All Forum Posts by: Patrick Q.

Hi,

I recently purchased my first duplex property that I am living in in Jersey City.

I would suggest that you read as much as possible about house hacking (the term used for purchasing a property and living in it while rentig out part of it).

In Jersey City there are quite a few properties that are legally a 2 family, but have 3rd unofficial unit on the basement or ground floor that is not something that you could legally rent out.

I would suggest looking into buying one of those and living in the 3rd unit.

This would make it much easier to cash flow or at least live for free.

Best of luck with this.

Hello All,

I just got the 2nd unit of my first house hack duplex ready for tenants and am using a realtor to lease the unit.

I am using a realtor to fill the unit as I have limited time and also wanted to learn from somebody else doing it.

There has been interest in the unit but only a couple of people have filled out the application.

We dropped/discounted the rent to be inline with whatever other similar apartments are available in my immediate area.

And I believe that my unit is the best one available due to its location and the quality of the rehab/upgrades.

The realtor has listed the unit on all of the usual sites and has held an open house.

It looks like there are not a lot of people looking to rent apartments in my immediate area at the moment.

Question:

Does anybody have any advice as to what else we could do to get the unit filled with a quality tenant?

Thanking you all in advance for suggestions.

Hi,

I would like to attend.

Having trouble locating the link to the meet up.

Could somebody please respond with it?

Hi guys,

I have been busy purchasing and stabilizing my first property. Is this event still happening regularly?

Hello All,

I am in Jersey City NJ.

Wondering if there are an REIA's in my area that I could get involved in.

Any info would be appreciated.

Thanks.

Hi Sam,

I used these people for the duplex I purchased recently in Jersey City.

StructuralMD, LLC d.b.a. LallyGone, LLC

Thank you guys.

I will most likely offer both the shorter or longer lease to have it end in May or June.

I am actually paying the broker fee (initially I was not going to).

Things are a little shower to rent on the West Side where I am for some reason.

I have a newly renovated unit that is nicer than most of the available units surrounding mine.

Appreciate the advice folks.

Hi Julie,

I am putting provisions in my lease rider for late fees (my place is in Jersey City).

I had an attorney assist me with writing and the legality of my lease rider.

So to answer your question.

Based on what my attorney has approved for me to include in my lease rider.

it is permissible to charge late fees in NJ (please check with your own attorney).

In section 7 of the NJ realtors standard form of residential document, there are provisions made to include a late fee.

http://www.bhnj.com/pdf/NJ_Rea...

Hello All,

I just renovated 1 unit in a house hack in Jersey City NJ and am ready for a tenant.

The lease would begin on November 1st.

I am told that it is not legal to do less than a 12 month lease in NJ.

This means that the lease would end in October of next year.

I would rather have the lease term end in the Summer so that I would have a greater selection of potential tenants.

Also I fear that if I could end up with a vacancy through the Winter.

Does anybody have any information that could help me here as to how I could possibly-legally have the lease end in the Summer?

One option would be to do a 19 month lease. 

Any help would be greatly appreciated.

Hello guys,

Recently acquired a 2 family.

Tenant should be moving in soon.

The process went over budget (more than expected).

The result is I am carrying credit card debt.

I have a plan to pay it down to zero that will work just fine (the avalanche method).

I would like to speed up the process though and pay less interest in the process.

My credit score has dipped as a result of the credit card debt (to around 624).

So may not be eligible for a 0% balance transfer or personal loan.

Ultimately I want to get my credit score back into the excellent range for when I refinance out of the FHA loan.

Any hacks or tips that anybody could share would be greatly appreciated.

Thank you in advance to anybody who has any advice to offer.

No canvasing please.