All Forum Posts by: Chris Masons

Based on what I am hearing and have read here, you should be entitled to your earnest money back.

I have been in same situation in NJ and have had my money returned to me.

regards,

Chris

Charlie,

So your title searched pulled up Code violations? I don' t think that would show up on a Title Search here in NJ as Title searches primarily deal with title defects and I don't think a code violations would be considered a Title defect as a property can change hands with or without violations present.

Curious how code violations would end up in a title search

thx,

Chris

Section 8 is a state funded program in which rent is subsidized by the state for certain tenants who qualify for the program. IOW your rent check is in part or sometimes in full paid for by the state not the tenant occupying the dwelling

There is more to it but that is a very basic explanation.

thx

chris

Also don't feel like you NEED to have section 8 tenants in your buildings. This is a choice not must do.

Best,

Chris

Cody, I invest in Union county (Union township) and Somerset County (North Plainfield and Bridgewater) The market is pretty lofty right now and finding deals are a bit challenging but they do exist. Just have to be quick and be on the look out or have a good realtor on the look out as well....

And yes, the taxes here are a killer but don't get discouraged as I generally make anywhere from an 11% to 20% cash on cash return on all my buy and hold holdings in NJ. I have a portfolio consisting of multi family (2-4 family), single family and condos that I hold and manage myself.

regards,

Chris

You should site them on breaking lease guidelines and force them to become compliant with your lease guidelines, IE. getting rid of all animals but 1 dog.

Sounds like there is already damage to the unit so you can site them on that as well. Document it all and take pictures. 6 months can be a long time with a tenant of this nature...

good luck

Chris

12% per qtr. sounds extremely lucrative. Where and what kind of fund is this?

Chris

What is purchase price?

Hi Zain,

I am in NJ myself but all my properties are here in NJ. I am not sure how eviction and tenant/landlord laws work down there so it is hard to comment...

What I did notice is that you mentioned making a 5 hr. trip down if not resolved which begs the question to be asked do you not have someone managing this out of state property??  This could turn into a logistical nightmare should you need to officially evict this person yourself living out of state!!

I'd love to invest out of state but am terrified to be so far away from my properties...

How did you end up purchasing this property living in NJ?

thx,

Chris

Brenton,

Be careful,  if you materially do NOT participate in your rental activities you cannot deduct standard 25k passive losses. I saw you mentioned you employ a management company for your holdings so that being said it may disqualify you from taking those losses from the IRS's standpoint....

 You actively participate if you are involved in meaningful management decisions regarding the rental property.

I guess you can still have Management in place and still participate but I'd double check with your accountant

thx,

Chris