All Forum Posts by: Michael G.

While I've never attempted to do this in Jersey City, I have inquired about doing it I'm Kearny (both Hudson County).

I attempted to convert a 2 into a 3 (floors same as yours) and I was told I'd have to conform to current building codes if I wanted to do that. Conforming to the new building codes would be too costly and frankly just unrealistic.

I do however like your purchase and the area! Don't sweat the small stuff, you have a gorgeous home.

Thank you gents! I have approached the neighbor in friendly manner as to not create a hostile situation. However, judging by our brief interactions, I do not think he will move the unit. 

Should I go with the technical route (sound levels), where do I measure the noise from? Right next to the unit? On the balcony? On the second floor? First floor? Or everywhere? 

Has anyone here on BP experienced filing complaints due to elevated noise from fixed equipment? 

Hello all,

I own a 3 story, 3 unit rental income property in New Jersey that I am currently renovating. 

The neighboring building (mix use commercial) recently mounted what appears to be a large air conditioner unit on the side of his building 2-stories above ground. The unit has duct work attached to it which leads into the building.

This unit is making a lot of noise and is situated less than 2 feet away from my second floor unit's exterior, rear balcony (I can touch it with my hand). So not only does this unit make a lot of noise (can be heard throughout all floors of the house), it is dangerously close to the balcony.

I looked up my property's boundaries and the AC unit appears to be placed on the neighbors property (it is not encroaching my property's vertical space). With that said, do i have grounds to file a complaint for noise? I am worried future tenants may not want to lease the unit(s) due to the noise....

Has anyone dealt with something similar to this before? Is there a course of action I can take to remedy this issue? If so, please advise. I was under the assumption that units such as this were put on the roof to avoid these issues.

PS: I've already notified the neighboring property owner of the noise and I've received minimal communication back.

Hi Mario,

New Jersey is definitely a tough market to get into. With that said, I do not think its impossible - you just have to set the expectations for yourself. 

1. It will be difficult to rival the ROI figures you probably read about on this forum.

2. Newark is a great market to get involved in, however you need to do your homework. You can purchase properties that will cash flow great, but they may be in more "risky" areas. On the other hand, homes in the Ironbound (East Ward) are fetching low rents, but are selling for a lot of money. If you can balance the risk (area wise) and the rental demand (high property value) you may have yourself a great investment. My advise would be to look in the northward sections.

I follow the Newark market closely and i'm seeing properties fly off the market. If you do your own research, you may be able to see the  same. Maybe this will provide you some assurance in making a decision.

PS: Bayonne and few parts of JC still make for valid rental property investments.

Best of luck!

Thank you all for the input. It is much appreciated.

@Colleen F. Yes, 3 months worth of rent out of pocket would be due at signing

@Mindy Jensen Yes. It appears i am beginning to "bend my rules to fit a tenant". I guess i am seeing this now : /

To update you all, I have taken your advice and advised my agent to continue showing.

@Kevin S. yeah, I'm beginning to see a trend in opinions here!

To answer some of your questions:

I've had some difficulties renting out this unit (since January). I attribute this to the time of year and competitive asking price. As per their financials, their credit scores appear to be some of the best I've seen when compared to other applicants, and their salaries are more than adequate to pay the rent. 

With their financials appearing to look great - I am left conflicted with their inability to pay the required costs.

Alex and Thomas, I've though about this and it does make a lot of sense, but when i consider how much of an upfront cost this is, I can sympathize with them on some degree.

And paying such a large upfront cost comes with an insensitive of retaining the unit due to how much money you can lose no? Paying a large broker fee alone should be intensive to follow through no?

I’m running into a unique situation with a prospective tenant:

They want to rent a unit, but do not have all the upfront costs (broker fee, security, 1st month rent) to sign a lease agreement. They are concerned if I keep showing it that they will likely lose their opportunity to lease it on 4/1 (good chance of this happening).

I mentioned to them that I will stop showing it and assure they can lease it on 4/1 which will give them time to acquire the remaining funds. However they will have to provide the security deposit now and risk losing it should they not be able to meet the terms of the lease agreement on 4/1.

Can I do this? If I stop showing the apartment and they do not have the funds on 4/1, I would be eating up the cost of another vacancy.

I was thinking of having them sign a document which states they will forfeit the security deposit should they fail to meet the terms of the lease agreement on 4/1. Has anyone ever experienced/done this before? Can anyone suggest any language or specifics to include on this document?

Thanks!

Tough finding good deals in those areas as the prices have gone up considerably in the last couple of years. As someone once told me "when they are building the condos, its already too late!"

I'd recommend taking a look at the southern portions of JC as the gentrification has not made its way there just yet. Also, as someone mentioned above, Essex county is a good market to dabble in; from what I'm seeing it looks to be getting pretty hot.

@Account Closed Well that's exactly right: new constructions are required to have sprinkler systems in the common areas. I also see work was done to include common area emergency lighting and exit signs.

However, doesn't the infamous "grandfathered in" laws apply here?