All Forum Posts by: Kevin Hill

@Antonio Porta nailed it. Even if a tenant offers to prepay their rent for the entire year, its not legal. In NJ, that could be considered a security deposit. I often wonder why people from other states, who might not even know the laws in New Jersey, give advice. What's legal and common in your area isn't always legal and common in another state.

$100k

You can't charge another deposit on top of the security deposit. For example, if you were charging 1.5 months security and wanted to charge say a $300 pet deposit on top of it, that would be illegal.

The most you can charge by law in NJ is 1.5 months security deposit. 

I need to find a buyer for this foreclosure in Bergen County! I have had several offers, but had one buyer pull out and bank has rejected others. After several reductions, this REO is now listed under $200,000! Its currently the most inexpensive listing in Hillsdale by over $45k! This home needs a complete renovation. It has been vacant since 2009. There might be potential to add a 3rd bedroom. In close proximity to Hillsdale Train Stop along the Pascack Valley Line to Hoboken and New York City. For pictures and more details, here is the link to my listing:

64 Yesler Way Foreclosure

Some parts are better than others. One problem is it is next to Paterson. School system isn’t very highly rated either. Stay away from the flood prone areas near the Passaic River.

Any house built before 1978 has lead based paint in it.

It would just need to be scraped and repainted in most instances. 

REO & investors

Just keep in mind FHA 203K mortgages are for owner occupants only. It's not for investors.

Ask them to search for active & leased house rentals in the area in the past 12 months. Go back further if need be.