All Forum Posts by: Mark F.

 You'll get no argument from me on that one.

 You can't. I need to tread carefully here but it happens and they are sophisticated enough that you won't know unless a bust happens or you consistently monitor exterior cameras and notice none of the people match who's actually staying at your property. And even then....

Everyone's really hit on the obvious stuff so I'll just add my 2 cents on the overall picture. You're young, impressionable, and talking to someone who is obviously successful in his career so it's understandable you'd respect an opinion from someone like him. I was like this even early in my journey but not young in age, I still took what people said as gospel. Until I got educated and formed my own opinions. You also did not mention if he is an actual real estate investor. That's one thing, if he has zero experience that's the big issue. I've heard people on podcast and the same for my life, how before you invest people say they know someone or tried REI and it's bad and don't do cause you'll go broke, etc. Then you get a few SFR's or units and are doing fine and you tell people and they change their tune. I never take non REI opinion with anything but a grain of salt. You wouldn't take mechanical advice from a teacher would you?

Even if he has some holdings, everyone has a bias. I'm biased in my area towards house hacking and how I believe wholesalers are worthless in my area (because they are). But I recognize those biases and would never tell someone in Florida or Missouri that overall wholesalers are trash. You need to understand and recognize this guy has some serious biases and his advice as a whole may be flawed.

You are doing yourself a serious disservice by taking this to mediation. Even if you get some money from them through mediation , even though this is not a claim and only wear and tear, there's a high likelihood your rates will either jump up dramatically or they will drop you. Insurance companies do not like claims, especially bogus ones, and they share all of this info with each other. And you're in Florida, I have buddies in the insurance world down there and it is literally the worst time to be making claims for stupid crap.

Drop the claim.

 Look at the bigger picture.

I feel the same but now people say "Squad up!" Makes me cringe. I know immediately I won't get along with them so I will not "connect" or "squad up". Just be normal and let things develop naturally. Is that so freaking hard?

 Use familytreenow.com you may need to give it a few months until it updates. I was able to find you, yes you OP, with 10 addresses, your age, 3 phone numbers and a bunch of relatives. Pretty spooky stuff.

 I was wondering why his posts always seemed "off". Good catch. 

I'll just state the obvious here, why do you want to invest in a dying town? Most investors, for good reason, do the opposite. Other will surely elaborate on the reasons why.
And if the seller really doesn't want to sell, why waste your time? Let him/her know you're interested, do monthly or semi frequent check ins and move on. I've tried to get a few deals where the seller refuses to budge off their price. I don't see the point in trying to force the seller into something they don't want to do. Ignore the underline, can't undo it for some reason.

 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

 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?