All Forum Posts by: Clifford Charles

Based on my personal experience, section ll not allow you to increase the rent by more than 5% on the same tenant at renewal. Regardless of how low the rent might be compared to FMR.

@Jennifer Donley Thanks for the feedback. I will keep this group posted on my finding so other investors can benefit as well. 

@Ray Reed Point taken. Based on my finding thus far the city can allow increase above the CPI limit but might require a hearing.. Thankfully the property still cash flow based on current rent toll but I am looking to see how I can bring rent current so I can recover my cash investment in the deal faster. ..more to come

@Mark F. Actually the google search link you suggested led me to that blog. Very helpful. I will be calling the office on Monday and planning on stopping by on Tuesday if they don't answer. You are absolutely right in terms of being able to raise the rent based on what I read so far. Thanks again

@Mark F. Thanks for the information Mark. I will take a look at the biggerpockets post. I did look at Newark section8 site and did notice the $1400, but I also did a search on the MLS and noticed that 1350 was the avg 2br rent without an extended DOM.

I am in the process of purchasing a 4 unit in Newark, NJ. All tenants are month to month and section8. Tenants are nice but are paying below market rent *(1100) while average rent for 2br going for 1350. Any idea on how I might be able to go around bringing rent closer to FMR without the tenants turnover. I know section8 would typically allowed 4 -5% annual increase but not sure as a new owner if I can go above that since the tenants are currently residing in the units. Any insights will be greatly appreciated.

Hello BP friends, I have a seller who is open to doing seller financing on the purchase chase price of 3 separate duplex as a portfolio deal. However some of the units need some work. Any suggestion on how I can structure this deal so that I can recoup my downpayment and repair cost (about 160k combined). There will be at least 15 to 20% equity left on each duplex if I was to refinance for the full purchase price and repair cost. But I would like to leave the seller financing in place. Thanks in advance

Any investors here with experience doing subject 2 in New Jersey. I am currently working on a deal and need referral for a lawyer and title company with experience doing so. Also , what are the changes required to the existing insurance policy. I am planning on doing the sub 2 for buy and hold to rent out.

Thanks

sub 2

Hi, Any investors here with experience doing subject 2 in New Jersey. I am currently working on a deal and need referral for a lawyer and title company with experience doing so. Also , what are the changes required to the existing insurance policy. I am planning on doing the sub 2 for buy and hold to rent out. 

Thanks

sub 2

Thank you @Russell Brazil and Brian for feedback. It is my first time bidding on REO and I could not get a contractor to give me an estimate before submitting my offer...I plan on having the contractor do a walkthrough for me though. so I was curious to see if there is anything I can put in contract so that I don't lose my earnest money if the contractor give me a quote or point out things that I may have missed during my walkthrough where the numbers no longer make sense.

@Russell if using HML, what should be in the contract then , "buyer to obtain financing?"..if yes, is there a chance where the bank might take it as conventional financing which the house wouldn't qualify for because it needs repair and being sold as is?

What are the typical contingencies that can be added in the form of addendum in a typical REO property? Also if I will be using hard money lender, can I add that in the contract but still treat it as cash offer? Thanks for feedback