All Forum Posts by: Darren Sager

I do my best to avoid any town that has a rent control ordinance that in someway mentions the CPI index, regardless if they have carve outs for investing in the property.  I don't want to have to apply to be able to raise the rent.   I do think there are plenty of towns that do that rent control on the books that are easy to navigate and you can be successful in.  Anything with CPI involved I'll avoid at all costs personally.

The market is inflated compared to what @Lisa Alexander?  I remember (yeah cause I've been at this a long time) in the 1990's when people were saying that real estate prices had hit their peak and would NEVER go higher.  Looking back now how many of you would have loved to get a buy and hold in the 90's like I first did and compare it to the prices we have today?  The big difference between now and then (besides market corrections and super run ups in prices) is the rate at which we can get loans for.  When I started mortgage rates were in the high 7's.  People would cringe at that today. Today's money is practically free with inflation.  So what would you rather do, sit on the side lines hoping for the prices to drop (and risk higher interest rates) or get in and get someone else to pay off your property that you hold for 20 plus years at crazy low rates.  You'll never see these rates again historically.  Take advantage of them.  Analyze the property.  If the opportunity is good long term do regardless of where the market is.  That's what we do.

@Lisa Alexander those towns also generally are not good town for a rent to price ratio.  Since the majority of those towns are single family homes, most renters don't consider them when looking for a place to live.  They may be GREAT towns. But for an investment standpoint you're really speculated on pure appreciate plays versus getting a good blended play here in NJ. 

@Shawn Stiteler @Roberta Eastman gave some great info.  Here in NJ if you have an issue with a tenant and have to evict you need to serve your notices to quit or any paperwork to everyone who's an adult, which is 18 and above from my experience.  I personally don't screen children of parents that are 18 and above, and still are in college or university.  However we do make sure we get all children's full name and DOB to make sure if we do have to send any legal paperwork, they're included.  

eXp Realty offers it's agents 3 personal transactions a year only paying a processing fee if they haven't capped on annual production.  If they're capped on annual production then they're still only paying the transaction fee regardless.  

@Neil P. mainly remodels and expansion.  Just do whatever you can to abide by the zoning rules regarding what you can do and build.  You really don't want to get a variance.

@Neil P.  That's easy.  Zoning.  Check your zoning map (many can be found online) and see exactly what you can do on a particular lot to understand what can be built.  Also look up rules on each zone for lot coverage and FAR (Floor Area Ratio) as this will be able to tell how large you can build.  You want to try to do this so you don't need to get variance (which most towns here in NJ won't give to investors).

@Richard Singh I completely understand.  I had a similar situation with the first property we purchased more than 20 years ago.  I learned my lessons quickly and eventually got my license so I could control the situation much better.

Welcome to BiggerPockets @Robert Howell.  Glad to have you on board.  BP is a gold mine.  Lots of dirt and lots of gold.  Use it wisely!

Laws are far more favorable in your situation.  I'd reach out to Derek Reed at Ehrlich Petriello Gudin & Plaza. (973) 718-2229.  Very skilled in what you need.