All Forum Posts by: Jake Drappi

I am interested.  Central NJ

@Daniel Green Thank you for your response, much appreciated.  I will be looking deeply into the areas I will be considering to invest in and learning the markets better moving forward.

Hello BP,

I am looking at a property in NJ and starting to get a better understanding on how rent control will affect my investment. The town I am looking for has some information posted, which I came across, but cannot decide if this is good or bad for the landlord. Here is the verbage, I wanted to see if anyone can offer an opinion if this will be positive or negative for my investment, should I win this one. The property I am looking at is in East Brunswick, NJ


"Rents may be increased no more than the percentage increase in the Consumer Price
Index for all items except real estate taxes for New York/Northeastern New Jersey
over the most recent twelve (12) month period. This method of calculating
permitted rent increases shall be applicable to all increases sought by a landlord

"A landlord seeking an increase in rent shall notify the tenant on a standardized form
provided by the East Brunswick Department of Planning and Engineering, by
certified mail, of the calculations involved in computing the increase, including the
most recent and pertinent available Consumer Price Index and the Consumer Price
Index twelve (12) months prior thereto. No increase in rent as set forth above, shall
become effective less than thirty (30) days nor more than sixty (60) days after notice
thereof by certified mail is given to the tenant"

"For leases of less than one (1) year, the landlord shall calculate the percentage of
rental increase by obtaining the ratio of the number of months since the last rental
increase divided by twelve (12) months. This fraction shall then be multiplied by
the Consumer Price Index percentage increase for the previous twelve (12) month
period in order to determine the percentage of increased rental to which the landlord
is entitled. "

"The landlord may seek a Property Tax Surcharge from a tenant based upon an
increase in property taxes in the year in which the surcharge is sought over the
immediately preceding year. The Property Tax Surcharge shall not exceed that
amount authorized by the following provisions:"

Hello BP,

I am looking at a property in NJ and starting to get a better understanding on how rent control will affect my investment.  The town I am looking for has some information posted, which I came across, but cannot decide if this is good or bad for the landlord.  Here is the verbage, I wanted to see if anyone can offer an opinion if this will be positive or negative for my investment, should I win this one.  The property I am looking at is in East Brunswick, NJ


"Rents may be increased no more than the percentage increase in the Consumer Price
Index for all items except real estate taxes for New York/Northeastern New Jersey
over the most recent twelve (12) month period. This method of calculating
permitted rent increases shall be applicable to all increases sought by a landlord

"A landlord seeking an increase in rent shall notify the tenant on a standardized form
provided by the East Brunswick Department of Planning and Engineering, by
certified mail, of the calculations involved in computing the increase, including the
most recent and pertinent available Consumer Price Index and the Consumer Price
Index twelve (12) months prior thereto. No increase in rent as set forth above, shall
become effective less than thirty (30) days nor more than sixty (60) days after notice
thereof by certified mail is given to the tenant"

"For leases of less than one (1) year, the landlord shall calculate the percentage of
rental increase by obtaining the ratio of the number of months since the last rental
increase divided by twelve (12) months. This fraction shall then be multiplied by
the Consumer Price Index percentage increase for the previous twelve (12) month
period in order to determine the percentage of increased rental to which the landlord
is entitled. "

"The landlord may seek a Property Tax Surcharge from a tenant based upon an
increase in property taxes in the year in which the surcharge is sought over the
immediately preceding year. The Property Tax Surcharge shall not exceed that
amount authorized by the following provisions:"

Thanks!

Hello BP community,

I am looking at a property that will be lackluster in cash flow, but it would be a good fit for our family as a house hack for a few years.  I am interested in seeing if the neighborhood has a high or low appreciation rate so that I may have another exit strategy other than renting out both units when we are ready to buy our next home in the event that rents do not go up a significant amount.  I tried looking online to data that shows what the historical appreciation of the town was, but couldn't find it.  Does anyone have insight on how I can find this data?

Hello NJ BP community!

I am looking for some local meet ups in the central NJ area.  I wanted to see what in-person meet ups are happening now. I tried the virtual, and didn't take much away other than someone trying to sell something to the group -_-

What meet ups are you going to?

@Mack Benson Thank you for your response. I will definitely ask if they can provide.

Hello BP community,

I have recently accepted an offer on my current residence, as I thought I would be yielding a significant net profit, which I was planning on using to get my first duplex/triplex house hack in NJ.  Aside from the market being extremely competitive, I also think I miss calculated my net income from the sale of my house.  I made a rookie mistake of only accounting for the agent's commission in my calculation.  Here are the numbers, any insights would be greatly appreciated.  I did try to do some research online first, but everything I've found has been very subjective or had wide spread variables, which made it hard to figure out.

OFFER

$240,000

OWED

$205,000

AGENT COMMISSION

5%

CLOSING ATTORNY

$1500

THANKS AGAIN!

@Adrien Salvador Hello Adrien, I would like to connect as well. I am also in NJ looking for properties, although I am more focused on Central NJ.

Thanks!

@Aj Parikh Hi AJ, what made you decide to work with Antoine over others, say Rent To Retirement?