All Forum Posts by: AL-Teef Jones

Hello BP, I have a question about lease termination when lease expires and giving notice of non-renewal in Newark, New Jersey. I know that you have to give the tenant 30-60 days notice of non-renewal (depending) on the lease agreement. I inherited tenants along with their lease with my first property. The tenants are at best C- class. I don't plan on renewing their leases. My questions are; When it comes to notifying them that their leases won't be renewed what's the best time frame; 30-60 'business days' or 30-60 days (including weekend and holidays)?

Hello BP,

I'm nearing a closing of my first 3 family unit in Newark, NJ. Me and my partner have been marketing to tenants, we have our standard minimal requirements. I've been targeting people via the traditional route; craigslist, zillow, ect..

My partner does have some section 8 tenants but I'm a little weary of sec 8 for a few reasons;

- I'm going to live in one of the units and house hack so the quality of the tenant is really important to me because I'm going to have to co-habitat  with this person.

-I'm weary of Gov't program reliance because I know there are going to be strings and limitation attached.

- I feel like since a sec 8 tenant does not have skin in the game they will not real care about the upkeep of the unit.

-I know a significant amount of the rent is covered by the Gov't but I'm trying to look beyond the "guaranteed" money and seeking to get quality reliable tenant and unfortunately section 8 does not scream that to me.

All in all I don't know much about Section 8 and how it would work for a land lord so any advice would be greatly appreciated.

and

Thank-you so much!

Hello BP,

I'm trying to determine the best method for figuring out how much to rent out my a 3BR 1B in Newark, NJ Essex county.

I've been utilizing resources like craigslist, Zillow, ect.. to compare what similar units are being rented at but I would still like to know if there are an other  methods/resources out there for determining what to rent at.

you are not alone!

I'm having the same trouble myself making the numbers work for NJ properties. I'm looking in Essex county so taxes are a major pain for most properties I've been looking at. I've been utilizing the MLS mostly but at this point I'm going to have to figure out how to transition to off market properties.

Hopefully I can get better numbers on off mark properites

Thank-you!

I just tried Spokeo, no luck with that it could not find the address. I am going to try to contacting a local title rep.

@ Thank-you! Township clerk is a great idea to! I just wonder if major cities like Newark have "township clerks" or would they go by a different name. Maybe I'm just taking the name to literal also.

Hello BP,

I've  got a house in my target area that I've been watching for a long time. the house is in an ideal area in Newark NJ 07103. Its walking distant from Rutgers, NJIT, the light rail system, and downtown. Its on a small quiet block and I think it location make its a really valuable house for buying and holding.

The problem is the owner is completely absent, he has let the house dilapidate badly. The front and back doors have been forced open so there have been some squatter and looters that have came in and stole some of the piping and trashed the place. To spite the internal dilapidation the exterior is still solid.

The house it self is in a great area and does have potential for good rental income, before the owner abandoned the house the there were student tenants.

One of the neighbor said the owner was asking for $200K that was about 2 years ago they neighbors have not seen the owner since. with the amount of allowed dilapidation I cant see him getting it at that price.

I just want to know how would I  be able to find this own so that I can speak with him/her to see if I can add any value to this house because right now its just a money pit. if the guy still owns it he/she is literally just paying property tax.

Does anyone have any suggestions in finding this owner or finding out whats going on with this house?

Hey Guys,

I'm in the process of closing on my first property.

For the time being the basement is not livable. In order to squeeze out some more revenue from the basement, me and my partner are considering adding storage units/pods to offer our tenants.

Would anybody have any recommended companies where we can buy 3 or 4 storage pods/units that are small enough to fit in a basement but larger enough to hold tenant items.

Other option we were considering was putting 3 washers and dryers down there but figure the overhead and maintenance  would not make it worth it.

Thank-you!

Thank-you all for the info!!

@

Thank-you for the article! That's what I've been think it all depends on how well they're screened and vetted in the beginning.

@

Matt Bacenet

I honestly don't see how this would work in the long term it would be way to much unnecessary work to play ninja landlord and wouldn't be worth it. Just wanted to get some feed because it was my first time hearing of such a strategy.

I do plan on trying to make my rent receiving as automatic as possible tho.