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All Forum Posts by: Angelica Vargas

Angelica Vargas has started 2 posts and replied 15 times.

Post: Selling a House - Picking an Agent

Angelica VargasPosted
  • Butler, NJ
  • Posts 15
  • Votes 10

Thanks everyone for your input.

@Jason Lee I see what you mean, some agents were only willing to go 1 or 1.5%, which might deter some buyers agents from contacting him.

I'm leaning towards working with the one willing to do an even split.

Post: Selling a House - Picking an Agent

Angelica VargasPosted
  • Butler, NJ
  • Posts 15
  • Votes 10

Hi everyone at Bigger Pockets

My family has decided to sell our 2 family house in Queens. I have a bunch of agents interested in selling the property. One of them wants us to sign an exclusivity agreement.

I'm not opposed to the idea but I want to be sure it ends up on the MLS (which means they might have to share their commission with another agent) and the property gets sold in a timely manner at a good price.

What do you look for in a good real estate agent?

What pitfalls should we look out for with contacts?

Also, anyone in NYC area have more specific tips?

Many thanks!

Post: Where are the 2k rent properties at?

Angelica VargasPosted
  • Butler, NJ
  • Posts 15
  • Votes 10

@Shiv Jey hi! I can say that Jersey has a bunch of 2 and 3 BR apts going for 2k/ month.

The tough part is finding deals in the area that make it worth buying. Homes are super pricey out here.

That and the laws in NY/NJ favor tenants so you have to be careful.

But hey, there's always a motivated seller out there so you never know.

Good luck!

@Nicole Heasley I think the meetup is a great idea!

@Adam F. Hi, newbie here looking to learn about, acquire and rent properties in NJ.

I'm pretty sure if you already sent your tenants a notice, you'll have to abide by your words in that notice. As far as I know, they would need to respond within 3 busines days (so they have enough time for attorney review). Please keep us posted on how this goes. Best of luck!

Question for NJ investors; Someone mentioned "carte blanche" in this thread. Does that mean, in the state of NJ, month-to-month lease agreements can never be raised and a tenant can leave at any time? I'm guessing that also means the landlord can also evict a tenant (with proper cause, of course) within a short time, such as 30 days.

So the big question is, under what circumstances would someone want to offer a tenant a month-to-month lease agreement?

Post: Holiday gift for tenants

Angelica VargasPosted
  • Butler, NJ
  • Posts 15
  • Votes 10
@Adrian Smude I am going to stand in a neutral position and say that there's no harm in a small gift (valued at no more than 1% of your monthly rent) but only if they've been good tenants. A good tenant pays on time, keeps their unit clean, don't cause any disturbances and respects your property. A gift card at 7-11 will work fine. Having said that, I would proceed with caution. There is certainly a slippery slope regarding the business relationship with your tenant. Always stick to your standards/SOP's, follow the lease agreement to the letter and do NOT reward a bad tenant. Best of luck! If you're doing all that and are a professional at all times, there's no harm in giving a small gift.

I'm very interested in getting into this sub-genre of real estate investing!

Since this post was created a while ago, would those of you that have been investing in this area share some of what you've learned? Stuff that works, stuff to avoid? 

Also, outside of finding out state certification of need requirements, what other things should a newbie look for? 

I would say the latter.

@Nicholas Aiola I sincerely commend you for taking the initiative to answer questions!

I'm still a newbie to the forums and to real estate in general. 

I'm looking into using some funds from an IRA towards a first-time home. Any tips on what to avoid while doing so?

Post: Disclose Past-But-Fixed Water Issues?

Angelica VargasPosted
  • Butler, NJ
  • Posts 15
  • Votes 10

Agreed on disclosure. Furthermore, any intelligent home buyer is going to inquire as to why three turbo charged sump pumps exist in the basement (I imagine they're pretty obvious). Honesty is the best policy.

Newbie question: How do you know which states require to disclose prior knowledge of a problem that's been fixed?