All Forum Posts by: Michael Chalke

I'm hoping a NJ broker could help here. I submitted all my paperwork for the NJ broker app a month ago (a week after I passed my test). The contact at the DOBI stopped responding to my emails two weeks ago. I left two voicemails, but I've yet to receive a response, and my check has not cleared.

Any ideas on what to do here? I have no idea who I should reach out to for help, and I just do not understand how this person no longer responds to emails or returns phone calls.

I hope someone can provide some guidance. Thank you.

0 Votes

Jersey City, New Jersey

Quote from @Jonathan Greene:

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.

0 Votes

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?

0 Votes

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

All Forum Posts by: Michael Chalke

Michael Chalke has started 10 posts and replied 37 times.

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 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