over the past year. However, In NJ (tenant friendly state) the laws are complicated and tenants can do what they want. That's why I joined a local Landlord Association and met with an Attorney that specializes in Landlord Tenant laws. Without going back in forth with this old bag, I decided to move in Silence. I Kept quiet collected rent 10 days late and sent evidence directly to lawyer. Within 24 hours my attorney sent a legal Notice to Cease for habitual late payments which is a lease violation. It seems with 2 rental properties you are serious about this "Business" with that being said get serious and hire an attorney. In NJ we must comply with a lot of laws and the right attorney will know the protocol

Originally posted by @Jonathan Taylor Smith:

Hello @Angelo Mart - My two main methods of collecting rent are Cozy.co and allowing tenant's to deposit funds directly in a bank account established just for this purpose, at a major bank with many branches around the country and where my properties are located. I charge an additional $5 fee per payment each time someone uses this method, as it is less convenient for me, thus requiring manual entry into Cozy.co and having to determine who made the payment if they neglected to write their name or address on the deposit slip.

Cozy is free for the tenant if using ACH from a connected checking or savings account or something like 3.5% if using a debit or credit card. It is written into my lease that if using Cozy, the payment must be in process by the 3rd, since automated late rent reminders go out on the 4th and it can take a week or more for me to get the funds. I also like that Cozy is now able to post late fees automatically. I've never tried collecting rent with Pay Near Me, Venmo, PayPal, etc...

Thanks for the insight I appreciate the help

My 1st property I purchased has been rented to Section 8 tenants, thus making rent collections easy. However, my new 2-Family is going to be Cash tenants (No S8) which means I have to collect. Which is an easier, faster and more streamline approach to collecting rent money without having to collect in person or deal with the it's "in the mail" stories

COZY or Pay Near Me??? Both seem like a great concept, any other recommendations. Need feedback.........

Thanks

I look at it like a commercial real estate appraiser looks at apartment buildings in regards to Cap Rates and Cash Flow. The Worse the area the more per door, the better the area and/or investment the less per door. My one rental is in a rough area and I average (yes it varies month to month) $400-$550 per door. The better area of the city where I know my property has equity, better tenants and is worth ALOT more now and down the road has a lower price per door. The better area has a price per door of $200-$300. Personally I would not go below $100 per door as it is too Thin of a Margin. I also recommend not touching any Cash Flow (Profit) for the 1st six months and keeping that as an emergency replacement and/or reserves.

This business is difficult especially if you are weak on your stance. As investors we tend to end up in these situations and it sounds like you hear a lot of BS from outside parties (i.e. friends, family) in regards to eviction laws as nobody knows what they are talking about. Hence, the reason I dragged my feet getting into this business as everyone scared me away. I have decided to adhere to strict rules and retain a landlord-tenant attorney that is a pitbull when it comes to this business as he represents the largest eviction firm in New Jersey. You must be tough but fair

Originally posted by @Dennis M.:

Oh wow You have effectively trained the tenant to be bad by allowing such nonsense . They should have been kicked out a very long time ago . No good deed goes unpunished .you must start taking your business seriously from now 

This is a great way to put it. This business is difficult especially if you are weak on your stance. As investors we tend to end up in these situations and it sounds like you hear a lot of BS from outside parties (i.e. friends, family) in regards to eviction laws as nobody knows what they are talking about. Hence, the reason I dragged my feet getting into this business as everyone scared me away. I have decided to adhere to strict rules and retain landlord-tenant attorney that is a pitbull when it comes to this business as it is all he specializes in.

Originally posted by @Account Closed:

And Clinton Hill?

 Terrible area, I worked there often. Tons of shooting, robberies, drug overdoses. Section 8 is great but besides that nobody is paying. Have your attorney on speed dial

Originally posted by @Allan Szlafrok:

@Deddeh Howard The north ward and the Ironbound section of newark are great areas for rentals. The surrounding cities like EAst Orange and Irvington are okay but the property taxes are far higher than most of newark. If you want the better tenants no matter where you go try to stay close to the train lines.

 East Orange and Irvington are terrible investments!!! I would do EO for section 8 tenants but I would NOT touch Irvington with a yard stick. Hell on earth

Section 8 all Day in NEWARK!!!