All Forum Posts by: Narelle Myke

Hi @Maimouna Sow,

Are you aware of the regular meetup at La Rouge Lounge in Newark every Monday at 6:30pm?

I built a two-unit, three-story property in Newark, NJ and had to have a sprinkler system installed.  It cost me $12,000.  The primary reason for having to install the system was because the property was designed with only one main entrance.  

I learned that per code as long as tenants have exclusive means of egress during a fire, no sprinkler system is required.  So I designed my next two-unit, three-story project in Newark with two main entrances.  I don't need to install a sprinkler system because each unit has its own main entrance.

It's about reducing risk and liability.  Most multi-unit properties have only one front entrance. A sprinkler system helps reduce the likelihood of casualties during a fire because it hopefully gives everyone an equal amount of time to get out and is connected to a central control service that alerts the fire department automatically.

@Anton Campbell I recently finished construction on a 2-family in Newark.  Although it's not a 3-family, one of the things I had to include in the property is a sprinkler system, which is definitely required for your 3-family.  

There were also some miscellaneous City of Newark fees that were unknown to me when I created my initial budget.  Feel free to PM me.

Hi @Ali Boone - I invest in two-family homes in Newark, NJ.  My first ground-up construction project will be completed this month and I have several more in various stages of planning.  

Infill development is definitely a niche that I see myself playing in for many years to come and I really like the build to rent model.  Thanks for starting this thread!

@Emirys B. Welcome to BiggerPockets.  I invest in Newark so feel free to direct message me if you're thinking of investing there.

BUILD four rentals

I recently went through this with a unit I was renting for $1925.  The unit has 2 floors, stainless steel appliances, and is close to transportation into NYC.  Depending on how hard they try to negotiate I deflect and say that I'll have to check with the 'owner' or if their offer is absolutely ridiculous I outright tell them no.

My thinking is that (1) if they will try to negotiate rent then they are likely to try and negotiate EVERYTHING during their lease term and give me problems down the road and (2) they are not buying a house, they're renting one.  If the rent is outside their range then they shouldn't be looking at units asking for rent outside what they're willing to pay.

I've sugar coated my response to them when face to face but by then I've already decided that I wouldn't move forward with them even if they wanted to.  Next!

Have you tried this website? Its the NJ Assessment Records Search website and might save you a trip to the Recorders Office.

 http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms...

It's likely if the new owner is not listed then the house was newly acquired and the info not updated here yet.

@Kimberly Land If you ask for the tenant's application that's on file and its not provided to you by the current owner I would supply my own application(s) and insist that each applicant age 18 and over complete it for you.  You would be surprised how long something as simple as providing general applicant information will take...

Something that I did not do with my first rental property (great lesson learned) is to ask for concrete evidence, e.g., receipts, of the current tenant's previous 3 to 6 months rental payments.  This will help to corroborate the answers to your question above (--which/how many tenants have been late? how many times?)

@Karen Margrave I think this is a great idea and I,among many others I'm sure, would both personally and professionally benefit from a forum like that.