All Forum Posts by: James Lloyd

I usually use CSC for incorporation.  Should be around $470, including corporate outfit/binder.

Here is the statute that @Domenick T. is referring to.  Of particular interest to you are probably sections F and I(3).  Consult a Landlord/Tenant attorney for the specifics about the process and approach you should take.

I've posted the same answer below in another forum, but here it is again for convenience:

Rough estimates on costs:

Attorney - between $1,250-$1,750 .

Survey (optional) - $750-$1,250.

Title insurance - Depends on purchase price and is set by law, but lets just say $2000.

Settlement agency - $550.

Title Search - $500-$600.

Miscellaneous (recording fees, etc.) - $400.

If you provide the settlement agent with more money than what is needed, then the remaining amount should be refunded to you a few days after closing. 

A lot of high quality info above.

In North Jersey, septic replacement (all in, including, plans, survey, permit fees, installation etc.) runs between 25k to 35k.  

Plan for some additional time in the process (if you are replacing) because permitting can be slow (moving at the speed of local government).  Maybe PA/the county you are in are faster, but 4 to 8 weeks is usually what I have seen.

It is really difficult to find a nice (i.e. something the girlfriend likes), cash flowing duplex(+) property that meets fundamental financial rules (for the reasons you stated) and/or is out of your price range (450K+).  If you are really intent on owning a property like that, then you may have to settle for something you are still putting money on principal and interest pay down (tenant's rent will not cover the mortgage).  I know because I have looked around for a similar property in my neck of the woods.

You may want to consider prioritizing one goal over another... I.e., if you rent in a quality apartment, neighborhood, etc., with affordable rent, then just take your down payment and look to invest (either out of state or in stuff you would not necessarily want to live in).  If you live in a bad place, etc., then prioritize finding a property that suits your family's needs (although you could still rent that property).  

@Joseph Scorese is right that you should focus on NJ Transit stops (train, PATH, etc.).

No, I do not believe the phone numbers are included. 

Yes, you can close on a real estate deal while out of state. You can either sign a POA as @Jennifer Petrillo suggested or you can sign the closing documents (deed, etc.) along with an authorization form (a very limited POA) and the attorney can sign the closing disclosure document at closing.  I prefer having the closing docs approved and executed beforehand and using an authorization.  The title companies can throw a fit (sometimes rightfully) over POAs and the attorney signing everything, including the deed.  

I do not know if there is a way to do it for free, but the NJ Division of Revenue allows you to search for the status reports on LLCs. The status reports lists the registered agent and address. The registered agent is the person that is supposed to receive any legal notices for the LLC. It will be about $6.25 for each status report so it can add up pretty quickly if you are doing a lot of them.

NJ Division Revenue website here: https://www.nj.gov/treasury/revenue/guiderequest.shtml

You can write the lease extension yourself.  Both you and the tenant should sign it as an acknowledgement / receipt of notice of the changes.  Not only do you want to note what will be changing, but also what will not be changing.  Something like "all other provisions of the lease dated xyz are in effect" would be OK.  If it includes a rent increase, I believe you have to give your tenant 30 days notice.

@Rafal Mielniczek, I have not done any work in Hackensack.  I have volunteered at probono opportunities in Newark and other volunteer work in Paterson, which provided some basis for previous comments.  Most of my work is in Morris County with some Union and Somerset.

I'll PM you though because I'm interested in knowing more.