All Forum Posts by: Stephen Chatto

Keep in communication with your lawyer.  Know when the next zoom court is, and follow up.   I know my attorney is on zoom calls all day long now, and his office is still adjusting to the new rules and increased workload.  So make sure you remain on the attorney's priority list.   Don't be overbearing, just stay in the loop and checked in. 

Not sure how much it would cost, but can you hire police to park out front?  Like they hire them to watch construction etc?  Maybe the Neighbors can get together and help towards the cost.

Criminals love the to be in the dark.  Do you have camera's on them recording everything going on there.   Not sure the set up or if that is possible.  

Does it effect enough people on the street that they could get on social media and bring the issue to light.   If they get enough pushback that might get the police more into action.  

Have you talked to the township?  Are there ordinances that they are breaking that they could site the owners for?  Code Violations?  Un Authorized Occupants?  Etc.  

That's a tough one.   Good Luck. 

Pet's are an interesting question always.   

My Biggest issue with Dogs is it makes Maintenance Request that much harder to handle. If the tenant is not home and you need to get into the house, depending on the dog, that may not work. Best Case they are Friendly, Mid Case they won't stop barking while you are there, Worst Case is you can never get into the house if tenant is not home. This makes Yearly Rental Inspections from the City More Difficult. This Makes Emergency Repairs More Difficult. Etc Etc.  

One Person Suggested to go see where they are living now, and that's not always possible, but pets or not it is a great idea.   Everything, Everything, Everything.   If they are not taking care of where they live now, what makes you think they would take care of your place?

Also...   they are telling you up front, which is good.  I can think of a number of tenants who now have pets we have discovered...  And there isn't too much that can be done about it.  It's usually a Aunt's dog they are watching for a few days... LOLS.  

Good Luck!

Remember,   You are the Property Manager.   You are the owner.   If your tenants know that you are both, the conversations are much different.   I prefer to have my conversations as the Property Manager.  

@Michael Greer

Not sure how beat up the house is.   But I don't think that the terms on your Acquisition financing are realistic.  

Buildium

@Evan Gross - Do you know what towns you would want to live?   Pull a list of all the Multi Families and Start Marketing to them.   You can offer a unique message, since you are looking for a place to live and getting a mortgage.  Probably the perfect combination of a multifamily seller not in any rush to close because has rental income, but ready to sell and move on.   

@Marek Los - I am very active in Trenton NJ.  That's not normal.   If the guy you bought it from did a major rehab with permits, that may have something to do with it.  Have you called over to the tax office?  The number is publicly Available and BP won't let me post here, and ask them.  They may provide some insight or at least point you in the right direction.  Or better that that you may want to call, Neil McGettigan CTA, Assistant Assessor, City of Trenton, I also have his contact info, but BP Won't let me publicly post on the forum.  

There is a 5 year Tax Abatement Available when I has has been fixed up.  

Also,   The beginning of 2022 you can file a tax appeal.  Although with the way the prices have been going, it will be hard to show comps to fight the assessment.  

Trenton is a great cash flow market, but the prices have gone up so much it's hard to make sense of the deals I see people buying.  It's a small market, and it's important to know the rules, and the areas well.   Also management is often an issue for many investors.  Trenton has treated me well.  

@Donald MacMillan are the low rent units up to todays standards, or would they require a renovation to collect market rents?

Some areas only allow a small increase every year... so in those areas.. if you buy house with tenant that has low rents... they can stay as long as they are paying. So that's the 1st thing you need to determine.

Usually we talk to them. Let them know what market rent would be for their unit AS-IS, and that we don't think it would be fair to increase the rent that high, but we need to increase it because it is so low. Then we ask them what would be fair, and work out something out.

If your property does not cash flow as purchased... chances are you are paying to much. There is something to long time tenants that pay like clockwork at lower than market rents.

Good Luck.