All Forum Posts by: Chris Masons

I often say if I lived elsewhere than NJ I could probably have retired long ago as the cost of Real Estate in NJ is very high compared to other states Esp. the mid west.

I probably would own considerably more properties if I lived in Virginia for example.

NJ is definitely a tough state to be successful in as not only is the entry point high, the taxes are as well.... Thankfully the rents are high too to support these absorbent prices here  :)

Good luck,

Chris 

Hi Su,

I think what you want to do is apply for a tax reduction on the property. It does not matter whether it is held in an LLC or your own name.

There is a specific window when you can contest your annual taxes. Here in Union County that window is from late January through March I believe. You should receive a post card with accessed taxes for prior year and with further instruction should you wish to contest this.

There are Attorneys that specialize in this but if you have the time yourself you can most likely take care of this on your own.

Biggest thing they look for is comparable properties and what their taxes are. As part of the appeal process you will need to provide 3 or 4 similar properties and what their taxes are. The accessor will look at these as well as your property and decide if the taxes should be reduced....

Try and find similar properties to yours with less expensive taxes.

Hope this helps!

regards,

Chris

Bhanu,

Converting it in one fell swoop I believe would give you a fairly large tax burden correct?

Regards

Chris

The 1% rule has nothing to do with taxes. It says that your gross monthly rent should be equal to or more than 1% of your purchase price.

Getting 1% can be challenging in NJ due to high cost of real estate and is not a "to live by" rule but more a guide line.

You can still have a good investment if your rental income is less.

Regards

Chris

Hi Errol,

I primarily invest in Union and Somerset County. I believe Ringwood is Bergan? Are you speaking of single family or multi family homes? Generally the stuff I have seen up that way tends to be harder to make a decent return due to the high taxes and price point.

Are these distressed homes or stuff on the MLS?

thx,

Chris

Good Lord!!! What a nightmare! These are windows, not boilers and or Water heaters!!!!!!!

Good luck to OP!!

Chris

 March late February is a great time to list a home here in NJ. Tom, have you considered taking the time from now until then to really fix it up and make it pop and than relist in mid to late February? This way you beat the mad spring rush of listings and people who plan on buying begin looking in Feb March...

Other option which I am sure has been mentioned is turning it into a rental... If your siblings don't want to be landlords you can offer to manage it for a small % of gross rent say 5 to 7% to be fair?

This way they don't have to deal with the issues of Landlording.

Good luck,

Chris

Steve

realtor access on GSMLS won't show you what is paid or outstanding on property taxes.

Need to dig little deaper  for this info.

Thx

Chris

Hi Anthony,

Township may or may not have a web site that is up to date on back taxes.. However you can always call town hall with block and lot # and they can tell you what is open or paid..

thx,

Chris

Hi Nicholas,

How do you feel your health is being compromised? Have you brought this up to the landlord to see his response?

"I am wondering, is there a lawsuit here, can I get this idiot landlord for providing an unsafe living environment?"

Sounds to me like you really don't have a "REAL" issue here, but are trying to create one and trying to take advantage here.

If you feel your health is being compromised and your landlord is an "idiot" why not kindly ask him to let you out of your lease and move on. It is people like you giving tenants a bad name who create frivolous lawsuits with absolutely no basis and waste peoples time and money in an attempt for monetary gain.

Good luck to you and your lawsuit!!!

Chris