All Forum Posts by: Steve Boianelli

@Josh Michel in my experience with evictions it typically takes 2 month. Since my properties are under a LLC I have to hand off the job to an attorney. NJ won't let a cooperation file an eviction without representation so know that going in to it if you are a LLC.

If you hold the building in your name you can file yourself. If you go to the county site where your property is it will break down the steps on how to file an eviction correctly from serving the letter to going to court and everything in between.

Ryan Murdock I just finished up the podcast. Great information! You mentioned paying for background checks for your potential tenants. I’ve never thought of that. I invest in C- areas and a lot of potential tenants run when I share with them my screening criteria. However, those who don’t sometimes don’t follow through with the background check. Do you have criteria before you put out your own cash for the background check? I like the idea of paying but are there steps I should take first before throwing out cash for every applicant? Great show! Very informative. The show really hit home for me! Thanks for any advice! Steve

Hi everyone. Looking forward to the meet up this week. Before we get there I had a question about hard money lenders. My partner and I are looking to jump on a property but need cash fast. Anyone have a positive experience with a hard money lender locally here that they could recommend? Or any funding source recommendations would be helpful. Thanks See everyone on Thursday. Steve

Hey BP,

I'm a buy and hold investor but I'm considering a flip to earn some extra capital so I can get more rentals. Have some questions about an upcoming auction that I'm bidding at with a partner. We ran the numbers and it works. Any insight would be greatly appreciated. 

Before I go to the sheriff's sale would you recommend I pull the title to look for liens? My past experience has always been through MLS so I would walk if the deal was bad.

In your experience what unexpected cost need to be considered? I'm asking more about cost outside the normal rehab that I'm used to dealing with.

Thanks,

Steve

@Justin Eaton

Quick question about the meetup. I have colleagues who invest in buy and hold properties and rehab properties that aren't on BP that would probably like to be a part of these meetups. Do you mind if I tell them about this event? If not, no problem but wanted to ask before I brought anyone along with me.

Thanks

Steve

Thanks for setting this up Justin. Count me in. Looking forward to it.

@Fradel Schaechter

to answer your 3 questions

1) It could be just your area. Sometimes you may have to look in other areas and research the rental market.

2) Yes! There are cash-flow properties in NJ. All my properties are cash-flow. Each area is different. I believe Lakewood is in Central Jersey, maybe near Jackson? I'm not too familiar with that area as far as rental properties. My investments are in South Jersey.

3) I haven't used the BRRR method yet so I can't comment. I do plan on purchasing more real estate within the next year with the idea of adding value and taking the equity to invest in more.

Good luck!

@Frank Chin thanks for your input. I have had a local plumber check out the issue and they did confirm it was a grease build up. I'm not a fan of pointing the finger at the tenant for issues that could have been caused prior to them moving in. I agree that a happy tenant is a great tenant. However, the tenant informed me that since he has moved in he has been pouring all his cooking grease down the drain and was not aware that grease could not pass through the drain. I offered the tenant to pay for the balance of the repair over the remaining duration of their lease agreement in equal installments. I'm waiting to hear how they would like to proceed. At this point they have been 3 days with no kitchen sink. With the holiday weekend work has been postponed until Tuesday. 

@Pat L. I’ll have to check out that product. Thanks. 

the clog has been located in the pipe. Unfortunately they can’t break through it with water pressure or the snake. When I saw $1000 that’s my estimate for plumbing, drywall, painting etc.