All Forum Posts by: Dave Cali

Realtor or Craigslist.

Warren county is in a remote rt78 corridor area. Not much industry. A few very large commercial developments. I think people are moving away from Warren.

A). get soil samples and have it tested.

B). do the deal, if soil is contaminated expect to pay around 10k for restoration.

C).  do the deal, restore, flip.

D). Final analysis is what your willing to gamble.

Triple in NJ.

Security deposits are for damages/ R&R costs done by the tenant. You should never use SD to cover any rent, additional rent or service charge on rent. If the tenant leaves in the middle of the night you should immediately file for rent and perform a skip trace to locate the tenant while holding the security deposit for any damages incurred. As a last resort, security deposits will help offset some (not all) the financial loss. Always remember to keep any security deposits in a interest trust acct for the tenant to give back at the end of the lease term if no renewal. Also you must return security deposits within 30 days or face triple damages in court.

FYI 

Look in Morris County like Riverdale. Great area, low taxes, close to everything and all major highways.

CALI

#1 in Northern NJ

It may not be as difficult as you think. What kind of development are you looking at? Residential, probably a long haul, Retail is a better play, Industrial could be a home run. Not sure commercial office would fly. Worked for a RE developer/owner 12 years. Most properties were in flood zones, most we're industrial.

I worked for a major developer in Hackensack for 12 years. Depending on the area the cap rates will vary. With redevelopment in full swing the market is changing. I know the good the bad and the ugly of Hackensack. Where is the property and I can get you pretty close to a decision.

Try going to sheriff sales in Essex County. If you can get a condo for the right dollars that will produce positive cash flow and have upside in a resale then that's the game you play. Don't do a retail deal at this time. Newark is always in a gentrification stage and hopefully, someday it will become a reality.