All Forum Posts by: Brian C.

You can contact Rob Irwin to see if he can assist you. I just had my closing with him on a property in Hoboken last week and thought he was very helpful during the entire process. Below is his contact information.

Robert Irwin, Esq.
Tel: 201-670-9696
[email protected]

Hi everyone,

I just recently bought a condo and would like to put it on the market for rent soon. I had a discussion with my agent about what rent to charge. He was trying to convince me that because December is usually the slow rental season due to the holidays, I would face a lot of challenges finding a tenant if I don't lower my rent. Not that I don't trust my agent (he is a nice guy), but when I was buying, he kept telling me all these good things about the property and that I would have to go above the seller's asking price to win (I ended up going below by $10k and still made the deal.) Now I am about to rent it out and he started telling me all these negative factors and that I would have to charge less than normal in order to be competitive. I am not asking for a unrealistic amount since I already did a lot of analysis myself on what is currently available and how much similar units were rented out in the past three months in my area. My thinking is that you can't analyze the market by only looking at the demand but not the supply. You may get a lot more demand during the hot season, but you also get a lot of competitors which creates pressure on how much you can actually charge. Whereas during the slow season fewer people are moving, but the supply is also very low. When we looked at the database together, the inventory for my area is low and there is really not any units out there right now that are identical to mine. In this case, do I absolutely have to reduce rent just because the market is slowing down? My concern is that if I sign a 1-year lease now, I'm gonna have the same issue every year when the lease is up and if the tenant doesn't renew. I'm kind of stuck in this slow season because I bought the property at this time of the year?

If anyone can provide any insight or past experience on this it will be greatly appreciated.

(My property is located in the NYC metro area so there are usually lots of rental activities. My unit is a small apartment in a new building with 24hr-doorman, parking, gym, pool, etc. The only competing unit in this area now is an apartment of similar size in a 30-year old building with a small gym but nothing else. However, that unit is 8 min closer to the subway station by walk than my unit. My agent told me to charge just $50 higher and my unit will be a much better deal. However, during normal time, the rent for my unit is at least $100 to $150 higher than the other unit because they are actually not that similar and don't really target the same kind of tenants.)

 Thanks for the information. That's very helpful!

I am almost at the end of the process of acquiring a 1/1 condo in Hoboken, NJ, and I plan to rent it out immediately after closing. This area usually has a good rental demand due to its proximity to NYC and public transportation (Path/bus/light rail). However, I am worried because the holiday season is coming and people might be less willing to move during this period. Am I correct about this? Does anyone have tips and advice on what I should know about renting my unit at this time of the year? Thanks!

(I posted the same topic in the "Renter's Discussion" section but figured it might be more suitable here. Sorry for double posting.)

Hi @Mark Gee,

Thank you! I bought a 1/1 unit in one of the newer buildings in the south west area close to the light rail station. Originally I was looking to buy and live in the condo myself, but it happened sooner than I expected so I might have to rent it out first before I am ready to move in.

I took a glance at your profile and was very impressed.  Congrats on your accomplishment so far! I hope I can learn  and invest like you in a few year!!

Brian

Hi Everyone,

I have been checking out articles on this website for a while and finally became a member today. I recently purchased a condo in Hoboken, NJ and this was my first time buying real estate. It was a very fun experience and really got me interested in becoming a real estate investor. I look forward to learning a lot from all of you here. Thanks for having me!

Brian