All Forum Posts by: Marco Y.

Does anyone have any recs for buying kitchen cabinets? I've heard that you can make them custom online and save a bunch. It feels like kitchen cabinets have increased insanely. I have a rental in the NY/NJ area and the quotes I get for a small kitchen are wild. Close to 30% of my reno budget for my 800 square foot apartment.

Hey @Umer M. Chaudhry I keep hearing great things about Scranton. I have been actually looking at some deals there and some seem to pass the 1% rule. Good luck let me know if you have any questions.

@Charlie S. Hi Teresa, Maywood, Montclair, Belleville are some great towns in North Jersey that will have great potential for a house hack and with good commutes in the city. 

Hello Sahil,

Its true that NJ/NY area is very competitive but if you look in certain communities that are ignored you may be able to find a good deal. It is not always necessary though to stay in the local area. Think about long distance out of state investing and you may be able to find a deal with great returns.

Haven't logged on in a while but thank you all for the responses much appreciated.

Hello all,

I was wondering what yours thoughts were on a new heating system I want to install in a 500 sqft apartment in North Jersey. I plan on living in this unit for a year or two and renting it out after. Its a three family home and I will be occupying the top floor. The apartment had old electric baseboards which I plan on removing. 

There is gas access to the home. Its about 100 years old but its a double brick home so its decently insulated. Winters here can get a little brutal so I'm not sure if electric wall heaters or baseboard will cut it. On the other hand a new gas boiler install (even the smallest model) will still cost me anywhere from 5-7k. Electric baseboard or wall heaters will run be about $1200.

Please let me know if you all have any experience with electric wall heaters or baseboards and if maybe i'm going down the wrong route and should just do gas boiler baseboards. 

Hey @Account Closed I have been to the Passaic County auctions several times although I have never bid on anything. First I would research the properly thoroughly and make sure there are no liens/lawsuits pending. Then I would see what company or person holds title to make sure they are not planning on contesting the bank or lien holder.

Are you planning on buying single family, condo or multi. Also you can read the foreclosure packet that Passaic county offers for potential buyers. It should be at the courthouse or on the Sheriff's website.

All the best.

-Mark

@Dawid Surowiec I would look up the FHA requirements online which should tell you whether or not there needs to be a vacant unit before closing in order to qualify. Also I know many banks that use FHA lonas have their own criteria so that might be a huge factor as well.

Even though "blue New jersey" is a bit tougher to evict tenants you shouldnt have a problem once you give notice to tenants that you will be using the apartment as your primary residence. I believe you need to give 60 days notice though.

On a side note, are you thinking of doing a DM campaign in Passaic county? I know there are some good deals up here since taxes seem to be a bit lower.

Hope it works out.

In NJ you're technically not suppose terminate lease but upon "good cause". So if you were to take them to court the judge will instruct you to maintain those tenants in the premises unless you have "good cause" for eviction. 

Now you can reach an agreement with them to leave but under the color of law in NJ you are not protected.

I have one "interesting" tenant who gives me a good story every few months. Last week he called frantically in the middle of the night saying his car was stolen. I tell him "call the police". He says ok hangs up.

Calls me back 20 minutes later and says "hey can I borrow $300 it turns out my car was towed by the city because I kept parking it at the hydrant."

Me: "No, you can't borrow $300"

Tenant: "Ok well just GIVE ME $300 from my security deposit then" (By the way this guy still owes half a month of deposit that I still havent received).

Me: "Seriously?"