All Forum Posts by: Drew Slew

Similar situation here, but in a rougher spot, any advice appreciate, already hiring an attorney. We rent 3 rooms out of 4 on our 2nd floor in a 2 family where owner occupies 1 room, guy moved in Feb 1 signed lease, his nephew moved in March 1 didnt sign lease but paid march rent prior to moving in. Now trying to evict both of them, as March 5th is the deadline. They are trying to pull all kind of illegal room rental accusations, no CO detectors (now installed), unsafe living environment accusations (heat wasnt working properly for a few weeks). 

Not sure if we as landlord should quickly get all the permits (noone seems to know whats needed on room rentals w owner occupied in Jersey City), quickly fix HVAC again, get fire/smoke safety certificate or whatever else is needed. 

Does anyone know how this works in Jersey City? Lot of room rentals all around NYC obviously, as rent is sky high. Rooms generally rent around 900-1200/m so its quite lucrative. Specific example, and curious to know EXACTLY if that 4 person rule is the norm here too:

2 family house, 3bed 1bath 1st floor rented fully w lease, 4bed 1bath 2nd floor rented out to 3 strangers and landlord lives in 4th room.

Is this legal (landlord lives there), does it require rooming house license, does landlord need lease w tenants or just their paid month to month rent and security deposit is enough?

Does anyone know how this works in Jersey City? Lot of room rentals all around NYC obviously, as rent is sky high. Rooms generally rent around 900-1200/m so its quite lucrative. Specific example, and curious to know EXACTLY if that 4 person rule is the norm here too:

2 family house, 3bed 1bath 1st floor rented fully w lease, 4bed 1bath 2nd floor rented out to 3 strangers and landlord lives in 4th room. 

Is this legal (landlord lives there), does it require rooming house license, does landlord need lease w tenants or just their paid month to month rent and security deposit is enough?

Might be a basic question, but havent been able to figure it out. Lets say you make 100k in a W2 job, and have a few properties as additional rental income. How does one plan out how to calculate how much they will be able to get financing for w just the rental income? 

- You can either collect rent in your name or in LLC, and the mortgage takes (75% of rent income?) in consideration adding it to your W2 income, to qualify you for mortgage?

- If W2 disappears, how long does it take for rent income to substitute it, lets say its also 100k after a few months/years? 

- Is it better to have rental income come through an LCC (pass through taxation), or personal name? For mortgage purposes. 

I assume personal name as its easier to get bank financing for personal name. 

Thanks a lot for any hints.

true, although on the condo investments level i dont see much difference. my union city condo 680sqft is ~3500/yr taxes, and this 550sqft 1bed condo in Bayonne on JFK is ~125k and same ~3300/yr taxes. JC multifamily has 5500/yr taxes and is 2400 sqft. Idk, pretty similar to me. 

Great, where is that Ferry going to leave from exactly? street wise

I see on this thread some Costco opening. Anything else? Like some major 100+ unit condo coming somewhere? 

i read Barnabas medical facility, Alexan CityView and some soccer fields:

https://njbmagazine.com/monthly-articles/hudson-ri...

yea, about to buy a small 1 bed on JFK for 125k, and put up a wall for room rentals. For whole 600sqft condo id put it on for rent at 1300-1400/m since there is laundry, and for each room id be pulling in 700-850/m (students could rent it probably as w other properties).

What i dont understand after coming down from my Greenville property is how nice Bayonne is. Its nicer than Union City IMO, bit too far but has some form of exclusive appeal, tucked away. Also so narrow. Dont know what new developments are coming, but there must be a lot. 

great area i believe, anything west of JFK is golden

Want to start a quick thread from anyone who invests/is knowledgeable about the areas in south Jersey City - want to track, forecast what developments, changes are coming, please post anything you heard, know of. Especially anything under Communipaw area: 

Theres just not much info out there on this, everything is more JSQ and downtown hype. Occasionally jerseydigs has some info.

Some basic ones

- Bayfront development on south west side of JC, big city project

- Lightrail closed in 2019 summer from Garfield ave - some form of sewer line fix under tracks?

- MLK ave city council house around the McDonalds area, MLK lightrail station

Any more of these meetings? Happy to join one. 

And yes, JC all the way. I have investment in the Greenville section. Def some rough stuff but high cap rates. 

Following this thread, is the season on a conventional 30yr fixed 25% down loan for investment property always around 6-12months? than how can someone buy more properties than 2 within a year with this BRRRR strategy, are they always buying all cash and then refinancing?