All Forum Posts by: Che Chiu Wong

 Hi Kin,

Nice to meet you.  Journal Square is thriving certainly (with all the high rises building up in the neighborhood). Clear as day it's booming.

You are probably looking at 600k for a two family house around there.

If lower price points, consider West Bergen and McGinley Square area.

 Let's explore this a little bit deeper. Why do you want them to vacate?

You may have to wait until early next month to file eviction (for non-payment of rent).  But there are different ways to encourage them to leave prior.  For example, you can file for eviction with other causes (if applicable), or simply offer them a little bit of money to leave (Cash for keys).  As an example, I just recently acquired a 2 family and there is a tenant who initially didn't want to leave.  Normal process would have taken around 30 days to 60days but we manage to get the unit vacant in 1 week with Cash for Keys. Both sides are happy (the tenant got some money, I had the apartment back earlier and hence collect rents earlier).

Might be little bit unconventional.  I tell my tenants to deposit directly to the bank (where my designated account resides), and all of them are okay with it.  The main benefit is no drama (e.g mail lost etc.).

 It's great Darren.  Noted that you are looking in Essex and Union County, but similar to others on top.  You have another person interested in Hudson County as well. (Jersey City).

Just to be clear, what exactly is your gameplan?  You mean hiring a person full time to run around the pooled properties? Or you are thinking a la carte but you expect a better deal every time you ask them to come service a property (as a tradeoff to volume)?  Certain things are very easy to pool together, such as landscaping and snow removal.  What else are you thinking of?

 Perfectly agree. The material is 10 dollars and get some guys to plug it in.  It's not that expensive. Compared to the cost of tenant turnover, it's nothing...

 Short answer. I am not worried. First, even if 10 bad checks we are probably talking about less than $200, so it's not the end of the world by any means.  Second, you can always ask your banker to waive the fee, especially if you have previously established some relationship with that bank branch.

Congratulations on your portfolio.  Wish you on your continued growth.

GA folks please help @Lawrence Monyei

Although my guess is that you will have to register at a broker office (at least in NJ).

What's stopping you from "hanging" your license (ie. registering at a broker office)?

Hi @Craig S.

Here are my responses, based on Jersey City, B-, C+ neighborhood.  Treat it as a data point:

1) A roommate is just another applicant.

2) Co-signer - personally I do not allow it, unless the co-signer lives there (which will then be a tenant).

3) I do not distinguish roommate / boyfriend or girlfriend.  A tenant is a tenant.

4) No smoking policy is strictly enforced.  As a tip: you might find families with little kids who are non-smoking.

5) Pets - different people have different preferences.  I do not accept cats (b/c strong smell).

Best of luck in investing.

 Jersey City, NJ baby.  Parts of it are still cheap and right next to Manhattan New York.  And the spillover is happening right in front of our eyes. (x is really turning into an X)

Seems like @Brett Synickyanswered about a potential choice in online courses.

So long as you don't mind paying the annual fees, there is value in getting a realtor license. E.g. in hot areas - getting access to deals is one of the major factors. You have access to MLS (multiple listing services), you can introduce yourself as "part of the cult" to other agents etc etc.