All Forum Posts by: Account Closed

@Account Closed Thanks for your thoughtful response; you understood my situation well. I too lowered rents with my very first property during the first dot com bust. Economies change and we have to respond accordingly.

@Marco Y. Jersey City. Not a rent-controlled building (<4 units). 

@Nicholas Cook Agreed for all those reasons you stated. 

@Tracy Streich Thanks so much for sharing that internal cost of turnover! Very helpful. This tenant is fairly hands-off and only calls with serious matters. 

@Ron Flatt Did you do those rent increase in the same year? I don't think NJ allows for that. 

We have a tenant who's been paying under market rent. 4-5 years ago when we first rented out the unit, the neighborhood was still pretty rough and we were happy that we got someone who was mature, responsible and could pay rent on time. We've never raised the rent on them (rookie mistake) because they would help would help out with shoveling, putting out the garbage. Now the market has totally shifted: high demand, a lot higher rents. Suddenly we're about (gulp) 30% under market rate rent. 

The renter loves the property, takes good care of it and has never had an issue with payment. We do plan on raising the rent at least 10%, but we suspect that even that will be hardship on them. 

What would you do? 

@Jordan Gregg Hudson Home Improvement does very high quality work (and hence, not the cheapest). They've done projects in South Orange, Jersey City, Hoboken that I know of, probably some in the towns that you listed. 

@Caleb Heimsoth Second this. A much starter strategy is to get in with a good company that offers tuition remission or assistance. My master's was largely paid for by my employer, and I got valuable working experience in the field too. 

Can anyone recommend a short sales agent who is familiar with Jersey City? Unfortunately the agent we normally work with doesn't deal with short sales or foreclosures. 

@Karen Malecki, That's great to hear. I've been looking at Lincoln Park but was concerned about the commute into the city and how it might affect rentals. We have friends who have moved out there and seem to love it. 

@Dan Schoenbaechler Thanks for sharing the update about the reval and the 4th quarter averages. 

@Ro Maga You and others were correct in assuming a bidding war. Also upon closer inspection, listing is technically for a 2 bedroom with potential for a 3rd. Got ahead of myself there. Would have been nice for a primary home if the numbers worked out in our favor.

@Michael Elfant Taxes are definitely an issue. With property reval coming down the pike, I'm factoring in 2.07% property taxes with every potential listing. Speaking of which, has anyone heard any update on the reval?

Seems like any 3 bedroom hitting the market in downtown Jersey City starts at 1 million, and goes up from there. We saw a listing for a 'rare' SFH brownstone that just hit the MLS at 900K, with a backyard and parking. My husband thinks it's a fair price and would continue to appreciate, but I have my doubts. I wonder if we're nearing or at the peak, or is this just a shortage of available inventory, particularly of 3+ bedrooms?