All Forum Posts by: Michael Coco

Vacant land and tents? 

Hello, I am interested in purchasing secured notes or judgments. Please let me know if any lenders out there are looking to unload any. I prefer notes securing property in New Jersey. Thanks! 

So, I'm in the market for a rental property. I saw a property in the area and price range I'm looking at. It was bought in 2022 and looks like it was placed on the rental market over the past year several times, each time with progressively lower rent. After last rental placement about two months ago, it was pulled off the rental market and is now for sale. I feel like that's a red flag. Anything I might be missing? 

I saw a few houses that have had huge price increases within a year or two. Some are over 100 percent. I suspect they might have been in poor shape, bought, renovated, and re-sold. Is there an easy way to tell the condition of the property a year or two ago? I suppose I could ask the sellers or check the town for building permits, but is there a way to see an old listing? 

It needs a means of egress directly outside, heat, two outlets, and light. The floor space needs to be at least 70 square feet with at least a 7 foot ceiling. 

Can people recommend the property investigation sites they use? I know there are some out there like Property Shark. I'm looking for one that I can use short term to view accurate and detailed information on properties that I'm interested in. For example, I want to be able to look at the sale histories, current owner, liens, etc. My county has a free one but it's pretty useless. I don't mind paying a little short term if the information is good. Thank you. 

It's illegal to ask prospective tenants about criminal histories now in NJ:

New Jersey AG’s Office accuses dozens of landlords of discrimination based on criminal record (news12.com)

I think this is completely insane but the Attorney General is starting to enforce it. So, if you rent in NJ, make sure to take that question off your application. 

What will the LLC do? If it's simply owning and holding the property you could open it in any state most convenient to you (and one that has low costs and good corporate rules). If you'll be using it to "manage" the property (collect rent, make repairs, etc.), then it's probably best to set it up in the state where the property is located, because if you're "doing business" in that state then you likely need to register the LLC there anyway. Agree with the above poster about having a discussion with an attorney regarding your options.

 I'm looking locally, around central New Jersey. 

I created one based one: books I've read about requirements for Section 8 housing; rules on habitability in New Jersey; things that are expensive to fix; things that cause you trouble when you have tenants (i.e., garbage disposals and ceiling fans); and some other tips I've heard about on sites like this.