All Forum Posts by: Steve Boianelli

I appreciate the feedback. Unfortunately I’m learning that I should have had my conversations with the tenants in writing. Also, I’ve been informed that deposits really can’t be used the way they were. I may have to just eat this cost. I have a few days before closing so maybe I can find something out. 

I’m selling my portfolio and a few properties have no security deposit because funds were used to correct tenant caused issues. Title company holding said funds in escrow. Anyway I can get around this?

Need a driveway installed at a property of mine in Pleasantville, NJ. Looking for recommendations for a concrete or asphalt contractor that works in Atlantic County.

Thanks

Hi @Ian Cruse  I sent you a PM. Please reach out if I can be of any assistance to you. 

@Roman Bulgakov I suggest reaching out to Keven on BP. I can’t answer that question about what area they cover. My properties are located in Atlantic county. His company knows the area better than those other companies. Keven’s an investor himself so he gets it. It was a better fit for me. 

What's up @Roman Bulgakov I'm glad you followed up on this post! I just connected with @Keven Vanegas who's the owner/operator of Suit and Tie Property Management Group, LLC based out of Atlantic County. I'd highly recommend you check out his company if you're looking for PM's in Atlantic County or in other areas for that matter.

I must say everyone is providing valuable insight to the concept of self-management. I have struggled with the concept of self-management vs. PM with my own properties. I self-manage from a distance of a little less than an hour drive. However through BP I have been able to make connections with a local investors that make self-management a little easier. I've made contacts with handymen that have made it easier to deal with "minor" issues but tend to tackle the bigger issues myself. 

One thing that is a struggle for me is that I did not make sure everything was perfect prior to renting my properties. Someone mentioned it earlier about having a "bulletproof" home. I could not agree more. I'm learning from my mistakes from when I started investing. Self-management is possible but to make it a lot smoother make sure everything is as perfect as it can be so you're not having to deal with replacing a toilet or old wiring when a tenant moves in. 

The positive that has come from self-management is that I'm learning the business. There's a value there. I'm learning how management is supposed to work so when I eventually get a PM I will know who is honest.

Give self-management a shot after you build a team and have everything in place. Good luck. I'm following this thread because I'm curious to see how it works out for you.

Great points to consider @Nate T. if rates sky rocket and the banks want their money after I transfer title I would be in a bad position. Thanks for your insight. 

@Nate T.

I have considered what you suggested regarding transferring title to my LLC after a refi. I am concerned about the due on sale clause. Has anyone out there done this? Transferred from personal to LLC? It seems risky to me to take the chance they'll call the note due. Can anyone touch on that?

As for insurance premiums, I have one property that sites in the middle of two commercial buildings. My broker couldn't get me my typically personal rate since it was so close to businesses and the homes are in my LLC. I guess I can't complain about that. But in REI it's all about ROI, higher premiums over a few years adds up.

Hey everyone, I just wanted to chime in then I'll go back and see what everyone else wrote. All my properties on under one LLC. I'm from NJ and I was advised to do so by someone who was mentoring me through the begging stages of my REI journey. But now I question if it was the best choice. For one, my loan terms aren't as great because I need a commercial mortgage, my insurance premiums are higher each year, I need a lawyer for everything since I'm considered a business. Maybe this was all discussed in previous responses but I'll go back and review. My thought in this stage of the game after I have a little bit of knowledge is, "what is the LLC really protecting?" My assets are owned more by the bank then me. If someone came at me they'd realized I'm so leveraged that it's not worth their lawyers time. I'm actually considering a refi on all my notes under my personal name, this way other big ticket items such as my personal residence, stocks, etc. that are held under my name along with my wife's can't be touched in the unfortunate event something happens rental property related and someone comes after just me. However, I'm in no place to lend legal advice or tax advice but the points I put up are just some things I've been researching so that I am better prepared to make a smart decision. My commercial loans are going to balloon eventually so I may put everything in my name at that time. If I didn't need mortgages though, it would be a no brainier for me, everything would be in an LLC because I would have more to lose.