All Forum Posts by: Justin McElroy

Yea - I've gotten that same question a couple of times. Apparently there are slumlords out there that are telling these tenants that they don't accept section 8. Which is a shame for the responsible people who just for whatever reason, can't get a job that can provide them a decent living. I've heard great stories with section 8 tenants (it's guaranteed rent!), it just depends on the tenant.

to answer your last question, yes - income qualifications are okay, as long as you apply them to all applicants, equally. I wouldn't say that you would be ruling out section 8 tenants with that qualification standard, as i don't know the limits to qualify for section 8, however, i would be surprised to find someone in the section 8 program that makes that much every month.

Hope this is helpful!

Hey @Brett Baginski - Congrats!

From what I understand, technically, if a landlord were to flat out refuse a section 8 applicant, based solely on the fact that they are section 8, that is a form of discrimination in NJ, which is illegal.

I would recommend setting and advertising qualification standards for ALL applicants. If a potential tenant does not meet those standards, they are not approved. Some examples: 600+ credit score, gross monthly income must be at least 2.5 times the monthly rent, non-smokers only, no pets, etc.

I think the only exception the discrimination rules is if you are an owner occupant - someone please correct me if I'm wrong here!

appreciate it @Daniel Green

Anyone have input on approximately how long a project could take?

Hey guys - what’s the average price to build a new 5-6 bed/ 3 bath house in North Bergen/West New York? Thinking Bayonne box style with at least a one car garage.

Avg Price per sq ft would be helpful as well.

This would be a buy and hold situation so finishes would be average.

Also, approximately how long would a build like this take?

Thank you in Advance!

Appreciate the insight @Alex T. 

Good luck!

@Alex T. can you provide some more info on the deal? Curious to see what types of deals people are getting. What did you purchase the house for? What are you planning on building? Estimated rehab costs? What do you expect the ARV to be once it's all said and done?

Good luck!

Hi Everyone - as I prepare to make my next investment purchase, I want to get a property manager lined up who will be able to handle everything it takes to run the property day to day. I also would love to have someone who would be an extra set of eyes on the deals to make sure my numbers make sense vs what they're seeing, etc.

I tried searching google/yelp/etc. and couldn't find anything but mixed reviews. Does anyone have any recommendations?

I'm currently looking at properties in Hudson County, Bergen County, and doing research into Newark.

Thanks!

Justin

Just heard some info on this this AM when I was listening to the Hard Money Project June webinar on YouTube. If I remember correctly, you can use FHA for mixed use as long as the commercial use is less than 50%. I would guess that the building itself would have to be less than 4 units still, but that's just an assumption. I also forget if the percentage was based on square footage or number of units. Good luck!

In case anyone else is in need of landscaping services, I used Gregory Landscaping out of Fairview. Fair price, job well done. Reach out if you'd like Gregory's contact info.

Hey John! BP provides a really good lease to start with specific to the state of NJ. I think it’s $100? You should then have an attorney which is familiar with the specific laws in Jersey City review it as well to make sure you’re including (or excluding) anything that is specific to JC. 

In the menu bar go to “Bookstore” then click on “Lease Agreement Package”

There are tons of great people on here and tons of great info. I’d recommend reading the BP book “The Book on Rental Property Investing” there’s a lot of good tips in there to help turnover and find a great tenant to replace the one that is moving out and how to manage the property.

Good luck!