All Forum Posts by: Mike Kalob

Reading Section 8 tenant law (Hudson County, NJ) it seems my only short-term eviction recourse is if the tenant does something egregious.  Can I kick them out if I want to spruce up the place to sell or live in it myself?  Advanced thanks.

Thanks guys. The reaso why i go on mls / Loopnet is that i still work a full time finance job and dont have the time to coldcall do mailers. 

I know im paying a premium but its offset by my wage for now. Ill def take your advice when the time comes to quit my fulltime job. 

Originally posted by @Jason Lee:

The rent control rules in UC were changed earlier this year so that you can no longer owner occupy 5 units and more and take it out of rent control. You can still owner occupy a 3-4 unit and take it out of rent control. Even with 3-4 units you would need the lease for the current RC tenant to end before you can place a market rate tenant.

Thank you Jason, by chance would you know if Kearny has rent control? They dont seem to. Appreciate your insight.  

cap rates here in North Nj are pretty low. 

What metro areas can i get the largest building (# of units wise) or is every metro area currently overheated?

I keep hearing about columbus, oh but when i go on the mls cap rates are actually not that far off from NNJ. 

I like texas (robust economy, CA & northeast transplants fleeing high taxes, no state tax, pro landlord)..however i hear dallas, austin, san antonio, and other parts are not cheap per se anymore (same with florida).  

How does houston compare? Thanks

Anyone have experience in getting rid of rent control?

Looking at a 5 family unit in Union City, NJ which is EXEMPT from rent control if the landlord resides there. 

Since I plan to live there & previous landlord did not, does that mean I can immidiately charge current tenants market rate?

Or do I have to evict (near impossible in Pro tenant NJ) each one individually before putting in new market rate tenants?

Thanks

I live in NJ and thinking of selling all my properties to move to a warmer climate. I really prefer to be close to my 5 rental properties so dont want to hire a mgmt company as I had bad experiences. Assuming similar cap rates etc, did anyone sell everything because they didnt like where they lived? How was the experience thanks.

Thank you all; I wanted to reply individually but don't have as much time as I'd like...

We're veering off a little from my OP.  Please note I'm not disputing price, as great contractors deserve to get paid.. I'm just questioning the payment schedule of 10% down and weekly payments, which from the responses does NOT seem normal for investor/single fam owner, just multifam owners.

Hell, I'd be willing to pay the GC 10%-15% more in totality just to protect myself with smaller payments than the 1/3rd, 1/3rd, 1/3rd in the chance they run off.  Again price isn't so much the issue, just gauging payment terms in the real world (from both sides) vs theoretical advice on these forums and podcasts, thanks all for candid advice.

Originally posted by @Brian Pulaski:

Vendors, or subcontractors can and will be licensed and insured. Keep in mind those types will cost more than a handyman will. Also I find asking friends and family to recommend people sometimes can lead to great contractors that you can build a relationship with.

Thanks Brian,  yes while they cost more than handyman (who I prefer but my building won't allow because most are unlicensed), it seems they still cost much less than GC's.  Appreciate it.

Originally posted by @Rob Myers:

This particular job sounds like something a handyman should take on.  It's a couple hours of work to swap out a bathroom vanity.  

The benefit of using a GC is that the various subcontractors are going to prioritize the GC's work because they feed them a lot of business during the year.  If you subcontract direct, you are much lower on the priority scale of getting the work completed.  It makes a difference in a competitive market with busy subcontractors.

 Yes regarding the vanity, but most handymen aren't licensed & insured and my building needs proof of insurance before anyone can touch my kitchen.  I assumed the vendors/suppliers would have their own insurance, is this normal?  Thank you.

Originally posted by @Lynn McGeein:

If you have connections with good vendors that  you trust, then you can easily manage it yourself.  If not, you need to consider the time involved with obtaining estimates, reviews, scheduling, providing access, handling issues that come up (like new water heater required  we remove the entire door and frame for access as they are wider now).   We usually handle our own renovations without a general contractor, but we have the time to be there when needed, have good relationships with electrician, HVAC, tile guy, etc. , and do much of the work ourselves, anyway.  

Thank you this is a 1 bed apartment in a high-rise, so we don't need major fixes that are shared in the building such as HVAC, roof, moving electric/plumbing, etc.. just the items listed above.

I have no relationship with vendors though I see many advertised online with reviews which I'd base my choices on.  I don't mind working with estimates, reviews, schedules, as I would have had to do that with my GC anyway.

Do most of your vendors use their own licensed installers or do they contact local contractors to do so?  If the latter, I may as well interview my own GC, thanks.