All Forum Posts by: Yordano Alicea

@Michael Smythe yes. That’s why I said I’m not okay with it.

@Marco Anemone thank you. I’m going to start the eviction process tomorrow.

@Mark F. I’m actually in south Jersey.

@Prashant P. Thank you. I spoke with a lawyer today and he mentioned the same.

@Tim J.have you experienced anything like this? Was it that straightforward?

I purchased my first investment property in NJ back in 2020. It being my first property I decided to go all out and spend more money than I should have on the renovations. Once completed, I decided (at the behest of my then property manager), to rent to a section 8 tenant.

Since then, the tenant almost set fire to the basement when they had one of the children sleeping in the basement (they had been instructed not to have someone in the basement because it wasn’t a room by code and I actually failed two fire inspections as a result of this).

They have damaged the tub and required me to have it repaired twice, and most recently have caused substantial plumbing issues with a new bill for $10k.

After I expressed to the tenant that I would be increasing the rent, the tenant was on board with this. HUD did not approve this so I'm essentially out of luck with collecting the rent I'm asking for. Additionally, the tenants case worker instructed the tenant that they don't have to start looking for a new place to live.

The tenant wants to continue to live there and pay me the difference in rent under the table. I’m not okay with this. I need help otherwise I’ll be forced to sell the home against my wishes. Any advice will be helpful.

Good afternoon Shakir, I'm new to BP and noticed this post from a few years ago. I'm a licensed agent in south Jersey, with investing experience (I currently own a few properties in Pennsauken and Collingswood, NJ). I'd love to speak with you to see if I could help you in any way. 

Investment Info:

Single-family residence buy & hold investment in Collingswood.

Purchase price: $154,900
Cash invested: $23,235 down, $30,000 in renovations

Full renovation of a 3 bedroom, 1.5 bath home in Collingswood, NJ. Feel free to message me to see the work that my construction team completed or to offer any advice on how I could have approached this project differently!

What made you interested in investing in this type of deal?

The location of this home was in a prime location, a house across the street, with less work completed, sold for $207,000 earlier in the year. I figured that If I couldn't get a tenant in the home soon enough, I could always sell the home for a profit.

How did you find this deal and how did you negotiate it?

I found this deal by driving by the neighborhood a few times.

How did you finance this deal?

15% down conventional loan

How did you add value to the deal?

My company's construction team spent a few months completely renovating the entire interior of this home, completely remodeled the kitchen and both bathrooms, updated the electrical panel and rewired the entire home to bring it to current code as well as a new AC and furnace.

What was the outcome?

Rented the house for $2,000/month.

Lessons learned? Challenges?

I still have the feeling that I may have invested too much time and resources into this home. I wanted to out out a product that would blow people's minds and that would be marketable to the young professionals that are living in this area. In doing so I feel that I spent too much money on the remodel.