All Forum Posts by: Noman Mahmood

Thank You. Just to clarify. Will this replace the homeowners insurance? Is the renters liability insurance the same as the liability insurance which can be boughts by tenants or different from it?

I would like some advice on insuring rental property. If I rent a two family property that I own and have homeowner insurance on it currently, would it cover if I decide to rent both units or would I have to report that and get a new policy in order for a future claim not to be denied? Any input would be appreciated. Thanks

Hi. My name is Noman. We have moved to the area a few years ago. I am new to investing in real estate and looking at opportunities in the area. I wanted to get opinion from someone who invests locally. The market in the area is very hot right now. Is it advisable to invest right now or wait before there is a slight downturn?

How are the properties cashflowing in the market? What kind of properties is it advisable to invest in currently? Have there been cashflow issues with the pandemic?

Any input and advice would be appreciated.

Thank you everyone. You have all been a great help. 

 Thanks. I will check out the services for electronic signatute. Is these pretty easy to use? As in uploading the lease agreement and choosing the places to sign and editing as needed? 

I am new to real estate investing. I bought a two family property in nj almost 1 year ago. One unit was already rented and they signed a 12 month lease. I used a nj standard realtors lease agreement which i printed and had them sign.

The other unit was rented through a broker and it was a online version of the nj realtors standard lease agreement. Everything was done online including signatures. 

Now it is time to renew the lease of the first unit and I am looking for a resource that i could use the online version of nj standard lease agreement and i could add things if needed online and all signatures online. 

I live out of state so online is more convenient. 

I read some other things such as rocketlawyer legal zoom and also wanted to ask if the forms provided by them are comparable to the nj standard leasing agreement. 

Any input would be appreciated. I am completely new to this. 

NM

I am here to ask a similar question and I read your replies. 

I am new to real estate investing. Bought a two family property about 11 months ago. One unit was rented at that time. I continued their lease using a printout version of the standard NJ realtors lease. 

I rented out the second unit through a broker who used a online version of the stard NJ realtor lease agreement. 

It has been a interesting experience since I started doing this and i feel as if I am just beginning to understand some of the challenges.

It is time to renew the first unit. I am looking to do a month to month lease. I was looking for a place to find a online version of the NJ realtors leasing agreement that I could make additions as needed and have the tenants sign it online. 

Reading from the posts above, there are a few resources listed. Again I am new to this so any input would be appreciated. The Nj standard form seemed very detailed and seemed to cover everything. Are the forms provided by these resources as thorough?  And can all signatures be done online? 

I also read the term rent default insurace above. Does it cover you rent in the event of vacancy?

Again. Any input would be appreciated. 

NM

Thank you. Now to the next question. About a lender not lending to LLC. Does buying in your own name and getting embrella essentially offer the same protection as LLC if you are sued?

I am a first time real estate investor. Currently living in wisconsin. I am looking to invest in a two or three family property in north jersey. Close to family. My major concern would be 1. Should I form a LLC ? If so should it be formed in my home state of wisconsin or in NJ. Would I be liable for state income tax in both states? Would making a LLC reduce my tax liability and enable it for me to pay taxes to one state only? I have been reading some forum posts that lenders would not give a loan to LLC and some people are recommending buying rental properties under own name and getting umbrella insurance. I am looking for some input to see what the best approach forward should be. Any help would be appreciated. Thanks