All Forum Posts by: Ray Reed

remember it is a rent controlled city.  The city dictates how much you can increase it. they publish it on their website and they require you to register with rent control

You should register it. 1) its the law...  2) they are very backed up with the inspections.  I am still waiting for a 2019 inspection..   3) you cannot evict a tenant without proof of registration. 

there are so many things they can fail you on so it is hard to put a number on it. It also depends if you have very reasonably priced and dependable contractors. The thing that would concern me the most are the smoke detectors in the common areas (hallways and basement). they are supposed to be hardwired and connected. if one goes off all of them should go off. fortunately for you that is something easy to test. If they are not hard wired, you may have to pay an electrician anywhere from $2K - $6k to wire them properly. The inspection is very big on fire safety.  Other things they look at is emergency lights, loose railings, chipped paint, cracked walkways that may be a trip hazzard, self closing self locking doors, fire retardant paint on wood panel hallways just to name a few.. 

@Jaeyy-R Beats google NJ Rims and it should have the registration information and possibly the last certificate of inspection. other than that, you would have to call trenton (DCA) to find out if there are violations/fines. you definitely would have to register the house. you could never evict a tenant without providing proof of registration.  Also you would be violating the NJ Landlord Identity Law by not registering.  How long did the prior owner own the house? Maybe there was a certificate of inspection the owner before him.  the state is very backed up with the inspections and i know they are taking longer than 5 years to inspect.

your exposure will be a lot greater than $2500.  I don't think your attorney would go for that.  Do you know why he doesnt have the certificate of inspection (green card)? did you check the state website to see who it was last registered under? Do you know if it is a legal 3 family to begin with?

3. AUTHORITY FOR YOUR EVICTION: New Jersey Statute N.J.S.A. 2A:18 - 61.1l

authorizes your eviction . It states as follows:

(3)The owner of a building of three residential units or less seeks to

personally occupy a unit, or has contracted to sell the residential unit to a

buyer who wishes to personally occupy it and the contract for sale calls

for the unit to be vacant at the time of closing.

Pursuant to New Jersey Statute N.J.S.A. 2A:18 - 61.2 you are entitled to notice as follows:

f. For an action alleging any grounds under sub section l. of section 2 [NJSA 2A;18 -

61.1], two months' notice prior to the institution of the action and, provided that

where there is a written lease in effect no action shall be instituted until the lease

expires;

ideally you would like to have the current owner deliver that unit vacant.  If you have not finished with the attorney review period, i would ask the seller if he/she can deliver the unit vacant.  If you are further along in the process then once you close, you can give the tenant a notice to quit.  you would have to give them 2 calendar months notice. since this is a 3 unit and under, you can ask them to leave (notice to quit) because you personally want to occupy the unit.  it doesn't  matter that they are sect 8 or not. 

@Gerard Mixon if you will be living at the property you should definitely self manage. This will give you a good opportunity to learn what is involved and help you develop relationships with contractors.  As you scale and/or expand your territory then you may want to look into a PM. If you are investing local it is not that difficult to PM yourself, work full time and expand your portfolio. Once you screen your tenants thoroughly and have a good set of contractors (electrician, plumber, roofer, hvac specialist, carpenter, handyman, appliance repair specialist) it makes your job a lot easier. 

I agree with @Natalie Schanne.  You should try self managing it.  If you will not live at the house, i would suggest getting external cameras so you can see potential issues like trash, snow,uncut grass,  loitering, etc.  

@Christopher Mayer it is not legal.