All Forum Posts by: Andrew McGregor

Hi all, 

I co-own a three unit rental in North Jersey with my two siblings which we rent out. looking to from an LLC or LLP. Any reccomendations on an NJ lawyer would be greatly appreciated.

-Andrew 

 Thanks Wayne. Is the typical strategy just to re-mortgage then? 

Hello fellow bigger pockets members, I am looking to turn my three unit property (NJ) into a LLC. I have a copy of my mortgage to check to see if this is possible without having to pay the entire debt off however it seems my mortgage was sold to a new lender.

What are the next steps? Calling the new lender?

Do you typically have a lawyer review the mortgage terms?

Any other steps or due diligence I am missing?

Many thanks! -Andrew

thank you Robert! 

Hi everyone, 

New to this community and the landlord business. I am about to rent a 1 bedroom unit of a 3 unit brownstone in Hoboken NJ. The other units are currently occupied by family members.

I just want to insure I am doing my due diligence, specifically:

- reccomendations on a good credit/background check company( was thinking Experian).

- specific stipulations for late payment charges/ eviction proceedings in rental agreement?

- should I open a separate bank account for direct deposit?

-should rental insurance paid by the renters be a requirement? 

Any other good recommendations and or NJ specific things to be wary of? 

Thank you in advance! 

-Andrew