All Forum Posts by: Kevin Hill

I am definitely surprised to hear that. Most brokerages will hire any warm body with a license, regardless of experience.

Welcome to Bigger Pockets and the world of real estate investing Mike!

Housing inventory has been low for awhile in NJ and many other parts of the country. Multi-family homes are especially hard to find and are selling at prices that don’t make sense.

January/February  is traditionally a slow time of the year for new inventory regardless of COVID. 

The MLS is dry, you have to market for off market deals.

I think there might be more opportunity down the line with owners of multi-families who are having financially difficulties with tenants who aren’t paying rent due to COVID and the eviction moratorium in place currently in New Jersey and nationally. 

It used to be 5% for conventional mortgages but I believe there are 3% conventional mortgage programs now. You would have to research it. 

Keep in mind with a townhouse, you'll have monthly HOA fees and not all complexes are FHA approved.

Depending on what time of the year its listed (late spring/early summer is better for rentals I have found), the condition of the property, and it its priced right, it could rent much quicker. I am a licensed real estate agent and I have access to market stats.

A year for rental listing agreement is definitely longer than usual and excessive in North Jersey. 6 months is more standard, but 3 months is not unheard of. I don't usually put a cancellation clause in the listing agreement, but will let the landlord/seller out of the listing if they aren't happy with my services. I would put one in the listing agreement if that was a major concern of the landlord. To make him more comfortable, you could offer small compensation if you end the listing early and find your own renter ($250-$350) to help cover their time, MLS, & marketing fees.

There is nothing discriminatory about not allowing a guarantor if the tenant applicant has shaky credit or finances. If the guarantor lives out of state, you might have a hard time going after them because every state has different laws. You can't deny a tenant applicant for being Section 8.

With COVID, not only has it affected the sales market, which has very low inventory, it has affected the house rental market also. Took a quick look on the MLS, there are only 2 house rentals in the entire town of Fort Lee right now on the market. One is priced at $3500 (6 days on the market) and the other one is $4200. The $4200 does currently have an accepted tenant on it (leased not signed yet), but that one was on the market for 66 days. It's not a newer, side by side home like yours though.

For the past 12 months, according to NJMLS stats, average days on the market for house rentals in Fort Lee is 60 days. $4000 isn't a super high rental for Fort Lee, as of the 38 house rentals, the house rentals average rent price was $4342 and the median was $3500.

 Sorry, meant end user. A buyer who is going to live in the house, not try to flip it.

Upper Saddle River is experiencing declining home values, in large part because the lower price ranges are driving the current market and USR isn’t a first time home buyer range type of town. Seeing days on the market increase in properties over $1 million. You would probably have to wholesale to an end user rather to an investor  unless that $1.7 million is a good deal.