All Forum Posts by: Mark Taliercio

In my opinion, it sounds like the easiest way to remedy this situation is to give the tenant whom owns the car a call. Explain how you would appreciate it being parked correctly, and that neighbors have mentioned it remains in an incorrect position. If you have a good relationship and they are respectable tenants, it shouldn't be an issue.

Is the car parked "incorrectly" because it is blocking access to another driveway or the street? Even though your lease states that cars must be parked correctly, it may be difficult to define that if there is no obstruction and no lines are painted.

There is no universal "best way" to build, as it will be mostly dependent on the demographic that you are looking to target based on the area you purchase land in. Looking at statistics such as median income and average age, while considering how the area may change in the coming years (businesses coming or going) can be a good start. It may be helpful to get in touch with a local agent that can advise on the clientele that are typical for the area.

I am confused if you are trying to provide information about the US housing market and management companies, or soliciting investment opportunities?

My opinion is unless you desire to speculate on the Jersey City Housing market, and find that the ~400 loss per month is worth it to have skin in the game, then I would sell.

Based on the wording of your post is sounds like you prefer stable cash-flow properties to speculating on the market, but both are fair strategies when properly applied

@Chad Forgue If I were you, I would certainly be contacting an attorney who can better assess the current status of the property and advise on zoning regulations. Just because you purchased it from a lawyer does not mean that they were representing your best interests.

With community rent at $300/mo, I imagine you would have to scale quite quickly to make the effort that will be involved worth any money at all. What would you say the current value of the undeveloped land is, based on what other plots in the area have sold for?

Based on your personal risk profile, if you feel that this deal is worth the risk in losing your principal for 2.2%, you should proceed. Without knowing about the company issuing the note and how you personally assess risk, I believe this is the best answer you can get.

Personally, I prefer more control in the investment, and would look into a flip. This is my personal opinion of course.

I agree with the above.

In my experience, having someone that you can trust is invaluable. To pay him what I see as a fair salary and give him autonomy of the work, you are telling him that he can trust you, and in return based on your results you can trust him. I would  take the opinion of family and friends with a grain of salt - unless they are well versed in your business model and cost of labor, they are giving opinions without all of the facts. Plenty of people will say "That is way too expensive!", but when you ask them to provide names of other people who can be cheaper (not even considering how reliable they are), they are silent.

If he is providing a service so that you have more time to make more money in other deals, it sounds like a definite win-win

I agree with @James Wise, in that the most favorable option is to require an additional pet fee/deposit, based on the additional wear you anticipate to your unit. As others have said, confirm another person is permanently living at the apartment and require a background check. This can be handled with a simple discussion or phone call.

If you have a market rate tenant I see no need to put unnecessary pressure and potentially lose rent. Just my opinion.

Josh,

Are you working with a buyers agent? It may be worth working with one to better understand the neighborhood and project rental income. While I agree with @John Leavelle that the numbers may look attractive, I have serious doubts that a 600sf 1/1 will rent for $1,500/month in Rahway. 

Good luck with the search and I hope I am wrong!

I think if you posted some of the income and projected expense numbers you are looking at, we could provide a little bit more insight on the deal