All Forum Posts by: Mark Langdon

Yes; you can't go over the 1.5 times security deposit. Best thing that I have done is to charge a monthly pet fee and then put in lots on language in the lease stating that they have to have the ductwork and any carpets professionally cleaned at the end of the lease showing a receipt from a 3rd party explaining the next tenant may be allergic to pets. I also give them common examples of deductions that may occur due to ripping out floors for pet urine; trim/door damage; pet odors etc.. All pet droppings must occur outside the home and immediately be picked up etc. I also make them send me a picture of the proposed pet and ban all attack-type dogs. So far its worked out pretty well and I think that's due to talking to them up front the potentials if they don't take care of the pets properly and of course you have to size up the proposed tenants to make sure they are not slobs and not care about taking care of the pet. Go with the pet fee; they will be glad to pay it as its challenging to find good places that will take pets.  

Go to Meetup.com and there is plenty to choose from. (2) of them meet at the Ramada Hotel outside Newark Airport. Each meetup has its own unique character to it so you have to decide for yourself. Go search and go to a couple of each and then you can decide which one you like the best. I try to go to 5 different ones monthly and I have my favorites and ones that are so-so; but that's up to you to decide based on what you are looking for. 

Best to hire a lawyer so you do everything right. No one likes paying for them but your question and all the upcoming questions will be answered and done properly thereby getting the tenants out the quickest and properly.

PM me and I can help you analyze it if you want. I have bought foreclosures before here in NJ.

Don't give up. Keep looking and you will find a deal that will work. Look at other options other than MLS also. (Ex. Craigslist; FSBO etc.) You are a smart person to do the house hacking to get started. I had a multi also in Garfield once and the numbers worked so they are out there. Best of Luck !

Super Congrat's on doing the house hacking with your first duplex. If the numbers work really well then its up to you to decide if you are too aggressive. Most folks are the opposite and never do their next deal. Hard money works fine for flips as long as the numbers work well and partner up to get the down payment. There is a tiny amount of private money folks who may do 100%. Don't let money stop you from going to the next deal. You just have to work harder to find it.

Make all the utilities (including oil) responsible by the tenant. They are in charge and pay for calling the oil tank company and keeping it filled properly. When they move out at the end of the lease; you stick the tank and give them a credit for the oil they left. 

Super Congrat's ! Keep it up. Best of Luck to you.

Go to Meetup.com and go to a bunch of the RE meetups. You can get a pulse of whats going on and get some real good info. I try to go to 4-5/month here in NJ.

Create your spreadsheet to properly analyze it.Your going to need it for this and every deal moving forward. Make sure you have it all included. Inspections; closing costs, loan costs; Mortgage Payment; Repair allowance; Vacancy allowance; Property taxes (Seem very high); Maintenance allowance; Utilities; Property Insurance; Property Management fee if any etc. Then add it all up and do a simple cash flow (hopefully positive; not sure though); ROI; and Cash on Cash return. Once you have your spreadsheet you can quickly analyze the deals and see if it works for you and compare to other deals you may be looking at. Best of Luck !