All Forum Posts by: Larry K.

Welcome Ed. I'm also from Northern NJ and buy here also.  Good luck to you. This is a great place. Check out the podcasts.

In averaging out three, two families I have in Passaic County New Jersey which is Northern New Jersey, the gross income is about 33000 while taxes are about 9,000 so that puts taxes at about 27% of gross income. 

I agree I think we buy and hold people here in New Jersey have a much harder run at it than those in other parts of the country

Have you Looked at the land use data? Often online these days. I would start with visiting the zoning officer and letting them know what you have in mind. Or consult with a local architect.

I like having my tenants do direct deposit right into my bank account on their own

Many great places in the Hudson Valley. Most are high end. Have you looked into Hudson, NY? It is a bit further up and not commutable but it is hip.

I will second what is being said here on buy and hold in northern jersey. I have bought about 1 property per year for the past 4 years. North jersey is not like many of the other areas across the country who have more favorable rent to price ratios. And the sucesss stories you hear about from there probably cant happen here. Also properly taxes are ridiculous. Stay in the urban or transitional areas and you have better chance of finding deals that work. But still not like those you hear about elsewhere in the country. The upside though is you should get better appreciation than other parts of the country. But I'm not sure how much that helps you in the early years of your plan.

Are you serious? Drop it my friend.

Consider doing a debt deal with them. Let theme be private lenders in first position. Possibly 8%?. Get the place rented and stabilized. Get long term loan from a bank and pay them back. They should leave happy bc who else can give them that on a securitized investment. Then you are the only owner and you just deal with the bank. 

Tough spot. Regrets aside just get w a good atty and start the eviction process. Not much more you can do. 

Hey Albany. You're in a great area. Lots of opportunities up there. Some inexpensive more urban type areas and you also have high-end areas all within the short driving distance. Good luck to you