All Forum Posts by: Darren Sager

@Nicholas Krauss you're allowed to have a lease in NJ for as long as you're comfortable with from my understanding.  I usually do one year leases however I will do a 2 year and impose increases in the monthly rental rate (I just did).  I'm not a fan of keeping people at the same rate for an extended time.  Taxes and insurance rates usually increase every year, as does inflation, so if you keep people at the same rate you're losing $$ in the 2nd year and beyond.   Even a small increase, like $25 a month is still important to impose.  Issues usually occur when investors have been keeping rates below market for awhile suddenly try to impose an increase to "make up for the increases they didn't put in effect" over a time period .  Tenants will get angered more easily, because you've been "nice" to them.   They'll expect their rents should not go up.  So, no matter what, impose an increase every year.

@Sebastian Rodriguez people buy them all the time here in the NYC area.  They come up for sale for any number of reasons.  

@Spence O. next time find out what the town requires.  In most cases, regardless if the seller tries to put the onus on you, the town won't allow it.  I've seen this a number of times, for example in South Orange, NJ.  Town will not allow a buyer to file such paperwork.  It's solely on the seller despite what they may put in the listing or in the contract.

@Kevin Rezvani check into the Real Estate events and happenings area here on BP and you'll see a number of events that happen in Northern NJ.   Thanks for the shout out @Russell Brazil (he was a guest at one of our events in the past)!

It wouldn't be my first choice.  I can think of much better places to possibly invest vs. that.

@Yehuda Tapick the answer to this is usually the same:  It depends.   What does it depend upon?  Your financial situation first and foremost.  2nd your experience and risk tolerance.  It's not a question that can easily be answered by anyone here, although there are a lot of enthusiastic members who'll chime in with their opinions I'm sure!

Most likely @Syed Ali the condo will be subject to Union City's rent control ordinance.  If there are more than 4 units in the building I believe it's covered, so on top of everything else, be prepared not to able to effectively keep up with market rents.   Such ordinance can be found here, just click on this.

I find it funny when BP members recommend places to invest without looking at the local rent control ordinance first.

@Jaime Mack what are you waiting for?  Sounds like you have a good opportunity so go for it, or is this your first deal and you're concerned about pulling the trigger.  Not many investors get the chance to do those numbers here in NJ.

There's really no good answer on this as it's all based upon distance from the job location and how much travel you'll do that could possibly cost you more in time(holding costs).  

@Spence O. why would you be doing anything as the buyer?  It's almost always the seller's responsibility to get the CO, or temp CO for closing.  Most towns have specific rules on this.  Unless of course the seller tried to put the onus on you and you weren't aware of this.