Eastern Shore MD · Member since 2018 · 139 posts · 79 votes
6y
REO's are a great way to get excellent deals. Keep in mind you need to prepare for the worse, and hope for the best. These deals are AS IS. You can still do an inspection, or hire a professional to do one, but typically the bank has already priced it accordingly. If the deal numbers work out, and there is no massive issue that needs to be fixed prior to occupancy, it could be a great deal. I would get your financing lined up first, as REO's typically go to cash offers. Good Luck!
Rental Property Investor · Northern NJ · Member since 2019 · 672 posts · 677 votes
6y
Are you familiar with UC rent control? It's pretty odd and unique, and not in a good way. I offered on a 4 plex years ago until I dug into local ordinance. Some good old threads on BP if you search but depending on the place, it can be terrible. Again there are exemptions but make sure you do your research. They have buildings registered with the city and you cant go above what they set unless its within a certain number. Theres a lot more to it but that's just the start. Quick ancetdote, after I offered one tenant found out about the laws and went down to the rent control office. Their rent was $100 over what the unit was registered for and the city sent the owner a letter, effectively reducing their rent.
UC is densely populated so no need to worry about vacancy at least.
Residential Lender · North Arlington, NJ · Member since 2008 · 21 posts · 0 votes
6y
I was born and raised in Union City. The rent control is not an issue with a condo. With a 4 family, you absolutely have to deal with their rent control rules.