All Forum Posts by: Ro Maga

What a privileged position from which to study a market and buy! Those prices for a duplex seem low for the areas that are on the up-and-coming in JC, but you have insider information on values across the city.

We just installed a ring flood light/security camera combination and we are pretty happy with the results. Is it perfect? Well no, and if you don’t have good WiFi, stay away, this is not the product for you. But if you do, you’ll find this beats Nest and Arlo Pro in terms if convenience and operating costs. You control how sensitive you want it to be as well as the sensor zones. We are not getting many false alarms.

Google Airbnb regulations in NYC. I believe what you're proposing could result in thousands of dollars in fines for the landlord.

May I ask, why furnished if you're aiming for long term tenants? How can you tell that there a demand for this in your market? Would you remove the furniture at the tenant's request or replace it when it's worn out? I guess I'm trying to figure out why go through the hassle of furnishing it in the first place?

If the house is priced low for the area m, HomePath is probably trying to entice multiple offers. I wouldn't be surprised if it ends up going for 50k or over asking price unless it's in a terrible area -- in which case rents might be lower or collecting them might be an issue. Have you seen the property? Or are you on the online phase still?

I'd be a little nervous of a 203k lender that isn't willing to provide any leads even with caveats. Once you have a couple of contractors who do 203k loans be sure to ask them about their experience with your lender and others. There's so much red tape with these loans you want that contractor-lender relationship vetted.

Jersey City is exploding with new buildings and new construction everywhere, but especially in the areas that are within walking distance of the Path. Every empty lot downtown has a new building or approved plans for one. A buch of new towers have also emerged, most of which are luxury rentals. And there are a many more of them slated to come to market in the next couple of years. We are talking thousands of units here. Thousands! All this abundance in supply is already having an effect on rent prices. If you have good tenants, be good to them because their options will get better over the next couple of years.

It sounds to me that hiring an attorney to evict them can't possibly cost you $24k and much less $48k. Since they are all related and they are all problematic, I'd get them all out. If I had to spend $48k to do so, I'd use the money towards an attorney and renovations. As you already know, these people are not good news. I wouldn't be surprised if the units are abused and their rents below market rate. If I couldn't get them out, I'd walk away from the building. Why buy trouble?

What hasn't been discussed is the issue of over-saturation and basic market dynamics. Way too many aspiring hosts might be a little late to the party. Look at places like Jersey City, where it's legal to do Airbnb. The number of listings there has exploded due to mom-and-pop one-unit offerings and "professional hosts" with multiple listings (some owned, some being subleased). The result: too much supply! These days you can find great, whole house listings to come visit NYC for a pittance -- a beautiful, brand new apartment for 7 for $125/night or your choice if stylish accommodations all close to transportation for 4 for under $100/night. This certainly wasn't the case just last summer. Two summers ago, we paid three times those rates, but not these summer. In a market where a 2 bedroom apartment rents for $2,000-3,800 a month long term, by the time you factor in time and costs, Airbnbing your rental is not necessarily that much more lucrative anymore (if at all). On the other hand, it's a great time to be a tourist!

You can look up the property tax records to see who's paying taxes on the property. The information is all online. Google "nj property tax" and the states data base should come up.