All Forum Posts by: Dan Chandler

I am filing with the state to form an LLC in which to purchase homes and rent them out. There are a lot of questions about sales tax. Do I pay sales tax on the rent that I will be collecting? And if I do, is it just for the total amount that I collect or just the profit? Ex. I charge $1600 a month in rent but after expenses only pocket $200. Would I pay sales tax on the $1600 total or the $200 profit? Thanks!

Is there a way to find out what houses are rentals if they are occupied and what they are renting for? When I search for single family rentals in my area to try and find out what the competition is renting for, only the empty ones pop up. How can I find out where the occupied ones are and what they are renting for? I also want to find out this info to see if the area is too saturated with rentals and I should look somewhere with less competition. Thanks!

Has anyone had any success/failures that they would like to share about retirement communities (55+)?

In New Jersey it is legal to purchase properties in these communities even if you are under the age of 55.  I was wondering if anyone has any experience in this area.  I would image that the turnover rate must be lower than other investment options.  I'm interested in purchasing for rental income.  Thanks!

Wow, thanks for all of the great advice everyone!! My first purchase was a condo back in 2007, after everything crashed we had to sell at an extreme loss and just finished licking our wounds. I remember the fees always going up and seemed like a total waste but there were tons of renters in our development. I thought maybe the landlords knew something I didn't. Thanks everyone, I think I'll learn my lesson and stay clear of condos.

I'm debating where to make my first investment for a rental property.  I have always considered a single family but I'm now thinking a condo might be safer way to go since I'm still new. 

Any words of wisdom from experienced landlords??

Thanks Michael!

My goal with real estate is to eventually have a good inventory of rentals for a steady stream of cash flow. My questions to all the landlords out there is... On average how much time would you say your rental properties do not have tenants? What is the turn over rate? I'm trying to figure out vacancy costs and I want to be as prepared as possible when I get to this point.

Great, thanks guys!

I'm very interested in wholesaling but I've been hearing some rumors that it is not legal everywhere. Can anyone tell me if wholesaling is legal in New Jersey?