All Forum Posts by: Chris Connery

You allowed the tenant to draft the lease on your building?

I thought first right of refusal typically was about the sale of a building, maybe not.

Atleast in my state, knob and tube wiring is not illegal or against code. The issue is getting insurance. On the other hand... I’ve gotten insurance policies where the insurance company said they were coming out to inspect, they never did. Of course don’t count on this. I run into knob and tube all the time due to the age of the building, it comes with the territory.

Money

Biggest question is what restrictions if any does the condo association put on renting out your condo. Some don’t allow short term rentals. Just something you need to know.

Lots of cashflow in central/southern NJ. I have the names of a few local banks that would fit your needs.

thank you Linda

Really can't give any personal experience in sicklerville but I know people are out there doing BRRR in that town and doing well.

I have a contractor that is doing a $35,000 roofing and siding job on one of my rentals. I claim “Real estate professional status” for tax purposes. 

My accountant says that any contractor you pay should be given a  1099. My contractor says because he is an S-Corp he would not need the 1099. 

I am of course most inclined to trust my accountant however I’ve researched some and it seems my contractor may be right. I’m just looking for second opinions. 

Thanks

One could argue that if Camden city does become more gentrified that the current residents could be pushed out and need a new place to live, ergo Oaklyn and Bellmawr. It takes a certain type of investor to buy in camden, not for everyone.

@Jessica G.

The situation you are describing is exactly what I’ve found and exactly what I’ve done. I ended up getting my own license. There is no benefit of an investor friendly agent if all they can do is send you mls lists. The agent that got his license two days ago could do the exact same thing. Why not do it yourself and get the commission.

I’m starting to transfer into commercial and medium sized multi family. It is at this point where having a good relationship with a broker is more valuable. At the commercial and larger multi family level there is value in having a broker that has relationships with local landlords and investors to try to funnel you deals. 

If you have the inclination to get your own license then it’s worth it if all your agents are doing is sending you the next duplex that just went on the market.