All Forum Posts by: Mark F.

Quote from @Patrick Q.:

Hello All,

I am planning to convert the unit I occupy in my house hack duplex in Jersey City (JC) to a medium term rental.

And will no longer be living in the property.

Does anybody have any resources as to what the rules are for doing this in JC?

Does one have to register?

Are there any permits required or restrictions associated with operating strictly as a medium term rental unit?

Any info or resources you guys could offer, would be greatly appreciated.

 Living in NJ myself, your absolute best bet is to check the JC website. That is the only true reliable source. I have read answers on BP in regards to NJ landlord/tenant laws, went to a towns website or the NJ truth in renting pdf, and read people give flat out contraditory advice and no one call them out, mostly OOS investors. I just don't see the point in commenting on state specific laws. I highly recommend you do not list to people on this forum and the BP Facebook group unless they specifically know NJ laws like in state investors. We have such weird laws like CA, NY, etc.

To answer your question, you need to go to the JC website and start reading the boring tenant codes. I am willing to bet there is a minimum amount of time it is considered a short term rental, most likely 30 days, and anything over that is considered long term. Which puts an MTR in the clear. Most towns have not caught on or do not care if you rent for over 30 days thus not being subjected to STR rules and regs. You need to look that up on your own as I don't invest in JC.

Okay you asked for resources and I'm feeling generous. Start reading!

https://library.municode.com/n...

https://www.jerseycitynj.gov/cityhall/HousingAndDevelopment/housingpreservation/landlordtenantrelations

Quote from @Jake Handler:

I would love to connect with people in Northern New Jersey that are utilizing the Medium Term Rental strategy locally; specifically furnished rooms that are being rented.

 Hey Jake, I know of someone who's doing it and I plan to on two of my units once they turn over, one being in September. We are focused more on the unit and not by the room though. You are in Morris County?

Used, because I hate to burst your bubble for those who said new, it's only new for the first guests. I would not be concerned why someone's getting rid of it. They're like treadmills, we buy them thinking we'll use it all the time then get rid of it heavily discounted because we lied to ourselves and we never use it.

Funny as my best friend has an airbnb in Maggie Valley.

Quote from @Eugene Fedotov:

My question is why would federal agents contact you and let you know that your tenant is in custody, let along talk about extradition. I would call back that agency main number and ask to be put in touch w the agent just to confirm. 

 It is their (the federal agents) responsibility to secure the property. They do this by contacting the landlord or any other residents sometimes to request their help or notify them. They probably told the landlord he was being extradited so hes aware he wont be returning anytime soon to the property. They can call the agent back to confirm, but that is pretty standard. You can usually look that info up anyway online to confirm. None of that info is super secret squirrel level 764 G7 classified.

A budget in Northern NJ of $450k isn't going to cut it. At that price, you'd be looking at a serious reno project that won't qualify for traditional financing, a property in a C/D neighborhood such as Newark or Paterson, or a condo like you mentioned. But I highly doubt a condo will cash flow after all expenses and HOAs. Yes, the Heights has appreciated a lot as its been gentrifiying for years. No, the mayor living in JC has no affect on anything to do with the housing market.

In short, raise your budget. Or accept you won't cash flow, especially with a condo.

Quote from @Devan W.:

That’s why I’m hesitant is because of the potential baggage that comes along with a risky profession like that. Her boyfriend with face tattoos may or may not still be in the picture…if so I need an app from him. Also her 3 kids under 10 years old flipping off the camera on their Christmas card photo last year has me concerned to say the least.

To be clear, I won’t deny the app just because of her profession. I’m just being cautious here with the due diligence process.

I was all for you renting to her until you brought this up. If she runs with guys who get face tattoos, there's a better than not chance things will end badly. I deal with people like that in my job and they all hang together, at some point or another. Unless she moved out of state and is far from him. Everyone on here will give you the thumbs up because they don't have to deal with the repercussions.

Again, I was in the same camp until you did some sleuthing and see she possibly runs with a bad crowd. Good on you for the research. My vote is to skip her.

Quote from @Chris Seveney:

@Mark F.

I assume you mean “experience” - not expensive.

 Yes thanks, damn autocorrect and can't edit my post.

Quote from @Brenda Smith:

Ok Michelle, can you name a note loan servicing company of your recommendation, i will be needing one?

 A new servicer has come on the scene lately called BIFI. I haven't used them yet.

https://bifils.com/

I've also used Madison Loan Servicing and been reasonably happy with them.

I bought a note from them last year and they basically held my hand through the process as I made a crucial mistake. So I had a very positive expensive with them.

Quote from @Greg M.:

Quote from @Steve K.:

Send'em to a collections agency. They take a high percentage but a low percentage of something is better than nothing. Totally worth it. I've had bum tenants pay up several times just by notifying them that the next step is me contacting a collections agency.  

I have no idea why the landlords on this forum are so adverse to going after deadbeats. If you listen to the average poster here, you'd think that there was a near zero chance of getting any money from a deadbeat and you're going to waste 100 hours trying. Yet, there is an entire industry dedicated to going after deadbeats and collecting and your total amount of time can be 2 hours including court.

 Everytime I say this on the BP fb group I get attacked. As if I'm spending every waking hour of my life hunting this person down for a dollar fitty. The court system isn't that difficult and like you said, it's just an appearance then send their info to collections. I even heard Brandon Turner I think say how they did that with a contractor and years later the guy paid as he wanted a new car or something. Not rocket science and can absolutely pay you back.