All Forum Posts by: Doug Minton

@Debbo Wie I totally agree with you. I am a landlord and an agent. I used to deal with section 8 tenants in Rochester, NY. I have had one abandon the residence, just to let drug dealers take over the property. So to be safe here is what I would do. 1. Contact your lawyer, and see if you need to start the eviction process. 2. Change out the locks right away, but make sure your lawyer says that it is okay. Also, if you sent out registered letters stating that they must vacate and you have no response, then be sure to keep those letters for your records. The eviction process should go in your favor if needed. BTW... I also lived in WO. I am always surprised that investors keep properties there. The taxes are outrageous! I am currently selling a property there where I did a light reno in WO. 

As an agent and landlord, I will tell you that all you need to do is give a timely notice, and follow up with a registered letter to your tenant. Document everything and if you need to evict, just go to court. My sister who also invests in multi family homes, has gone to court and the tenants hardly show up. If they don’t show, then they’re out, I.e. the judge will find in your favor. Just remember that you’re running a business and as stated previously, you have to take the emotion out of it. When I owned properties in Rochester, NY, if the rent didn’t show up on the first, a letter went out the next day stating they needed to pay the penalty, and they had 5 days to vacate. After the 5 days, if I didn’t receive the payment, then a registered letter went out the next day. All my evictions took no more that 30 days. I never did cash for keys. BTW. My sister rents in East Orange and Newark, NJ. I also have a client in Perth Amboy who I have consulted on a similar issue. His evictions take on average 30 days as well, and he never used an attorney. He handles all his evictions. My point! Be stern, document everything, use registered mail, go to court. The judge will be on your side. I don’t believe in tenant friendly. If you have all your paperwork in order, then you’ll be able to get them out. All this advice I got from my attorney’s from 2004 up to now. Listen to your attorney. Also, as an agent, we need to know grounds for termination of a lease. You have grounds. Wish you the best.

I looked at some of these comments and had to laugh. There is a only one section of Montclair that could be considered questionable. The boarders are Bloomfield Ave between Elm and Maple and over to Elmeood Ave to Elm. Then there is Willowdale to Woodland, and I think the other street in Monroe over to Maple. Then there is Lexington ave, where I was caught up in a drug raid several years ago while knocking on doors. I know this area very well as I have knocked on all the doors out there, and continue to do so. Yes, there have been murders there, and the gangs are still there, but all in all the people who live there are very decent. In short, I don't fear my life when I walk along those streets. 

I also know someone who owns the brick multi and a couple of other houses on New streeet. Just keep in mind that the streets I mentioned are only only in a small section of the South side. The South side gets a bad reputation based on these streets, but there is another part of the south side that people tend to forget. That is the area near Nishuane Park. If you want to house hack, or look for a somewhat good investment, then that is the area I would recommend. There you have a lot of two family homes that are in a decent residential area and close to one of the schools, which is next to the park. As far as the one little section, i.e. New St., Mission, etc..... If you want to be a slum lord, then start there. 

However, I will also say that I did see that some investors are starting to rehab on Mission street and Miller street. That is a positive sign. I also will say that the person I know who does invest in that area was looking to get out and didn't have any real issues with collecting the rent. They have owned there for many years and are were looking to cash out. 

So, in a nutshell, the South side isn't really that bad as long as you know how to invest and put good tenants into the properties. The caveat is the taxes. That is the problem with investing in NJ, the taxes. Will the properties appreciate in that area? I wouldn't speculate. Why not go to the town meetings to see what they have on the agenda for the development of the downtown area. I can also tell you that there are investment properties that i have seen for sale near the downtown area and the prices are really untouchable for real investors. Also, there is a lot of competition out there. I tried to pick up a 3 family on the other side of Bloomfield ave for 325k to live in. I was not able to pick it up with the multiple offers that were on the property and didn't have cash at the time. So Montclair may be tough to get into. I would suggest looking into Bloomfield as that town is next as far as growth and they have been rebuilding their downtown infrastructure for the last few years near the train station. 

Tip.... Go to the town meetings for both towns and compare their master plans. There are deals everywhere, you just have to know how to evaluate them and make the educated decision as to where to invest. 

If you need any help with the analysis, then please feel free to reach out to me as I am an agent and a an investor in the area. 

@Carlos Rodrigues hey sir! I am an investor and an agent in West Orange NJ. If you want advice, then send me a email via biggerpockets. We have a mastermind group in West Orange. Also, attend the meetup that @Rafael Norat mentioned. It's one of the better ones in NJ. I was attending it from the very beginning of its inception. There are a lot of good people you can network with there. I can share with you some other REIA's as well. Just send me an email, so I know your serious.

Marshall Brigner Jr If you're looking to buy and hold, then inbox me your information and I'll connect you with someone I know in the area that can help you.

@Raphael Thomas If you want to know where to go and who to talk to, then you can come to my mastermind group I hold in West Orange. I will inbox you with the information if you're interested. There are several REIA's in our area where you can find rehabber so, and other investors that would love to work with you.

@Stephen Kunen

My policy is with State Farm. I am paying $723 for the policy. If you need a contact, then let me know. Just inbox me via Bigger Pockets. 

Rafael Molinaro Just looked you up and realized that your company is Living New Jersey. I originally thought that was a typo. Sending the request now.

Rafael Molinaro What agency do you work for? I work at Keller Williams Team Realty in Clifton. We should connect. I will reach out to you with a college request. Let's get in touch!

Lei Pan Why not just change your number to cover your added expenses? The whole point of financial freedom is that you take in more than you spend, so if you think the cost of medical insurance is too high, then why not adjust your financial freedom number. My financial freedom number is 20k per month. I need that to keep my current lifestyle. However, if I decide to downsize, I can change that number to something less. With that said, 3k per month may not be realistic for your financial freedom number. I would suggest rethinking that number. Also, consider that you may need to adjust your mindset concerning money. I have a friend who is frugal in his spending. He invests in multiple vehicles for diversified streams of income. He told me the other day that he lost his 230k job, and decided to take some time off, take out some cash and buy a new vehicle, and look for another job when he was ready. Not only that, he was in the process of paying for a his wedding. He even paid for my tux, and but bought me a new suit as a wedding gift. I don't think he was concerned about how much he needed to spend on medical insurance if he couldn't find a new job. He probably could retire at the tender age of 47, but decided to go back to work and now has a new job. His mindset about money was the key! He made sure that he didn't spend more than he made, invested in multiple vehicles, and is in line for, or already has financial freedom. So, increase your numbers to include medical insurance and don't think about it as though it cost too much. If you want more, you have to become more.