All Forum Posts by: Shain Ismailovski

How is it priced based on market value? Have any empty lots sold in the nearby area? There are more factors to consider then just being able to build a home on it. You have to think about who is most likely going to buy this property. Would it be an investor or regular Joe Schmoe home buyer? Figure that out and market intensely towards them. However in most cases, you need to rethink your price and location and go from there.

Hello echoing what the others have said. State law in NJ requires you to pay out interest at the end of the year. You can either give it to them as a check or let them apply it towards the first months rent after the new year. 

Echoing what others have said yes NJ is a great market solely based on how much diversity we have. No two counties are the same so you can find pretty much what your looking for in any part of the state. Taxes are higher in some places, but the demand for rentals in also high. Northern jersey is a higher priced market with higher taxes, but it gives you access to A and B neighborhoods. If you're looking for C class venture a little south and you'll find that too.

Hi Troy,

It really depends on your need. Do you feel confident enough you can handle the deal on your own? Do you have the money needed to close the deal? Those two factors will determine whether you need a partner or not. Some people like working with others and some prefer working solo. A mentor and a partner can be the same thing, but not all mentors are partners and vice versa. Check out local meet ups in your area and if there aren't any create your own and post it up on BP or other sites. That is a good way to start networking and finding potential partners as well as learning from your peers directly .

You would then need to call the town directly and see if they can clarify it for you. You can contact most municipalities for zoning regulations. Some can even provide you with maps.

Awesome! Thanks for sharing.

Your best option is to find a real estate agent who is familiar with the area and can walk you through the process.

Hi Hannah,

At this point I would recommend consulting an attorney. How have they been as tenants prior to this incident? Also it's not fully clear from the story, but was the issue ultimately caused by them? If it was then you have a good argument on your side, but if not the area is a bit gray. Technically as landlord, you have a duty to fix serious plumbing issues that effect the living quality of the home. If the tenant caused the problem thats a whole other argument. Them calling a plumber themselves can also be tricky. Yes, they aren't allowed to but if the situation was extreme enough it might be warranted. There are a lot of ways to navigate this situation, not knowing all aspects of it myself I would say it is time to consult an attorney and assess all possible options. Just know the eviction process is by no means quick, painless , or inexpensive in many cases. 

Welcome! Glad to hear you were able to take care of everything below budget. Not as common as you'd think when it comes to rehabbing a property 

Hi Martin,

Many investors recommend an LLC and some others just get an umbrella insurance policy. It is important to note that neither is 100% bulletproof. Look up the costs of both and see what makes the most sense to you.