All Forum Posts by: Mark F.

I've posted about this before but you need to stop, ignore postings in this thread that have to do with raising rent, and read NJ landlord/tenant laws asap. They are very specific. I'll link some basic PDFs. 

In short, if you go from $1450 to $2100, they have the right to challenge that in court. Then the burden of proof is on you to prove to the judge what you did was fair. 

Your absolute best bet is to get the unit delivered vacant like you and others have suggested. The problem? Landlords cant evict in NJ without cause. So it's not so easy as people say on here "oh just get it delivered vacant". New Jersey is a whole other animal. Another common misconception on BP. Read the PDFs I posted then read them again. 

Also I just remembered. Do you have rent control in Jersey City? So I'm not even sure if you can raise rent like that unless it's new tenants. You may be exempt as an owner occupant. I dont deal in Hudson county for this reason. Here's a link to rent control but you need to investigate further. 

https://hudsonreporter.com/201...

https://www.google.com/url?sa=...

**** I paid $350 for one double hung window here in North NJ. Guess it's just that expensive up here.  

I see opportunity in towns in south Bergen county. Like you've all said, you have to choose the place based off taxes and what not. It's definitely a higher barrier to entry IMO with high property taxes and high price points. But you can still make the numbers work if you have some money and put the time in to do the research.

Screenshot added from EO. He allows us to recoup the security deposit. Swell guy. 

What's a Rhino policy?

Yes, I closed under my name. I had no idea what I was doing and wasnt planning on house hacking. 

Reading this thread is the equivalent of watching "Keeping up with the Kardashians". Traing wreck but I can't help but to look. 

Great post and great follow up @Patrick M. Unfortunately us in NJ like Patrick said, can be somewhat screwed. You can't kick someone out here just because their lease it up, needs to be one of the causes the state list. I got lucky and inherited a great tenant, even though shes still $400 below market. I'll let her leave when she wants then get my $$$. For now, I chalk it up to charity. Helping a single mom with a special needs kid.

I invest I'm Garfield. Pre-covid it's a nice solid B neighborhood. HS has terrible ratings but elementary school is good. Two train stops, solid rental market here. Had multiple qualifying tenants apply for my rental. Its clean and safe, plus a lot of homeowners around here take good care of their properties as they are prideful. Would recommend. 

I used FHA back in 2011, in an area where the GFC was still very real. It was a SFR which turned into a house hack. While the inspection process was fairly easy, financing during those times was difficult, even with stable income and a great credit score.

I used BB&T. It was a long, arduous process. I got the run around, denied, accepted and everything in between. Eventually I got the loan but because of the 08 09 crisis, it was so hard for them to finally say yes. Be prepared during these times, unless you're going to buy after this passes, for a lot of no's. 

I now have another house hack, duplex with an extra unit, and used a VA loan to help me get in there. Its helping me to get landlord experience on paper and eventually I will use the equity for bigger deals. I think owner occupied loans are great for your first couple deals to get in the game. Good luck!