All Forum Posts by: Larry K.

I use them in the NYC area. They can save you a lot of time. You can get a lot of info on a property easily. They are very good about letting you see what you can get before you sign up. It is about $30 per month. Phone service is responsive when you call.

Good for ownership and sales current and past.

How many units in the building? How low is the rent? Why not just let them stay under the current terms? At renewal possibly bump up the rent. The current income level should be reflected in the price.

You often have to take some time to get the tenancies to where you want

@Larry Lynch

Sounds great Larry. I focus in Bergen and Passaic counties. My email is [email protected]

Thanks

@Donald P.

Welcome and great job.  You are in the right place.

This has been my strategy also.

Welcome Russ.  You are in the right place and good luck to you.

it is fear that holds you back.

Knowledge or excessive funds are the best way to overcome this.

Which one do you have access to?

I'll second the no cash.

I like direct deposit. They just go to your bank and deposit the rent themselves. They email me text me a photo of the cash and slip.

@Franklin Navarro

Welcome. I am sure you will do well with your great experience. You are in the right place. I suggest listening to the podcats. They are great.

As I recall a lot of areas are not bad. I would drive around with a map in hand and label the go, no go areas. You will find out where you are comfortable.

@Henry L.

In the state of New Jersey the law favors to the tenant regarding when the tenancy will end. 

Meaning as a landlord you must offer the tenant a renewal at the end of lease expiration unless the tenant has violated the terms of the lease. 

You can increase the rent a reasonable amount. This reasonable amount should be no more than 10%. If you try to raise it more the tenant can hire a tenant advocate and the court will likely side with them.

If I were you as part of your business plan I would plan on increasing the rents up to approximately 10% a year until you reach your target amount.

If you insist on receiving the property vacant then make it as part of the deal, meaning have the seller deliver the property to you vacant.

Also in the state of New Jersey if you are to evict a tenant and you own the property in an LLC then you must hire an attorney to handle the process for you. Otherwise if you own it in your name you may handle the eviction directly as the owner.

You of course should talk with your attorney about all of this.