All Forum Posts by: Kevin Hill

@Carlos Rodrigues I love Smartmove, but you may run into some problems in Elizabeth using it. I used it for a Paterson rental listing i had last year. Many of the applicants objected to paying the $35. Many did not have good credit and it might be tough to find applicants who make 3x the monthly rent in that area. 

If they are on Section 8, which is common in that area, their credit will most likely be bad if they have any credit history at all.

However, the eviction screening by Smartmove picked up on 2 applicants who had prior evictions, that hadn't shown up on their credit reports.

You definitely should have standards, but you have to base it on the area your rental property is in. 

You'll probably have a better selection of multi-families to choose from in Hudson County, where they are more prevalent. If you are looking in Bergen County, your budget will be a big factor. You would likely need a 3-4 unit house in Bergen to have the tenants paying your expenses and mortgage.

Weird, was just researching myself last night about starting a property management company. I believe in this area companies charge 8-10% of the monthly rent. Also, you'll need to have a broker's license if you open your own company. I'm likely to start a company while at my brokerage so I'll be covered by their E&O insurance & wont have to get a broker's license. They will get a cut though.

It depends on the sale price. I had a bank give $7500 to a tenant occupant last year. The other ones I have had this year have been $12,000, $4500, & $5000. You get an agreement stating the date they will move out and they need to deliver the house broom clean with no further damage.

50% below market ain't happening. The foreclosures are being bid up and often selling above list price. Cash for keys is just the cost of doing business.

You have to go through the eviction process, which is a pain in the *** in New Jersey. I have 3 foreclosures I am dealing with, all 3 are occupied. The bank is offering all 3 of them cash for keys, because its less costly and more timely to do that then go through the eviction process here.

Welcome to Bigger Pockets Gregory! Bigger Pockets has a ton of information and its great for networking! I recommend @Gary Harris's local meetups at The Recovery Room also. 

@Jenny L. Sometimes we do have newer agents sit the open houses with us to teach them how to run them.

Sadly, the true motivation to have an open house, is not really to sell that actual house, but to get buyer leads from unrepresented buyers. I think the stat is only 3% of home sales are a direct result of an open house.

Welcome, happy to help!

The agent negotiates the commission. Some agents will go lower. Could depend on on much is expected of the agent. Sometimes you get what you pay for. 

Not sure who the "Boss" is at the open houses. Sometimes for safety reasons or if a particular open house is expected to be busy, often 2 agents will work the open house. Some agents work for a team, where usually there is a top producer who brings in the listings and there are buyer agents who work the open houses and work will the buyer leads that come in.

Some agents never sit their own open houses. 

The 2% to the buyer's agent is on par on a $1 mil plus house. The buyer pool for a FSBO will be much smaller than if it was listed on the MLS. Sellers think they are having on commission when they could possibly get more if fully exposed on the market. I would only FSBO if I was in a very hot market say like in Hoboken.

FHA 203K isn't for investors. Its for owner occupants.