All Forum Posts by: Hozona B.

1016 Garnet dr Burlington, nj 08016

2 Bedroom Condo Short Walk For All Your Needs! Freshly painted,new rug, large rooms,big closets & balcony ! Applicants must be 18 years of age or older Basis of 3 times the gross income.Rental $1300 H Included (2) Bdrm gross income $50000 No evictions. No history of any damage to any previously rented apartment or condo. No outstanding balance due to a previous landlord. If you have no prior rental history then you must have a qualified cosigner. The cosigner must have a good credit history, and be willing to sign the lease. No bankruptcies in the last five years. CRIMINAL BACKGROUND CHECK GOOD CREDIT: 650 or higher Must show that you have paid bills on time and do not have a history of debt write-offs or accounts that have gone into collection. Must be a non-smoker. No pets. Must have 1.5 months rent security deposit plus the first month rent.

Thank you for your reply Jake. It seems that everybody is in the game. realtors,cash buyers & property managers. How do you weed them out? I tried Cozy i had a lot a flood of folks wanting to come out rightway to see our condo! But,without reading my terms. I told each possible applicant please read my terms before applying before you want to see the condo. Today so far crickets. 

So i was thinking maybe check out some of these rental management companies. 

I have a free & clear condo turnkey undecided for for months to sale or rent. As a newbie how do you evaluate fee structure for repairs? Does all repairs come out of my pocket? Also i am very picky & want certain terms in the lease. My cousin was my tenant for the last 8 years. I never had a problem he was family. I know in NJ it's hard to evict someone because the tenant has more rights than the landlord. I don't want animals my attorney said "get ready for service animal" you can't kick them out because of a service animal. I rather keep it vacant than have the wrong tenant.

Hello Biggerpockets,

I need help doesn't anybody know a good affordable lawyer that will draft a owner financing sales contract in NJ? I put our condo for sale on Craigslist for $70000 owner financing with 20% down. I have a buyer interested. Any help would be gladly appreciated.   

Thank you so much for answering my question. The area is Burlington,NJ off Rt 541 next to a ghost mall prime major retail stores walking distance from condo. New hospital coming soon & the schools are 4 on the "GreatSchools rating" Maybe i am a fool because i am getting $288 positive cash flow. I could increase my cash flow by $500 if i convert our hugh one bdrm until a two bdrm. My cousin is my tenant who i give a discount at $800 per month heat/water only. Average rents for a one bdrm is $900-$1050. I guess i will rent in out & collect the low hanging fruit.  

I we own a large updated one bedroom condo free & clear in Burlington,NJ The areas is great major retail with in walking distance. Problem is HOA is broke 53 delinquent owners owe us $300,000 an unpaid heating cost. $65000 in reserved 152 units. We could do lease option to buy/ seller financing. But afraid because HOA doesn't qualify for VA or FHA loans. So if potential tenant puts down 10% non-refundable deposit which I feel not enough skin in the game.. your thoughts & comments. Thank you

Hello Shaka,

I use to work with aluminum & vinyl siding back in the 90s for 3 years. You gotta check on youtube videos nowadays a lot of new products on the market. They have Hardie board cement panels is one option. Might be more expensive than vinyl or aluminum.  Another option if you want something cheap is T 111 exterior wood panel boards all you do is prime & paint.  My gut is telling me vinyl is much cheaper than aluminum siding at 50 to 60 cents a pound. Also aluminum is harder to work which means higher labor cost & if you ding or dent it my accident it doesn't bounce back in to shape like vinyl.  Well Shaka hope this information helps.         

Yes me too Google search.

The same thing happened to us in NJ 1988 as first time home buyers. However, we didn't rent in out but stayed in place. However, in 2001 when the market started to pick up we listed at $155000 got full price! Purchased price was $139900 in 1988 estate sale dummy should have offered $100000. So rehab paint,kitchen,bath,roof & furnace total about $20000 I stopped counting. Everybody's situation different go with your gut we stayed because we had to wait to recoup some of our investment.

Yeah you better find attorney fast in NJ the tenants have more rights than the landlord. Some tenants are professionals at going to court for eviction they know their rights better than the landlord.

Truth-in-Renting Act - State of New Jersey