All Forum Posts by: Mark F.

@Adrien Salvador Not much rehab on a macro scale. Just a bunch of little things. Biggest projects are painting the whole 1st floor and getting in an electrician to change a fuse box to breaker panel. Previous owner deferred a bunch of small maintenance items.

After some back and forth and of course some speed bumps, closing is tomorrow. I ended up having to bring some money to the table but I'm only in after CC and down payment around $15k or so, not bad. I have multiple lists of minor work I want to do to bring it up to rent ready and maintenance from the inspection. Excited to get the vacant floor listed and really save some money. While this isn't my last deal, BP and this community has been instrumental on helping me with tips and tricks along the way. All said and done, my "mortgage" will be around $250 not including water and going 50/50 on gas and electric with the other tenant when I get someone moved it. So thank you!

@Adrien Salvador Persistence and a good RE agent is key. That's what got me in this one. I am but my brain is just constantly swirling with the work that needs to be done to get one floor rent ready. Not hard, but I just know the longer it takes the less money in my pocket. First time doing all these minor projects to a home under a timeline.

@Kris H. What state is this? Hoping to hear more NJ landlords chime in.

@Vaughn Smith I saw that unit get put under contract and back on the market more times than I can remember. Hope it works out!

@Elizabeth L. Unfortunately I dont have experience in this. Wow what an explanation though. Goof luck!

You need to look into UC rent control. I did and theres a lot to it. You cant just raise rents after its vacant. Only certain properties qualify and its mainly new construction. From all the crazy rules I can remember, you have to go down to UC city hall and find out the old rents and what they were registered at. 

You can only charge the amount registered, period. If you're caught charging more, which isnt difficult as the tenant of a home I was looking at found out, their rent will be immediately reduced to registered rent numbers. You can only raise it once a year; which is the CPI. Usually 1% to 2%.

Even owner occupied properties aren't exempt.

@Adrien Salvador Thanks! Almost closed on it too. Good luck, Essex is a very tough area right now. Looking for 2 to 4 units?

@Chris H. Yes, go to UC city hall and they have a rent control department. That's where I got my info from, in person.

@JD Martin Thanks for that post. I'm in the exact same scenario. Roof is 21 years old and the end of its service life. Property inspector noted some small issues and I pulled a permit from 98 saying the roof was replaced. I have to go up there to put on a chimney cap and going to look at what you said while I'm up there.