All Forum Posts by: Account Closed

Been doing a sweep of these communities in central - southern NJ. I would like to here from any New Jersey-ites that are either flipping or holding such properties. I have paid very close to the HOA's and also By-laws of each of the communities (some very restrictive others not so). I am shocked that I can pick these up at 40k in pretty descent shape and rent for $950-1050. Some of the HOAs are $90.00mo taxes 1400yr. These are simple 2br 1/1/2 bath sfh's. Your thoughts?

@Matt R. . It is def a local issue. In NJ there is usually a code and permit process regarding fence type, location, height and etc. Usually a big difference in terms of what type of fence can be installed in the front of the home as compared to rear. Best of luck.

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This is neighborhood specific. I have had great neighbors watch homes for me (police arrive a lot quicker when neighbor call PD as opposed to alarm company calling in an alarm). If you an justify install and monitor fee in rent you might do it but again is an alarm what a tenent would expect? If you do it read the fine print of alarm install and monitoring companies as most larger companies have small print in their contracts about additional fees should you be renting the property and not residing in it.

My X

Just as in the accounting world the REI world is ever evolving. Just try to absorb as much as you can from as many sources you can and go from there. Your offer sounds enticing I do hope you find a mentor in your area. Best of Luck...

What is the fence needed for?

No not at all @Mike D. The town I live in is very friendly to those interested in renting as per my post especially to Med center employees. In other towns I had lived in this would be a definitive NO. The town I live in now does not have the same stringent codes and zoning laws. I know the town you are in and know the codes and zoning regs pretty well.

I have done a couple short term leases due to Super storm Sandy. The have all worked out and were huge +'s to my bottom line. I was able to increase my rents enough to compensate for snafu's.

Do you have an attorney? Did you document everything via emails and certified letters? If so get everything to your FNMA contact ASAP. Chances are you will not be able to re-negotiate unless you can strongly document your issues with whomever your FNMA contact is. Time is of the essence. Been through it and 1st time I got screwed 2nd time I was prepared and won... I received a credit of $4700 for plumbing and electrical issues. IMHO bypass listing broker and go right to FNMA contact of couse cc'ing everyone on all correspondence.

In NJ I was able to increase my rents during the down turn (still am). Plenty of people making plenty of money but are unwilling to save for a down payment as they could if they wanted to. They would rather drive a BMW, visit coffee houses and meander into night time drinkeries to be with the "in" crowd instead of saving their money for a down payment. Fine by me. :-) I love Bigger Pockets, spend my time here for free to educate myself and it is again free !!!