All Forum Posts by: Patrick Liska

Contact the lender and ask if any of that would trigger the due on sales clause, it is not going to hurt to ask questions before doing so and finding out you did something wrong, they may be OK with it or tell you a way to handle it.

It is normal for a lender to want the insurance for 100% replacement cost, but 100% of what? 100% of the rebuilding cost or 100% of the amount the bank is lending you? I have a property that requires flood insurance, when talking to my lender one day he said the bank only cared that there was enough flood insurance to cover the amount of the outstanding loan. Saved myself some money by lowering the flood insurance to a little over what is left on the loan.

1st, make sure that the rent being charged is the 25% of rent that you can charge, not New York prices, check all the comps in that area. Since the leases are Month to Month you can certainly request that the existing owner inform the existing tenants that the rent will increase once the property is sold to you, that alone may cause them to leave, and if not, you get the rent you wanted to charge anyway.

Reese,

You should be able to have it so that the cleaners can get to the form each time, you can even do it for maintenance, have the contractor fill out the form, it all goes back to your main page which becomes your database and records for the property because it would all be dated and time stamped.

You can use Google sheets, use Google Forms with it ( part of its "Tools" tab) you create a master Data sheet and create a checklist form that they check off, it all gets recorded on the Google sheets form with date and time. On the form you can have an inventory count ( EX: how many rolls of Toilet Paper are left?) In the sheet create a condition that a cell turns red if a number is at or lower than a certain number, then you know its time to re-stock.

as @Jonathan Greene mentioned, there are not a whole lot of multi Families in Verona, the town has a few areas zoned for it. you will find some 2 family homes around town and Jonathan is right on the average rent for 2 bedroom 1 bath. If this is in a complex by the country club, there are a couple of complexes near by and each one are decent complexes, but they are competing now with newly built ones and a future development that will add about 200 apartments.

@Peter Walther

There are some that are, most are within an organization based on amount of shares held, donations, inheritance, leases but not from an individual to an llc., here are the Excluded transactions: https://casetext.com/regulatio...

Ben,

As a Contractor I will not condone what you are trying to do, there is a way to do it, but you are not even a licensed contractor, just a salesman. Ask your real Contractor if he will accept the responsability and warrenty all the work, just sounds to me that you are looking to have no responsability and to pass the buck.

First I am going to say, you should be a licensed Contractor if you are even building a house. It would be a hard sell, most people would want a licensed contractor doing the work. You asking how, tells me you have never filled out and gotten Permits for any work you have done.

Have the Homeowner sign that they are the Contractor, most will not, but that is a way around it. The 10 year period you are referring to is for Structural, not cosmetic. here is a link to NJ DCA consumer information on New Home Warranty: https://www.nj.gov/dca/divisio...