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All Forum Posts by: Maurice Hayes

Maurice Hayes has started 2 posts and replied 14 times.

Post: New Jersey House Hack

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

Depending on your area, how much you are approved for and how much you have to commute to work might all come into play. There are multi's in the Trenton and Camden/Cherry Hill NJ area. I don't know so much near Fort Dix.

NJ is a tenant friendly state generally but South Jersey does things a little different than up North. Property Management isn't the best out here from my experience so if you're leaving the state and plan to not come back I would think twice.

Find a realtor that works VA in the area. Speak with some of the people you are stationed with to see how they best used their VA benefits. You may have better luck just buying near the base & selling when you're ready to leave.

Post: New Jersey House Hack

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

@Kevin Hoodwin Fort Dix?

Post: Tenant refuses to pay rent online

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

@Ryan T. Check your Landlord/Tenant laws In some states it’s illegal to force a tenant to pay online.

Have her mail it to you but do not hesitate to charge a late fee if it’s late.

Post: How can I make my EMD refundable in a wholesaling agreement in NJ

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

A EMD is seller assurance that you will perform the deal. The more contingency's you put in your contract the less likely they will get signed. I would suggest you just put in a low EMD of $100. Tell them it will be deposited in escrow at time of acceptance.

Post: Tenant not paying rent on time....

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

@Raj G. 

You need to file for an eviction IMMEDIATELY! 

When I first started out I gave my tenants time to pay it back. They did not fulfill that promise. In the end I lost 5 months worth of rent because the process takes so long. Your in Hudson county. They are tenant friendly. 

Filing for an eviction can take you another month to get the date and another month or two for the eviction even if you win. 

NJ requires mediation before you see the judge. During mediation at court you can work out a payment plan for them. If they do not abide by the agreement then you can evict them.

They're still allowed to file for another extension to stay even if they do not have the money which can take another month.

This is the quickest, easiest & least painful way for you to deal with it. 

DO NOT work out payment plans outside of court!

This will delay your eviction another 3-4 months. 

I'm not an attorney. This is not legal advice but from my understanding you would have to serve them with a Notice to Cease before you serve them with a Notice to Quit. NJ is a tenant friendly state. I've heard each county is different but from my experience evicting tenants for reasons outside of non-payment is difficult. I've been through 5 evictions this year. I would MAIL the notice to cease certified (not email) BEFORE you send out the notice to quit. You need physical documents to present to the judge. I personally send them certified as well as have the tenant sign and date them if I can get in touch with them. I would put a lock on the door to the basement. You do not want to give them assess to the basement. This will always turn out bad. Trust me. I understand you are upset but I would try my best to handle this outside of court. Attorney's around here can charge upwards of $1K. There is Turboevict which says they are cheaper but I haven't got around to needing them yet. I wouldn't go the route you are going. I don't think you would win in court.  

Post: Rehab Repair Estimate

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

As suggested you really want to have an idea of what kind of repairs that are needed beforehand. That way you know if a contractor is over bidding or under bidding because they just want to lock you in and then charge you for additional work on the back end. Contractors will kill you in this business if you let them. I'd go take a look at the property first to get an idea what needs to be done.  You have to at least have an idea what materials costs. 

Go to Lowes or Home Depot to each department. You want to know how much a water heater cost, new flooring, a new fridge, stove, toilet, vanities, cabinets, doors ect. Literally spend all day in Home Depot. 

Then go look at houses on the market so have an idea what you want your renovation to look like. If its a rental pose as a tenant. If its a single family home go to an open house in the area. 

Now when you go into a subject property you have an idea just on materials how much something should cost. If the toilet is broke you should know it cost x amount of dollars. If the carpet is destroyed you should know its going to cost x amount of dollars to replace....ect.

Now when you want to ask a contractor to come take a lot at a house you can speak their language. You can say hey I need you to come take a look at this house it needs a new water heater, 1,500 sq ft of laminate flooring installed, two new outlets in kitchen, new paint and trim, ect. They'll be more willing to work with you then. 

Post: Rent control in Newark

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

Existing Owner Occupied units from 1-4 family are exempt from rent control. You also may file for an exemption is the units were substantially renovated before being occupied. As suggested I still would check with the Rent Control Department. Jacquea Lee is the supervisor there. They are pretty good at getting back to you but sometimes with City Hall it really is best you walk in. You can check here for the reference.... https://drive.google.com/file/d/1XNO3QFBBtt85meKqFfvzGSnIZGklqKlD/view

Post: Realtor in Essex County NJ

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5

@Steve Patrella Thanks Steve. I'll give her a call. 

Post: Realtor in Essex County NJ

Maurice HayesPosted
  • Lender
  • Woodbridge, NJ
  • Posts 14
  • Votes 5