All Forum Posts by: Angelique Diaz

@Karlo Bodu pay everything off that is still on your report and no where near coming off (7 to 10 year mark). It will take about 30 to 60 days for it to be removed, then your credit will jump up.

@Clint G. Facebook Marketplace, EBay, Let Go, Craigslist, Amazon.

@Angelique Diaz No dice today...tomorrow is a new beginning.

@James S. Taylor You’re correct but if you want to get around the restrictions, the ordinance details the type of properties which have exceptions as well. They also provide the details of the calculation. So basically, you cannot turn an average building into luxury apartments and raise rent by $1000 for individuals who live there already but you can make some money. How much is up to the amount of work you put in.

You stated 2-4 units in Newark, which is very broad and almost 60% (good guess) of its inventory. Why not trim down your criteria and hone in on specific properties, then define where they fall based on the ordinance.

I will speak with the city today and message you their response (if I receive one and have a happy person willing to work answer the phone). Wish me luck!

@James S. Taylor I purchased a two-family last year and inherited one tenant and one unit vacant. I had to adhere to the lease agreement in effect. During due diligence, I made the call as to whether the rent was reasonable and made the deal worth it. When purchased, I made no renovations to the occupied unit. I did enhance the vacant unit and charged higher rent. In hindsight, if both units were occupied, I would have made the call as to whether it cash flowed enough to purchase. That’s the whole game itself.

Evaluate the current leases and/or rent rolls to determine if it works for your team since you have to abide by them. There is no getting around this as you will have only about 2% increase capability going forward on average rentals. If the rents are extremely low, you can request a hardship with the city as long as you didn’t extremely overpay. This is where your purchase price to comps come in. You have to do this due diligence prior to contract. Also be sure to review the leases throughly for month-to-month clauses post lease expiration.

You can do cash for keys or determine if large cash flow is your game plan or large appreciation. Negative cash flow is never an option, but be realistic with your expectations. Maybe purchase and no renovations (that are unnecessary) until units are vacant. There is definitely growth in the market and your resale value will be positive (realtor hat on).

(*statements above are assuming no Section 8 tenants)

@Jeremy Corporan that’s what I’m here for. ;) I messaged you and I’m all ears. Congrats on taking the leap to the rest of your life!

@Toria Posey P.S. - I show only during the day within a two hour window, no open houses, and email applications. If they return them fine, if not then there loss. You won’t have to worry as long as your place is clean and provides decent living conditions. You’ll have a list of others on line.

@Toria Posey I listed an apartment via my iPhone on Craigslist at 11 pm. Went to bed, woke up 6-7 hours later with 35 inquiries. D Class neighborhoods do not have a population of majority owners. The majority are renters. You’ll be fine. There are good people who pay rent who are economically, emotionally, or intellectually disadvantaged. Be sure to screen and you’ll be fine.

@Frankie Betancourt as the cc company for checks. This is the same as cash advance other than the fact that there is no limit.

@Anthony Iemmello Asbury Park has definitely transitioned the last two years . I would say go with Newark or East Orange. Bayonne is another big player.