All Forum Posts by: Kevin Hill

You do not have to get a home inspection after the rehab. The buyer will pay and get one on their own. You will be responsible for paying for and getting the Continuing Certificate of Occupancy inspection that will be performed by the town.

The buyer's mortgage company (unless they are paying cash, but they could get an appraisal if they wanted to) will order an appraisal.  You would only get an appraisal say if you were doing a buy and hold and wanted to refinance the property. Then the bank would order an appraisal.

When the market goes down, condos and townhouses are usually the first types of properties that take a hit. Rental market is really tight right now in Northern NJ, so finding tenants is not difficult. Make sure you are calculating monthly HOA fees into your budget. Any area that is commuter friendly to NYC will likely be expensive.

I would avoid co-ops, they are usually not good investments. The monthly fees are very high because they usually include all utilities. Any buyer or renter has to be approved by the co-op board and they have to approve the sales price.

As a landlord in NJ, the maximum a tenant can pay for a security deposit is 1.5 months.

I rather have another month of vacancy than take a tenant with bad credit. 

Lower your list price another $100 & hopefully that will get you more applicants to choose from.

Welcome! Good luck on the test. The class test is usually harder than the state test.

Keller Williams offers a 70/30 split. Other brokerages are 50/50. Other brokerages may offer a higher split, but you have to pay high desk fees. There are 100% commission agencies where you pay a flat fee per transaction. There are various business models.

Hi Carlos, after you pass your state test, start setting up interviews with brokerages in the area where you want to work. Find out what kind of split they offer, what training is available, what technology tools they provide (web site, CRM, etc), and how much are their fees (E&O insurance, desk fees, etc).

You can put together a resume, but many brokerages won't require one. Sadly, many brokerages will hire any warm body, so it's not that hard to find an office to hang your license.

I have looked into starting my own property management company as well. You can do it as a licensed salesperson, under your company's brokerage, but the payments have to be through your brokerage and they are going to take a cut. 

If you want to start your own property management company, you need a broker's license in NJ.

In order to get a broker's license  you have to complete the required class room hours (150 hours) pass the licensing test, AND have 3 years of full time real estate experience (unless you are a military veteran).

I guess the whole risking your life and becoming disabled defending our way of life and freedom should enable our vets some perks in life, no?

@Anne Jones are you already a licensed sales associate? Otherwise, you have to have 3 years of full time experience as an agent to get your broker's license in New Jersey. Only way to get your broker's license without the 3 years of experience is if you are a disable veteran.