All Forum Posts by: Kevin Hill

I wouldn’t be in a hurry to buy. Inventory is very low, especially multi-families in Bergen County. Market is still overinflated. Be patient until we start see declining home price due to the cyclical nature of real estate markets, effects of COVID, high employment, and the ability of buyers to qualify for mortgages. There will be deals to be in had in 12-18 months or possibly sooner. 

I would hold off until this is over. You won’t get showings during this pandemic anyway. Have the unit completely ready and clean. May/June is an excellent time of the year for rentals.

Patience.

“Good” is a very broad term. In order to get the most useful information, please give more details on your home search. Example, price range, proximity to transportation/desired commute,  and any other things important to you and your family. 

Often there are long waiting lists for section 8 housing in NJ and sometimes they do not take on new applicants.

Generally, no a family member cannot be the landlord of a Section 8 household, unless the tenant is disabled and requests a reasonable accommodation.

A relative by blood or marriage may only be the landlord of a Section 8 Housing Choice Voucher household if the tenant is disabled, they require a specially-modified unit, and such a unit is only available from a relative.

The Northern New Jersey market is high. Even the REO properties at times are priced at full market value. You could cash out some of your equity in your home to invest with or contact your lender and see if you are able to get approved for a mortgage on an investment property. You could use conventional financing on an REO property if its habitable. Otherwise, you will have to go the hard money route.

Plan on doing your own prospecting to find off market deals. Driving for dollars in areas you are interested in and contacting a home owner directly will often get you a better deal if they interested in selling. The MLS has been dry for awhile for potential profitable flips.

Otherwise, stack your cash and wait for the market downturn to scoop up your first property when the home values settle down. Right now, its a competitive market in many areas, depending on the price point.

Depending on the lot size, you might not need to do any updates to the house. Often, cash investors will buy houses in Paramus and expand or rebuild them upon the existing foundation and buy in any condition. 

Each county posts their foreclosure lists on the sheriff’s web sites. You can also pick up a list at the courthouse. 

Reminder, you have to bring a certified check for 20% of the sales price To the courthouse and pay the balance in 30 days. You also have to make sure there are no outstanding liens on the property. They are often occupied still, so you are buying without seeing the interior and you’ll be responsible for evicting the occupants or giving them cash for keys to incentivize them to move out.

From what I heard recently from a fellow REO agent who covers Essex County, is that Irvington had a lot of corruption issues with their building department. Younger inspectors were taking bribes to overlook things. Now they have hired older, experienced inspectors who are being very strict. You are pretty much at their mercy, so do whatever they want done.

You can probably get higher rents in Teaneck, but that is neighborhood dependent. Areas around houses of worship that are walkable will be much more expensive in either town. Both towns have property taxes on the high side. I would say the school systems are similarly rated, neither being particularly good.