All Forum Posts by: Alex N.

All: 

Really appreciate the community here and the hive mind. I have a few properties in Durham which I obtained as a 1031 in 2022 or so, and they are currently not really cash flowing. Here's a sample monthly for one property:

Gross Rent: $1990

Mortgage: 1770

Tax: 209

Insurance: 119

Management: 199

SO that's about a loss of $300/mo. 

A few solutions I can think of: 

• Refi loans
• Increase rents
• Cheaper insurance
• Eliminate management
• Fight taxes
• Pay mortgage

Any thoughts? Much appreciate you input here!

Thanks for organizing — can you please keep me on a list for next time? Would love to meet up and looking forward to spring time!

Stu Basham -- I would be extremely careful about running reserves down that low. Perhaps ok to wait 6 months without any work done so you build a cushion? Agree that DIY is great for some projects but not all so it sounds like using a contractor is better and potentially cheaper.

It applies to all dwellings. Please note that you also need to provide the tenants with a copy (and be sure to be able to prove that you have provided this) -- in an eviction action you have to certify that you have done this. 

Let me know what you find out @Julie Verardi but my read of the form is that you send it to the Jersey City Clerk directly for a two-unit, but to the Bureau of Housing Inspection in Trenton for three-units and over. The law requires that you "file with the clerk of the municipality in which the residential property is situated or with the Buerau of Housing Inspection." 

@Julie Verardi and @Ryan Goldfarb and @Darren Sager

It looks like according to http://www.cityofjerseycity.com/cityclerk/ even two units have to be registered and what's more, you need to make sure your tenants have this. In the event of an eviction, you need to certify to the Court that you've complied. Hope this helps. 

Here's the link @Michael Wolffs

http://www.cityofjerseycity.com/cityclerk/

Click on Landlord Registration Form.

Actually--I did some more digging @Michael Wolffs and@Ryan Goldfarb. I believe @Julie Verardi was asking as well. In JC, you would need to register. See attached link. Looks like you have to register AND send it to your tenants. And in an eviction scenario, you need to certify that you've complied with the registration requirement. Let me know if you have questions.

http://cityofjerseycity.com/uploadedFiles/City_Gov...).pdf

Thanks for all your thoughts--I just got a 2 unit in JC as well--is the consensus that we need to Register, pay the $10 per unit (I assume rent control doesn't apply given it's not a commercial property), and that's all that's required? 

Welcome to the site and it looks like you are already distinguishing yourself and using your background to help. Let us know if you ever want to chat!