All Forum Posts by: Kevin Mantell

@Kevin Mantell Passaic county, not Pacific. It was a voice text

@Angel Suncar i’ve lived in the area for over 20 years and never heard of rent control anywhere in Northern New Jersey, except if it was a section 8 property. Typically you don’t see those unless they are in Paterson or Newark or some other more urban area. Since Hawthorne is in Pacific County, I will check with the Passaic county website. You can also with Hawthorne, but they are a small municipality. My fiancé is an agent with Coldwell Banker and Ridgewood, very close by and she has done a lot of rental properties. Rent control has never been brought up. Typically we see that with buyers coming from New York City where rent control is common.

As far as I know there are no rent control laws in Hawthorne, New Jersey. Since they are month-to-month, provide them written notice that the new owners intend to raise the rent. The tenants can then accept and stay by signing a new lease or they can leave. I used to live in Hawthorne, New Jersey and now I live still very close by so I am familiar with the area.

You can file a complaint with the FTC against Zurixx, using the many other names, here:

https://www.bbb.org/us/ut/holladay-ctwd/profile/training-program/zurixx-llc-1166-2009446/complaints

You can see the entire 60 plus page complain against Zurixx here:

https://www.ftc.gov/enforcement/cases-proceedings/182-3063/zurixx-llc

@Gustavo Deleon

It depends on what you are looking for. I am based in Northern NJ (Bergen County) and I do deals all over northern NJ. Are you looking for a SFH or multi family? Are you looking for a rental as a BRRRR or a house to fix and flip?

I have deals come across my desk all the time. It ranges from 150k deals in Newark to fix and rent to 800k deals needing 200k of renovation to fix and flip for 1.5 million.

Feel free to send me a connection request and let me know what you are looking for. I will steer you clear of deals without the potential of upside equity. I know many of the towns in Northern NJ but get deals all over NJ.

Do you due diligence. There are a lot of “wholesalers” in NJ who are sending out deals close to retail and their repair numbers are no where close to what it takes to do a rehab.

Hope this helps

@Hannah Canario I will check with my lenders. Usually the best program I have found for NJ is a FHA loan with 3.5% down and a 203k construction loan bundled with it. You can wrap it all together

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Philadelphia.

Purchase price: $60,000
Cash invested: $60,000

Property was purchased at a tax auction. There was a 9 month redemption period before we could take possession and begin the rehab.

What made you interested in investing in this type of deal?

Partners in the area are very, very experienced in this sort of deal. I came in as a capital investor and they will manage the rehab.

How did you find this deal and how did you negotiate it?

Working with Tax Auction Investors, who specialized in the Philadelphia area.

How did you finance this deal?

Self directed IRA

How did you add value to the deal?

Rehab will increase the rent. It can be $1800 per side

What was the outcome?

Still doing the rehab

Lessons learned? Challenges?

It is hard to find a good deal, but they are out there. You need experienced partners to help do a deal like this.

@Christopher Veljkovic let me know when you are ready. We come across deals all the time. Just got a easy fixer upper in East Hanover.

It's a 3 bed/2bath with an ARV of 400k and we are only asking 100k for it

Sure thing. Send me a connection request with you email and I will send over some info