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All Forum Posts by: Account Closed

Account Closed has started 12 posts and replied 33 times.

Post: Implementing new lease and raising rents

Account ClosedPosted
  • NJ
  • Posts 33
  • Votes 3

Hi everyone,

I'm currently in attorney review for my second purchase. This is a 3 family, fully occupied and the tenants are currently under no lease. They are paying below market value for their units based on local comps and the fact that their rent hasn't been raised in years. My plan is immediately after closing to implement a new lease, raise rents, and also require one tenant to vacate as I will be occupying one unit. This is my first time writing a new lease, raising rents, or really dealing with tenants in this way. Looking for some advice on how to make this process go smoothly. I know to the experienced investor this is a piece of cake, but as a new investor these are moving parts I haven't dealt with yet. 

Thank you!

Post: Average annual rent increase in NJ?

Account ClosedPosted
  • NJ
  • Posts 33
  • Votes 3
Does anyone know how much I could expect to increase rents on a 1 bedroom condo in Jersey City each year? I know there’s no guarantee and it depends on the market, but I’m just trying to get an idea on how my cash flow could increase overtime, even if just on the low end Thanks

Post: Advice on investment options in Hoboken and Weehawken area

Account ClosedPosted
  • NJ
  • Posts 33
  • Votes 3

I’m new to real estate investing and currently own a 2 family house in Edison NJ that is cash flowing positive. My girlfriend and I were looking to rent an apartment in the Hoboken and Weehawken area, that area because she’s starting a job in NYC and needs an easy commute. I quickly realized I’d much rather leverage my current property and buy something rather than spend thousands in rent. I planned to make this move to a second investment eventually but not this soon, although I am able to afford a downpayment on a property up to $800k currently. 

My first thought was a multi family house and to live in one unit. Hoboken and Weehawken were too expensive so I’ve been looking in Jersey City (the heights have a ton of multi families listed right now). The issue here is although there are some great investments here, the owner/occupant factor is making it tough because the houses in my budget are either too far a commute from the City or not in the condition of something we’d wed want live in the next few years. 

So now my thoughts shifted to a 1 bed condo in Hoboken or Weehawken, closer to the city.  With the apartment rental budget we had of about $2500 a month, it seems I can get something nice for a similar monthly expense including mortgage and hoa fees, not to mention a way cheaper purchase price than 800k. I’d Live there a few years, then move out and have a income producing property in my hands. I’m aware of the risks of a condo investment in general, but I’m more concerned with the market. It seems It’s hard to cash flow on these units in this area. Can anyone she does some light on investing in Hoboken or Weehawken in 2018? Will the appreciation accumulated over the next few years allow me to rent higher and exceed my expenses when I move out? I’ve read the rental market is softening and appreciation Is peaking. It’s tough to know the right move in my situation looking for a good investment AND somewhere nice to live for a year or two. 

Any advice is much appreciated. Thanks everyone.