Landlords in North Bergen?

Question

Hello! My husband and I are getting ready to be landlords with the purchase of a multi family in North Bergen, NJ. I just wanted to reach out and see if anyone familiar with that market had any advice. What method do you prefer to find tenants? Any special resources you can share?

Mark F. · Answer

I know this is an old thread and that is a 3 year old post but I want to offer advice for any who comes across this. Doing a background check with no SS # is not something I'd ever go with. I've worked in law enforcement for 10 years and you could easily miss many things only by checking name and date of births. I clicked on the site and it's still active. Didn't look into it anymore but I'll never do a background check without obtaining a social. I'm aware illegals don't have a social but I'd use my LE connects in that instance.

Joe Montone · Answer

You should be safe with a combo of Craigslist or Zillow Rent Manager and a good tenant screening. Like someone mentioned above, it's a pretty active area so no need to use a broker. Offering the apts with no broker fee should help you score a few extra bucks per month. I manage a large portfolio in the area and we have a lot of success working this way. North Bergen has been a friendly municipality to work with as well. Best of luck to you! Any questions feel free to ask.

Ken Dayal · Answer

@Hannah Canario I use www.mysmartmove.com to screen tenants. Tenants pay for credit & background check. The site allows them to securely enter their info without divulging confidential info, such as SSN. Landlord gets a report with recommendation to rent or deny.Curious to know about your deal as we invest in North Bergen. 2-fam or higher, how much did you pay, how many bedrooms per unit, area of town- closer to Braddock park or 1/9 ? And rents you intend to charge per unit?

Mark F. · Answer

Well, I stand corrected. I just checked the site and got rid of that part of their screening process. In the FAQ, it says they no longer do any background checks without SS #'s. Glad to see they've gotten rid of that horrible policy.https://www.mysmartmove.com/Sm...

Account Closed · Answer

Hi there. I've just closed on a multi-family house in North Bergen, NJ. I knew going into it that the town has rent control, but after reading the town's rent control ordinance (http://www.northbergen.org/_Content/pdf/Rent-Contr...) I'm feeling terrified. It sounds like the government has stacked the deck hard against landlords. It seems we have zero control in the amount of rent we charge, and that obtaining even the smallest rent increase requires a painful amount of bureaucracy. I'm also worried because it seems like the town makes it so difficult for us to invest in improvements that the town as a whole will deteriorate over time.Are there any other North Bergen, NJ landlords here able to share insight?

Marc Weisi · Answer

@Hannah Canario I have a property in North Bergen as well close to the Jersey City border and I've been able to find good tenants through the sites mentioned above. Definitely make sure you research "tenant vetting" or "tenant screening" and to @Ken Dayal's point, use a service to check criminal, eviction, and credit history. There are a few that can be found online and you can charge the tenant for this cost (usually around $30-40) since they'll be saving so much from not paying the broker fee :)

Dynah Kent · Answer

HI Guys, I am currently looking to purchase a 2-3 family prop in North Bergen. I find that the prices are rather high. I cant seem to find any 2 family in the 350K range like Hannah ;(Any tips?

Gaurav Patel · Answer

Hey guys, I have a few properties in North Bergen, I have been managing them myself, however I will be moving out of the area in a few months. I wanted to know if anyone on here has any recs for reputable property managers in the North Bergen, NJ. Thanks. Also on a side note if anyone has a contact for trust worthy contractor in north bergen. Thanks

Joe Montone · Answer

@Hannah Canario if the Landlord charges a broker fee it will typically cost the tenant an extra 1/2 to 1 months rent up front. By not charging a broker fee on our end we aim to save the tenant this money. Sometimes we are even able to charge an extra $50-$100/month as a result. The tenant may still opt to use their own broker in which case they will pay a fee regardless. Upside not to use a broker is to save money. It's up to the tenant to have some basic understanding of the market and their own financial situation and make that decision themselves. Always require a security deposit. This is different from the broker fee. This will protect you in the future if the tenant fails to perform under their lease (i.e. doesn't pay rent, damages the apt, etc)Hope that helps!

Hannah Canario · Answer

Also, what is the upside for renters not to use a broker? Do you still ask for a deposit?