All Forum Posts by: Patrick M.

I use these:

https://www.amazon.com/gp/product/B01G44WIIM/ref=o...

you can adjust for time/ light sensitivity/ motion sensitivity.

Otherwise and LED always on is a minimal cost in my opinion.

@Gurpal Cheema you can still fill out and file the forms your self if held in an LLC. You simply need to be represented by counsel at your Court hearing.

NYC cannot be extrapolated to anywhere else. In NYC tenants have brokers finding them apartments- who they are paying! Wow- I could only dream.

The bottom line is you must have set rules in and out of a lease and when those rules are not being followed you must address it immediately and with conviction.

I will tell you right now- my ex tenant thinks I am a big jerk-head because I did not allow her daughter, grand-daughter and baby daddy move in with her. Another ex tenant thought I was a no good because I provided a notice to cease and then quit when the broken down car was not removed from the driveway. Are you seeing a pattern? I did not feign interest in what her daughter's situation was, I was not concerned with the reason a broken down car was still on my property- I wanted it gone and it was going to be removed. I am the landlord, I don't want any tenant friends. I am respectful and kind, but I do not suffer tenants who seek to take advantage of me or my buildings. And the renters I want and get appreciate that.

Likewise, if there is a problem I respond immediately and handle it as a dedicated landlord should. I don't call them up and say " hey bud remember when you had that Kegger and I lacked the balls to enforce the rules and everyone in the building was pissed- yeah, well can you cut me some slack on fixing the leaking sink?"

I would have paid the 5 different tenants cash to get rid of them when I took over the buildings. But you know what- I implemented my rules and stuck to them and addressed them each and every time they were broken with a notice to cease and or quit. I papered them to death and eventually- in short order they all left... why?

Because I am a big jerk face landlord, that's why!

i have my new tenant packet and have them do a w-9 with the lead paint acknowledgement. I use chase and they will set up a specific account which is in the tenant's name but that I control. 

I have the monthly statements mailed to my tenants. I think this can act as an incentive to keep the apartment up to snuff.

When you print out the w-9 write "DOB:" on one of the lines and photocopy off of that copy. The banks want the date of birth on the w-9's and they don't have an entry for it- go figure.

@Mike H. I think we may have a different perception of commercial loan vs. conventional mortgage. Also, you seem to be extrapolating a lot and inferring that I hold certain positions from my single comment above.

My comment was:

"That is a no brainer for single families. For multies that necessitate a commercial loan it is not as clear cut in my opinion."

You seem to think I have some position on equity etc. by that simple statement. The bottom line is that if you are in a commercial loan you will not pay down the same amount of equity when the loan comes due. You will have to pay the entire outstanding loan amount at the end of loan term which will be much shorter than the amortization period. Unless you are holding cash on hand you will have to enter into a new commercial loan. A loan that is more expensive in upfront costs and far more difficult to attain than a conventional mortgage. And the kicker is- you have no choice. This is not at all the case with a conventional mortgage.

Therefore again, in my opinion it is not as clear cut.

Who pays for advertising anymore?

@Mike H. I think a commercial loan is different from a conventional loan because... well because it is different, extremely different.

If I want to refi, or remortgage my 5 family I need a commercial loan, that will be a roughly amortized to a 20-30 year mortgage but it will be payable in 5-10 years.
I will have paid mostly interest in those 5-10 years and I will now have a balloon payment due. This is all fine and good, this is the way a commercial loan works.

But this is exactly the kind of uncertainty someone wants to avoid when they are in retirement, because 5 or 10 years down the line they are forced into another commercial loan and the prevailing rates are different/ neighborhood/ income/ bank standards. When I am in retirement I want as much stability and certainty as I can get.

Your example of a commercial loan above is simply an adjustable rate mortgage. In NJ if I want a loan on a 5 family or above, or a commercial property (office space/apartments) I need a commercial loan.

I have 9 units in 2 buildings- not everyone is on Cozy, but all new tenants are. I love it. My rent is in my account on the 1st of every month and it has my tenants name on the deposit. I use their background check when I am down to considering the final tenant.

I do my books on Excel- I tried so hard to use quickbooks and I may again in the future- but right now Excel is the best.

Pet urine is a horrible thing. I had to replace sub flooring that was contaminated when we took over. I have a strict no pets policy now.

@Edward Ko I ask some background questions and also ask again whether they have a pet (no pets!) also ask why they are moving.... I have found that people are very reluctant to plugging in their SS# online- and I don't blame them, especially if you haven't even seen the apartment yet. Turning it over on a piece of paper face to face in the rental unit seems safer to them.