All Forum Posts by: Phil C.

@wendell that is a great list of questions and things to consider!

Phil

thanks @aly thats very helpful info. I'm still researching Philly vs NJ for investment properties.  Seems like all the affordable houses are in the less desirable neighborhoods where you can expect eviction rates to be higher than one would like. Thanks again!

@Aly W. 

 Hi Aly, would you say in general if NJ tenant/eviction laws are favorable to the landlord/investor?  I live in NY and I'd say its one of the top 5 worst states.

Thank you Jay and everyone for your thoughts.  Great advice - will bump PM to the top of the list. 

agree with Curt, take out a HELOC on your house assuming its paid off in full

Forgot to add:

Eviction Specialist (same as RE attorney, but handles specifically evictions) get them bad apples out fast. 

Hi, soon to be landlord and buy/hold investor *knock on wood*

I am compiling what I consider my 'dream' team  for investing and managing my RE buy and hold portfolio.  

RE Agent - I am starting out with a solid RE agent.  I am meeting several in the next few weeks and will pick a few that I thought were the best in terms of response time and service. 

Lender - I currently have my pre approvals from two big banks, but I know I need a portfolio lender, so I am scouting the local banks and credit unions, tbd. 

RE Attorney - this goes without saying...but how do you know a good from a bad one? especially at first contact?

Handyman - definitely need one to handle the emergencies and nuisance items, especially since I will be living several hours away from the properties...Any suggestions how to find one?  I am going to ask the agents if they know one.

Painter, Contractor, Plumber, Electrician - Definitely reliable and honest ones (and insured) are important, am thinking of using Angies List or asking agents. 

To manage the money planning on either direct deposit or mailing cashiers checks or money orders.  If the person passes stringent background/criminal check, has great credit or makes great income and comes off like a good person, I may accept personal checks to make it easier.   I can't afford a property manager yet.

Any one else I need to add to my dream team?

again, I'm not pro-tenant or anything, but if they made a huge gash in the appliance by kicking it or smashing something against it, then thats a totally different story, I would make them pay for it.  But if it was just innocent wear and tear like nail holes in a wall for TV unit, then I would expect to eat that expense as  cost of doing business.

p.s. its $75 for 10' x 3' sheet for satin or nickel finish. .   Should be enough

can you put a faux stainless steel 'cover' over it?  http://www.fauxsteel.com/

Is this your first rental with this type of appliance?  If so, I would almost gaurantee it will happen again.  I live in a rental right now and I am very careful not to scratch the fridge, but not everyone will be as considerate.  I would buy one of these faux stainless steal covers and call it a day.  Not worth the hassel.  If they were good tenants and didnt cause trouble and paid on time, I would let the be and just suck up a few bucks to cover it up, it will be good for 'future' proofing the appliances too.