All Forum Posts by: Devang Patel

In NJ it is hard to find cashflowing properties unless they are really old and 2-4 units at this point in lower income neighborhoods. Many of these properties are older and poorly managed by slumlord type landlords.  What are some repairs you absolutely make on the front end before renting out to a new tenant on a 80+ year old home?  Repipe the home, new electrical, check roof for replacmeent, furnace, windows, etc?  Looking to avoid constant repairs and make the necessary changes prior to refinancing out on the front end. 

Properties are in plainfield nj.   

Does anyone have a property management company they recommend?  Are they reliable and how do you ensure they are not ripping you off and are trustworthy?  

i build myself up to 20 units and I agree with everyone about hiring a quality property manager.  Right now I don't have that... and it took me a while to realize this issue.  the problem for me has always been how to find a qualified property manager in my area.  

@Chai Jonn if you can execute on teh 1031 this is a great time to do it to move up in terms of quality of collateral.  I find it absurd that biden admin is trying to remove 1031 exchange.

i was thinking of cashing out, but my problem is NJ has become a terrible state to invest in.  STill no sign of being able to evict and no idea what the future state for the process will be.  Feels like they are trying to force a transition of assets.  Secondly, the property itself has had a lot of non paying tenants in the past so for me personally, not sure if that local neighborhood is really a winner for me.  1031 exchange requires you to replace the property within a certain period of time and i just cannot find anything in that short window.  I think I will be looking towards understanding how to safely invest out of state going fwd. 

@Chai Jonn  what are you going to do?  

phil-- while most people will disagree i tend to agree wit you. 

But isn't there an amount of appreciation that even for a long term investor it would make sense to sell? Also including the tenant friendly restrictions limiting any ability to evict still in nj

Prices are at an all time high and demand for rental properties is skyrocketing. For those of us who purchased a few properties after the crash, the appreciation is staggering. Is it time to sell and leave the table and cash out while you can?  If you can make now what it would take you to make 10 years of cashflow, does it make sense to sell?  I feel like with impending legislation, especially in NJ, it is becoming more and more difficult to be a private landlord