All Forum Posts by: Neil Patel

@Kevin Paulk I worked a friend who is an agent in the area.

Thank you all for responding. I will definitely go the route of trying to negotiate with the tenant. I had an inspection done this wednesday and hopefully will be able to close on th house in the next few weeks.  

Will let you know how it goes @James Bolden. Im thinking of going the route @Brandon L. has suggested. Im going to try to increase rent to 1050 - Year 1. 1150 - Year 2 and then 1200 - Year 3. If I go the route of evicting her I will have to put in about 2000 to make minor cosmetic repairs for the next tenant. 

@Brandon L. The tenant currently pays 875 and is on a month to month lease. FMV is 1200.

Hello, I am currently in the process of closing on a 3 family home in Elizabeth NJ. I am financing the home using an FHA owner occupied mortgage. Currently 2 of the units are vacant and the 3 unit is occupied by a tenant who has been living in the unit for 27 years. She currently pays 875 a month which is way below market value and is on a month to month lease. Im not sure if she will be able to afford fair market value and will most likely have to let her know to vacate the property within 2 months. Will the process to evict here be very difficult? Since I am a first time owner-occupied buyer and the tenant is living on a month to month lease.

Hey Steven I am interested in the property. Do you know if the property is rented out to Section 8 tenants. Also what part of Irvington is the property located in.  

Hello everyone I have been reading bigger pockets for awhile and I am interested in eventually buying real estate to buy and hold long term. I am interested in purchasing in the central New Jersey area. If anyone has any advise or experience to share about the central new jersey real estate market. I am 21 years old and just recently graduated college and will be starting full time at a big 4 accounting firm.