All Forum Posts by: Jon Lafferty

@Account Closed I use craigslist for all of my rentals. I've also been fortunate and have rented some via word of mouth. 

Welcome to BP @Michael Graham . I invest in South Jersey markets and have studied a some of the DE markets as well. There is a ton of information on BP and it is easy to get overwhelmed. I suggest starting out with the ultimate beginners guide and working your way out from there. 

Hi @Frank Anastasi and welcome to BP. I have gone through the exact battle you are facing and ultimately decided to get some local, in NJ, rentals and learn the trade. I have gained so much experience and learned so much over my last year of landlording that I look at it as an invaluable education that could not have been gained by purchasing a remote property with a property manager. 

Having said all that, I do believe some markets are better than others for cash flow. Some of these may include those you mentioned in your post. Knowing what I know now with my little bit of experience I would say look into these important factors for buy and hold:

Taxes, Landlord friendly laws, age of home and class of property. I will eventually be diversifying in different markets with my future buy and hold purchases.

Good luck and be sure to check out the BP podcastsas well 

I use Foremost, the agent is in Mullica Hill. They aren't bad, although they aren't thrilled about my pre 1950 units. I can PM you my agent if you'd like.

Where else do you own rental property?

@Charlie Hampton I couldn't be any happier to hear that this low life is out of your life. Good luck I wish you the best, that area seems to be getting dicier by the day. Next time you are in the area give me a call.

I work with Foremost in South Jersey because I had an existing relationship however for the most part @Darren Sager is right. Typically a broker will shop the best deal / value for your situation. That does not mean it will always be cheaper but sometimes you get what you pay for with different coverage options.

I also don't want to disparage the insurance brokers but there is always the potential that they place a policy with a carrier based on their commission. I hate to say it but they are in the business to make money too.

Hopefully this doesn't come off as trying to scare you just for the sake of it.

I try and stay away from underground oil tanks. It will always come up on HO insurance applications and many will charge you a premium or simply not be able to offer coverage. Keep in mind that once you take on the home it will be your problem to deal with should there be an issue. I have seen claims go back as far as 30 years.

Hi all,

I have a great tenant who has been requesting I allow them to get a dog. I have decided to go ahead and allow them to get a dog as I believe it will create a 'home' like environment. These tenants pay the rent early, take care of the home and are just generally good people. I said they would need to sign an addendum to our lease to reference pets and the tenants responsibility for any damages caused by the pet and they had no issues. Since I told them I could not allow any dogs on my insurance deny coverage list I really expected them to come back with a small breed dog. They want a cane corso! From what I can see this seems like a docile large breed dog but I am nervous about damages. This is a small 3/1 1100 Sq Ft home.

Thoughts?

Should I have asked for more in the monthly rent? Did I just destroy my chance at profit due to animal destruction?

Thanks

@Huy N. I really appreciate you creating this thread. As long as you keep your positive attitude you I think you will find continued success, its all about the silver linings.

This thread serves as a great resource for investors as well as fantastic entertainment. I think the idea of buy and hold as a secondary exit strategy makes this deal much more forgiving.

How did you finance this deal?

Looking forward to updates

I have been investing in South Jersey and found it to be profitable. I think the key is to offer a superior product compared to the other local investors without breaking your bank. I focus typically is Salem County and Gloucester County NJ with close commutes to both Philadelphia and Wilmington De. What makes NJ tough in my opinion is taxes taxes taxes. Good luck!