All Forum Posts by: Erik Pedersen

Essex county has a very wide range of property types.  From big time million dollar houses with absurd taxes in montclair to newark where its extremely cheap with low taxes.

Call a real estate office in the town youre interested and get out there.  Its the only way to do it.

Call any realty company in the area by the house and ask to go see that house.  Theyll take you.

Get an Attorney, file with the court ASAP, theyll get their notice and have to leave in 30 days -- Especially with nonpayment of rent there's a valid reason for having them get out.

Get that stuff filed now so you lose as little income as possible!

I have only heard bad things regarding TRA... I'd say every 3rd prospective tenant in Newark asks if I accept it and based on what other LL's and investors have said, I've not accepted it. 

You need to find out if the prop it has clean title.  Not sure if attys do that, Ive always thought it was title companies that do title search. Get a title company and title insurance, kindof standard operating procedure and best practice... Good luck!

I have experience in those areas.  But your question far too broad... What do you want to know?

@Mike Henkel

I need to move by you!  Awesome stuff.  

@Gilbert Ross Jr

Ah! I got you, you said 'average' in N Jersey.  I was focusing on his places.  Yes that is totally accurate.

@Gilbert Ross Jr

 Taxes arent that high in Newark, my multifam taxes are $3700.  The other places save parts of JC and West Orange, small multifams will can come in below the 10k range.

@Mardochee Pierre

Tell you what I tell everyone, get a realtor, start looking, do your due dilligence.  Its the only way. If you dont want a realtor get your marketing together and get the phone ringing.  Thats all! haha

Are you charging market rent?  Probably not if the family has been there for all those years.  If youre losing money every month its not a good investment.  I'd give the family a pretty big window but tell them due financial issues I need to raise the rent to market rent. Emphasize MARKET RENT - theyve been paying below market rent for all these years so youre actually doing them a huge favor this whole time.  Hopefully they understand.

I would get this house in order before doing anything.  Positive cashflow puts you in a much much better position for moving forward.