All Forum Posts by: Shawn Mcenteer

@Noyessie Hubert Irvington is very tough on landlords. There is about a dozen places I strongly advise against in NJ. Irvington is one of them. The laws are absolutely wacky.

Occasionally but nothing at the moment.  Is this  for investment or personal?   

Hi @Noyessie Hubert owner occupant laws can be very powerful for you situation.  It can be very tough to ask tenants to leave in NJ depending on the town and location.  I see your location is Newark, not sure if that is BP default location or where the property is actually located.  If property is in Newark you have a major uphill battle. The good news is NJ sides with owner occupants when you request tenants to leave which can be very beneficial.  In regards to raising rents and keeping them, the max for raising rents is 10% unless particular town has rent control then you must follow those guide lines. In your case it will likely be best to ask them to leave and find new tenants at market rent. But once again this is town specific, there are towns that have some extreme laws that are not landlord friendly. 

Find someone that has done what it is you are looking to do and work with them repeating what worked for them for yourself. Good thing about REI is working with investor friendly realtor should fast track your team. Ask yourself "who" instead of "how" Instead of how do you get these connections, think is terms of Who can you work with that have the connections in place already.

Hi @Joseph Elci North New Jersey is where my wife and I got to Fi.  We purchased our first duplex in 2015 with $100k to our name.   With $400k  you can go far depending on strategy you implement.  NJ is great place to invest especially in terms of appreciation of property and rents.

Hi @Adam Pervez New Jersey has very high taxes, with that comes very high rents.  House Hacking in NJ has gotten my wife and I to FI in a relatively short period of time you can house hack anywhere in all honesty.  If you need to be local to NJ I would stay and reap the benefits of massive rent increases along with huge appreciation.  I

@Henry T. from what I have experienced NJ is fine if you know the areas to avoid.   NJ is horrible if your buying in certain towns.  My wife and I are over a decade now collect every payment of rent, never had a missed payment, never had an eviction.  self managing very easy with very few phone calls each month

It can be a Brrrr or very similar.  

Hi @Adam Eckhoff you can do it. Its called buying cash flow, nothing wrong with it.  I think other options can get you places much faster.  For example buy 300k property, renovate it (pay yourself essentially)  turn into 400k+ plus home, increase rents and cash flow.   I do this strategy all the time with multi family properties.  

For those looking to house hack in new jersey majority of deals still come from MLS with a portion of them coming off market, 80/20. I primarily focus on house hacking with a huge focus on multi family deals.