All Forum Posts by: Gil Lieblich

As others have said each state has its own rules...
That being the case there is three types of agents, listing agent (sellers), buyers agent, and a dual disclosure agent.
When you meet with an agent they should give you a paper to sign that explains to you what kind of agent they are and how they can represent you. If an agent is a dual agent he/she can represent both parties but there are rules to what they can disclose to the parties and may not act in eithers interest but rather as an intermediary. Of course they are fine with this because they receive full commission.
The reality RE agents get a lot of their business from referrals and making it seem like they are doing a good job is what motivates them as much as money. At the end of the day its more important to get a deal done than try to keep price higher to get a little more commission. The reality is a few thousands off the price does not really make a difference to them as they get essentially a quarter of the total commission so buyers sellers and dual agents just want to close the deal while making it seem like they are looking out for your best interest.
But as others say many are not versed in investing so they are not so helpful. And if you dont use an agent just make sure you have a good real estate attorney as thats where they can get you...

I am in central Jersey and would gladly help in any way i can... feel free to drop me a message anytime. I am newer but not a complete newbie. i am somewhat familiar with Hoboken area, in fact my friend just sold his condo by himself for asking in a week. Market is very strong there.

As the other posters stated it is very specific to local laws. From what I understand by me its two years before you can move forward on foreclosure and even then its not a simple process

I recently put my unit up for rent, a townhouse in a mixed neighborhood of college kids and others... I had a lot of interest because of the updates that you dont find in the neighborhood and the pictures really peaked peoples interest even though i had listed for significantly higher than was suggested to me. ( I had a back up plan where college kids were willing to take it but i had to wait a couple of months.
I had the typical no shows and the typical "oh its great for some one i am sure you will rent it in no time" but to be fair it was attracting a 'better' crowd because of the pics than the area commanded.
I did eventually find one tenant from out of town that said she was living in a hotel and wanted it on the spot because it was the best unit she saw and did of course have dogs. (i was ok with it because it is not the greatest neighborhood and she is alone so two big dogs was safety in my mind and i am ok with it)
On the other hand i was trying to rent out my sisters place near princeton in a nice neighborhood but hers was priced a little high. Last time it took months before we rented it out and had to drop the price $75... Its hows well but some negatives as its a third floor unit which eliminated a bunch and at 1000sq ft knocked a bunch of others off the list. This time i had it rented in a couple of weeks at the high price because a young couple was willing to pay a little more for the comfort of a nice place.
Sorry for the long response.... my point is it depends in my mind if its an area of high turnover.. who is coming to see the place and also your own comfort level. like with everything it only takes the right person once to rent it at the higher price. At the same point you may miss out on some good tenants that by the time you lower your price have found something else. So there are pros and cons to every side but in my opinion you want to be ahead of the market and price more aggressively so you can find the best tenant.

Sure no problem...any time you want to discuss let me know... I am newer but I think i have learned a lot and would be happy to share.

Hi Justin,
I am in the same area as you and have been looking for opportunities in both sfh and the multi's. Drop me a message and we can discuss. perhaps I can help you with putting your team together.
Good luck and welcome.

Since we have a few Jersey people already linked into this thread I figured i would ask you guys both newbies and experienced guys... Do you feel it's a bit more challenging in NJ because property taxes are so high? I know it has repeatedly been a major obstacle for me in the last six years my property taxes on my unit where i live has gone up 50%. originally I was able to make some cash flow on it now i live in it because it doesnt make sense to rent it for a break even.

just reading the topic and had a quick question... even if the gov't decided what the rent should be does that not mean that more accurately the gov't decided what they are willing to contribute to the rent? Can't the tenant pay if agreed upon an amount over what the gov't decided was appropriate.

in my opinion as newer investor I would say simply unless he is hungry and really has a desire to learn and dedicate the time to understand the difference then you should find some one who understands the investors mindset. I say this as i looked for years with agents who didnt understand during the boom. I eventually got my license just to cut out the middle man. Now I am back looking and i have both agents who are investor savvy and not and the properties they show me there is a clear difference. A big part of this business i am learning is access... and getting access to the right property is not easy for a new guy so any help is important.

welcome... i am relatively new and still learning a lot from my investment properties... I am in central jersey so feel free to ask me any questions.