All Forum Posts by: Michael Chalke

NYC is a bit of a hard call for brokerages. If you want in-person training and opportunities to find mentors, you want to avoid cloud brokerages like eXp and Real and look to bigger boxes like Keller Williams (you will leave in a year after you use up all the training) or Compass. If you are weighing fees also though, those brokerages cost a lot more and have way worse splits.

I was at KW years ago. High fees, marginal splits and the training promised wasn't given unless I paid move $$$ for the training. I'd recommend starting with a small indie brokerage if you need support. A new agent isn't getting that at KW or C21 in my opinion and experience.

0 Votes

New York City, New York

Quote from @Jonathan Greene:

Quote from @Michael Chalke:

Quote from @Jonathan Greene:

So, you already have your NJ RE license? And you have taken the extra 150 hours required for the broker's license? Wherever you took your broker's class you should have ample study materials.

If you are talking about your real estate agent's license in NJ (that is not a broker's license), you need to take the initial class at an accredited agency and they will give you all of the materials after you finish the 75 hours for the test.

Coming over from NY as a broker (not agent). I have a waiver on the 90 hours, and just taking the 60 hour courses.

Oh ok. NCJAR has the 60 hours you need and as part of that, they will give you study material.

I will check out their site. Thank you.

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Jersey City, New Jersey

Quote from @Jonathan Greene:

So, you already have your NJ RE license? And you have taken the extra 150 hours required for the broker's license? Wherever you took your broker's class you should have ample study materials.

Coming over from NY as a broker (not agent). I have a waiver on the 90 hours, and just taking the 60 hour courses.

0 Votes

Jersey City, New Jersey

I am going to take the NJ Brokers' license test. I am not finding much material online or a book to study from. Can anyone recommend any sites, courses, videos, or books to purchase so I can prepare for the test?

Thank you.

0 Votes

Jersey City, New Jersey

Quote from @Shane Quin:

I am thinking of hiring a Book Keeper, CPA, or Assistant to help in running and scaling my fix and flip and long term rental business.

Any advice from those with more experience in this field are appreciated.

Ever consider using Quickbooks Online?

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Cleveland, Ohio

Quote from @Nathan Gesner:

Quote from @Michael Chalke:

Here's a link to your law: https://ecode360.com/8638096#8638107

You may be able to do more significant increases based on capital improvements or tax increases. It also appears you can appeal to the Rent Leveling Board.

It would be worth your time to speak with the Board or an attorney to see what your options are.

Yep. I will reference that in my request. I was just hoping someone in NJ had a similar experience so they can let me know how to navigate the situation potentially.

0 Votes

Quote from @Bob Stevens:

Quote from @Michael Chalke:

Quote from @Bob Stevens:

Quote from @Jonathan Bock:

Do not renew and then rent it back to her and the housing authority will then pay you more

Makes logical sense right haha

No sorry it does not. They are only going to pay FMR maybe a little more. It seems this owner put in way too much, another words over paid, for a rental.

Nope. Outside of this issue, it generates a net income of $27,592 (annual) after all expenses. We purchased in 2020 for 600k, it's now worth over 900k. I do not want to refinance since I have a 3.2% mortgage.

well, the 5% is not something I would even touch, but the appreciation seems nice, All the best

BTW I never said refi :)

Correct, but you did (incorrectly) state that I "No sorry it does not. They are only going to pay FMR maybe a little more. It seems this owner put in way too much, another words over paid, for a rental."

Just clearing the air. I keep 100k in real estate reserves and have another 200k in lines of credit should I need to tap for emergencies.

0 Votes

Quote from @Bob Stevens:

Quote from @Jonathan Bock:

Do not renew and then rent it back to her and the housing authority will then pay you more

Makes logical sense right haha

No sorry it does not. They are only going to pay FMR maybe a little more. It seems this owner put in way too much, another words over paid, for a rental.

1 Vote

Quote from @Jonathan Bock:

Do not renew and then rent it back to her and the housing authority will then pay you more

Makes logical sense right haha

Not able to be done in NJ. https://www.hillwallack.com/?t=40&an=15602

1 Vote

Quote from @Bob Stevens:

Quote from @Michael Chalke:

My wife and I purchased a three family in Passaic County, NJ a few years ago. One of the tenants are part of the program ran by the section 8 program in Passaic County. The annual rent increase is limited to 3.5% a year, however this year, we've spent about 35k in new siding for the building, a new floor for her apartment, a new fan, new stove and hood. Does anyone know if there is a way to request an increase higher than 3.5% due to all of these capital improvements done on the home?

It's really hard to get in touch with her social worker, as they are usually less than helpful.

Open to suggestions. Thank you.

You can ask but you are not getting much more than the FMR. It does not make a difference if you have SS appliances granite, or new siding Sec 8 pays by the number of BRS

Good luck

I've been raising all tenant's rent since we took over 3.5% each year. Two out of three are well below market rent, so I am trying to bring them up annually. However, this year it was crazy with the cap. expenses. I had the funds in savings, but this year and most of next year will be a loss until I recoup these expenses. I was just going to request an 8% increase this year and next to help bridge the gap.

1 Vote

All Forum Posts by: Michael Chalke

Michael Chalke has started 10 posts and replied 35 times.

Post: Looking for a NYC Broker with Strong Training and Mentorship

Post: Looking to obtain by NJ Brokers License - Preparing for the test

Post: Looking to obtain by NJ Brokers License - Preparing for the test

Post: Looking to obtain by NJ Brokers License - Preparing for the test

Post: Book Keeping - Who to Hire

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ

Post: Raising rent on a section 8 tenant in Passaic County, NJ