All Forum Posts by: Tenzing Jangtey

Thanks for organizing @Darren Sager 

Looking forward to attending.

@ Roy N.  thanks for the info

@Aly L- thanks for your response...the house comes with the tenants.  The current owner will not deliver vacant, which leads me to think that the 1st floor tenant might be difficult to evict. 

Hi - Just joined BP.  Excited about learning from you.

We (my husband and I) have been living in Montclair, NJ in a two family house for the last 10 years.  We bought near the high, but tenant-wise we've had no problems.  We are considering purchasing more properties.  Currently we are looking at a 2 family short sale a few blocks away.  It has tenants on month by month.  Asking $335k, taxes about $10k.  Has two 2br, 1ba apartments.

1st floor- tenant not cooperating and not allowing showings.  Selling realtor says its really old and "needs work".  Tenant has lived there for 10+ years.  Her rental is way below market at $950, realtor says b/c landlord is not maintaining the property.  Market rate would be about $1600-$2,000 depending on condition. 

2nd floor is old and run down looking, but overall ok.  2nd floor has an enclosed porch that is supported on metal beams but looks like it needs to be totally fixed, peeling paint, torn screens, rotting floor boards.  Paying $1200...market rate around $1600-$2,000 also.

We would need to evict the 1st floor tenant to renovate it and get market price rentals.  Is it possible to evict a long-term tenant in NJ?  How long and expensive would the process be? 

This would be a buy and hold.

We're wafflers and have been scoping the market for many years.  We have a real hard time making any sort of decisions so your input would be a great help.  

Thanks for your help.  :)