All Forum Posts by: Stephen Chatto

@Patrice Penda - It's getting worse and worse with the information that they want.  I recently applied for a new LL License with a new Property and Same thing.   I needed to give them so much Personal info it was way beyond my comfort... but if not they won't allow me a LL License and registration.   And of course you can not evict a tenant if you are not registered.  Ever try to register a rooming house.   It's actually a great property, but they insisted on a SS# and consent to a background check.  Every municipality has their own rules, and are eager to send a summons if you miss something.   And worse than the fee associated with the summons is being required to waste an entire day at court.  It's only going to get worse.  

 If they keep that up, they are going to tax people to oblivion.  Taxes in Trenton NJ are already too high. 

The best list are the ones you build yourself.  Figure out how to get the data yourself.   The harder it is to get the data, the less people have it.  

Can you get Eviction Records in your area?  That's always a good one.  
Can you get Water Shut Offs?   Another Good One.

Both can be difficult to obtain, but a great lead source. 

@Gina Medrano is that what you are looking for, Purchase and Sale as well as Assignment Contracts that wholesalers have used in NJ?  

What exactly are you looking for.   To the best of my knowledge there is a State Realtors Contract, but no State Assignment contract.   You need to be careful if you want to assign a NJ State Contract, as they have a no Assignment Clause.  

Are you using a NJ State Contract?

 Normal, no... Possible.. Yes.   

This will surely be an event not to be missed.  Lols.   Although I am a little biased.

Sounds like a good deal.  Thanks for sharing. 

What's the Eviction Process in Hudson County?   Make sure you factor that into your numbers.  

What's the Local Rental Inspection and Registration Process in Jersey City?  I don't know but there is a town in NJ near me that is almost not worth dealing with they are such a pain.  

Who's going to manage it?   Are they going to be able to quickly handle issues, and stay on top of collections?  How long do they take to turn over a unit.  

If the price is right, and there is GOOD Cashflow.   Go for it.   

Good Luck... The system is much more complicated than it was pre-covid.  More complicated means it takes a while now.  You should hire an attorney and start the process ASAP.