All Forum Posts by: Mark F.

@Jacob Sampson While I'm looking for other ways to raise revenue, I'm not going to fudge the numbers. If the numbers work they work. While I've upped my price point, I want the deal to work at 300k or 500k. Appreciate the advice.

@Vaughn Smith Yes it definitely has, especially in the duplex thru quad range. I've continued my search since the original post and honestly I've seemed to have found a decent number of good deals via the MLS. They just get offered on quick.

I've been implementing some of your advice. I've breaded my search. I'm now checking out 3 counties. This has helped tremendously in seeing more places and putting in more offers.

I've talked to my broker. I'm now able to utilise the FHA loan as well as my VA loan. Obviously getting in with no money is preferred but like you stated, more favorable terms. I'm seriously looking at raising 20% via line of credit or family money for a conventional loan as I have excellent credit and a very solid W2 job.

My goals have changed slightly as well since the first post. I want to house hack into a duplex or more but after I want to get into small multifamily commercial properties after. Like I mentioned I have an excellent credit score, soon-to-be high paying W2 job and I feel that space is less competitive. If I'm wrong on that last one please correct me.

Thanks for the advice Vaughn!

@Dennis M. No I didn't until I went back in looked. I figured you said "lighten up" to him smoking inside the apartment as the OP made no mention he cared about what substance (illegal or not) was being smoked. Just the fact hes gotta get that smell out of the place.

@Dennis M. Seriously? Until they burn down the apartment. Doesnt matter if they're smoking cigarettes, meth, crack or weed. Smoking inside a structure is dangerous, especially when there are others are in the building.

I was a firefighter and have smoked weed in the past. Allowing it inside apartments is aching for a lawsuit.

@Bjorn Ahlblad To your first post. Why dont all LL collect first, last, and SD? Because that is a lot of money for many people. I currently rent and that would be $4500 right then and there at lease signing for two months of living space. Which my rent is average in my area. Think about the average person and their savings. Try and see it from their perspective.

I know some tenants who skip over those properties. First and security was plenty for me when I was a LL. I understand why you do it 100%, but depending on your rental market, it might not be ideal to ask for that much money up front. I think of it like pets in a rental. Not everyone is thrilled about it but you lose out on some good tenants.

@Jonathan Watt I have dealt with warrants (on the door kicking side) for many years and consider it my specialty. While I could go into how you should find out what the warrant is for (how do you know this person has an active warrant anyway?) and how warrants can be for trivial things, its best to pass on the tenant.

Most law abiding citizens will turn themselves in once they find out there is an active warrant to clear up the confusion. Why take the chance of having a person who's going to get your front door, and possibly windows, broken and dragged out of the place?

@Jonathan Greene those taxes seem to kill any MLS deal. And the ones with sub $10k get snatched up so fast. Not that you don't already know this!

@Kalina Carey Hi Kalina,

While I'm not a broker contractor or agent, I do have some experience and can be a set of eyes. Current law enforcement AD military and trying to break into my 2st rental up in Jersey. Living in Hudson county and familiar with crime trends and neighborhoods where you are looking.

I also recommend staying away from Irvington and Newark. Those other areas the person above me recommended are good, it's just tough to break into Montclair as the neighborhood is trendy. Have any questions or would like to chat feel free to message me.

@Jay Hinrichs Gotcha. Yeah when I was looking at township ordinances in NJ doing research for rent control, almost all state owner occupied exemptions from 2 to units. Like you said, always good to know your city specifically.

@Judy P. I looked up exemptions and federally if it was a SFR its exempt. It even says multifamily

under 4 units are exempt. However, it also says in the same paragraph the rental advertising must comply. How odd. I'd post the screenshot but dont know how to on the BP app.