All Forum Posts by: Jake Handler

Great advice @Mark F. ... going directly to the source will give you the best answers.  My guess is they'll probably say "whats a medium term rental?" which is probably the best answer you can get lol

Definitely sounds like a scenario where an attorney should get involved at least for guidance.  We are in the same area... feel free to message me for recommendations.  

Yes

I'm just laughing that you think property taxes between $800-$1800 a year is high.  That's the cost of thinking about property taxes in my area lol.  Seems like this deal pencils out for you... you got this Anne!

Depends if you like money or not

I would love to connect with people in Northern New Jersey that are utilizing the Medium Term Rental strategy locally; specifically furnished rooms that are being rented. 

Is $450,000 your budget according to a lender or just what you think?  Is that your budget for a primary home or investment?  Single family or multifamily?  An advantage you have over some other investors and buyers is that you are thinking with a long-term investment strategy, which allows more opportunities for you.  I would advise you to go over all scenarios with a lender that speaks the investment language... maybe you'll find that your situation allows you to be more open-minded to different strategies and types of properties/financing than you originally thought.

Does your realtor think this is a good deal?  Do comps support the purchase price?  We can run calculators all day but some details are beyond the calculator- depending on your short and long term goals.  If you believe this is a growing neighborhood and you are getting a below-market deal, combined with the creative financing and interest rate to your benefit, this might be worth figuring out "how" to make work with your realtor.  Like David Greene suggested on the recent Seeing Greene episode, we are in a time period where numbers may not pencil out; so your strategies and timelines may have to change from the traditional models.

Tony, first off- I'm assuming you know you have the same name as the former Boston Red Sox outfielder.  Second- it seems like you have a relatable mindset in targeting long term growth.  You should definitely speak with @Shawn Mcenteer who can help direct you in finding the right home for your needs.

In terms of the showings/applications process, using the zillow $29.99 feature to find an applicant is $29.99 more than you'd have to pay if you listed with a realtor- in NJ.

Being a "smaller" landlord myself, I use zelle for rent collection and it works just fine.  Note that my tenants are carefully vetted and my lease is extremely strong; which allows me to not have to use a paid site.

I also work as a property manager in NJ so if I can be of assistance to you please feel free to reach out.