All Forum Posts by: James Lloyd

Just one block in/near these redevelopment areas can make a big difference.

If its the redevelopment zone in/near Paterson, I would avoid it.  This is completely anecdotal/experiential, but I just don't see any 'hope' there in the near future when I visit the city.

If its one of the redevelopment zones closer to/in Newark, then I would see how close you are to the path station, Newark Penn Station, business center, or one of the upcoming neighborhoods.  Again, completely anecdotal, but Newark has some signs of hope in some areas and business prospects.  It was on the short list of Amazon HQ2 for a reason.  Run the numbers and run the numbers on a few different scenarios (best, average, worst) and show it to someone you trust, and if you still think its a good deal, then go for it.

Are you represented by an agent?  If you are, then ask your agent to find comps.  

Is there something specific about this property that makes it difficult to pull comps?  Are the other houses in the neighborhood not 2/3 family homes?  

This sounds like typical haggling over price...  I don't know what the Union City market is like, but at least in the Morristown area, the market has cooled and is more buyer friendly.  

If you accept the offer at 729 and you don't love it, then when you get your home inspection report back, you're probably going to end up asking for the moon (because you're paying top dollar, at least in your head) (or be required to ask for the moon by the mortgage lender).  The Buyer/Seller relationship will deteriorate and likely the contract will fail then anyway.  Find a price where you still love the property and willing to deal with the defects found in the home inspection report.  

My understanding of Union City is that its a lot like Jersey City.  A lot of development and it really depends on the neighborhood you're in.  If you're in the 'next' neighborhood to get developed, then you will likely see appreciation.  I have no knowledge of the neighborhoods so I can't tell you anything more than that.  

I have family that lives in Dallas County, so what I am about to say comes second hand and anecdotal.  

A lot Des Moines's (DM) population growth has been from other Iowans moving to the metropolitan area and not so much people moving into the state.  My understanding is that Iowa has had a population of around 3mm for quite a while, but DM and its suburbs (Waulkee and Ankeny among others) have certainly expanded quite a bit over the past decade or two. At some point the state WILL need immigration from other states in order sustain its growth, but I don't know when this spigot from the other parts of IA is going to run out.  

 Companies like Amazon have invested quite a bit of money into warehouse space in and around Des Moines for server farms.  That converts to some really nice jobs, but not a ton of them.  Like Anthony mentioned, DM has a thriving banking and insurance industry based around farming operations.

Schools; IA has always prided itself on education.  They have some excellent teachers and excellent schools especially in the suburbs.  But there are some schools in DM proper that are awful (like worst in the nation bad).  Make sure to look at your school district if you're investing in DM.  

There is a ton of money being spent on building new units.  A lot of farmland around DM being bought up and then built into condo units and/or developments and strip malls.  I don't know if this is translating to oversupply of rental units or just merely meeting demand.

Hi @Steven Primiano,

Here is a link to the Legal Services NJ page on bed bugs and tenants.  Its written from the pro-tenant point of view, but I think has the answer your looking for under the 'Knowing your rights is important.'  From your description of the premise, it sounds like its a duplex and therefore it is the tenant's responsibility unless specified by local ordinance.

Good luck.

-James

From the email, it appears you are dealing with a nightmare tenant.  

Follow your attorney's advice.

Follow the court orders and if/when the tenant fails to follow the court orders, make sure that is brought to the court's attention immediately.

There is nothing more than you can do than that.  I hope that this is resolved sooner rather than later for you.

Welcome to Bigger Pockets, @Juan Montesino!

Typically speaking, at least in North Jersey on residential real estate, the Seller/Seller's attorney will prepare the final deed with approval from Buyer's attorney and/or title company.

Like @Jason D. pointed out, it depends on whether you/your company is personally closing title on the property and then reselling it (then yes, you would go on the deed), or if you are just putting the property under contract and then selling the contract prior to closing (then no, you would not go on the deed).

Echoing what @Jonathan Herron said: attorney involvement is common in North Jersey real estate transactions.  Since this is your first transaction, I would recommend hiring an attorney.  A) An attorney is the only person on your side looking out for your best interest.  Everyone else is in this transaction is looking out for their own best interest.  B) You may need the attorney in the future for other real estate transactions, might as well find one now.  C) Depending on the attorney you find/hire, your attorney may have additional contacts for future deals, etc. (just another resource for you).  D) I've never dealt with an assignment of contract, but the Buyer's title company may require your attorney to draft the assignment.  They'll want to see something with his/her name on it to know its legit.

If the attorney treats as a 'contract review'  only, then I would guess anywhere between $300 to $600.  If the attorney treats it as a 'sale of real estate', then anywhere between $600 and $1500.  Prices really vary with real estate attorneys depending on the type of operation they are running and how much attorney involvement they have in the transaction.  You get what you pay for.

The Morristown area (Morris plains, Parsipany, Chatham, Madison, etc) is mostly sfr focused. It will be difficult to find a realtor and property that match your wants (not saying impossible, just difficult). Because the market is so sfr focused finding a propety that fits the 1% rule will also be difficult. Morristown around Sussex ave/Grant st. area or western ave (if you have a big down payment) and Summit (less familiar but hear they have a lot more duplexs) are probably your best bets when looking. Good luck. 

Echoing what was already said... hire an experienced landlord/tenant attorney and explain the situation.  I believe you are correct that you 'cannot refuse to renew the lease.'  You have to provide a 'for cause' about why you are not renewing.  If you haven't done so already, start to record the damage to the property done by the tenant and the lease violations.  Each time there is a new lease violation or refusal to correct prior violations, serve the tenant with a notice.  You have to build a record of violations and notices.  I hope you can get this tenant out, at the very least, when their lease is up.