All Forum Posts by: Kenneth B.

Hello BP, does anyone have any experience with replacing a front porch? The house was built in the mid 60's and the porch is block with brick caps. This past winter finally did it in. So I was wondering what it would cost to replace. It is about 18x5. Can I rebuild it with retaining wall block and caps? Any help would be great! Thanks

@Kenneth B. don't tell anyone it was in fact snow on April 16th - unbelievable, its's SPRING!

No kidding- I had to dig out the ice scraper for the windshield!

Hello Shanker, it's always nice to see new faces from New Jersey. There are a lot of RE groups that meet in our area. I hope to see you around and best of luck!

Hello Steve, please forgive my ignorance on your question. Is the 50% expense ratio the same as the 50% rule? I am a career ditch digger and just learning all the analyses.

The property I purchased met the 1% rule and positive cash flows provided I self manage. Using the BP rental analysis, the pro forma cap rate is 6.35%.

Hello Scott, I purchased my first Morris County rental last fall. You are right on with the towns you mentioned. If you have access to the MLS you can see which towns have an abundance of rentals and which have the most filled in the last 6 months to a year. This may be a good gauge.

I am looking in Dover myself and there are many available units, but they don't seem to bring in the rents that some surrounding towns do. NJ taxes don't help either.

Count me in

Hello Emanuel- If you go to the top of the page, scroll over resources, click on fileplace and then contracts you may find something. There are over 40 different contracts available so perhaps one may work for you.

Originally posted by @Aly W.:

Sure, Joseph Mooney

http://www.joemooneylawofficenj.com/

He's in Trenton, Mercer County but can probably recommend attorneys in other counties.

Thanks- The last attorney I used sent the deed to the rental property. Luckily the tenant passed the package on to me. We're not using that guy again.

Originally posted by @Aly W.:

Thanks @Cal C., very informative. My husband and I have rentals in 2 states, NJ and FL. In NJ, if you own the properties in an LLC (we do), only an attorney can represent you in court, so I never saw the proceedings for the 2 evictions we had. In both cases of non payment, we won.

We are evicting a tenant in FL now for non payment. Our lease includes late fees and court costs as "additional rent". It didn't always, and our last eviction filing did not result in late fees being awarded. An attorney had written that lease - we found a new attorney.

K. Marie, you are exactly right. Every tenant that has not paid rent and been served the Pay or Quit, or made it to eviction court, has that attitude. They truly believe the landlord should support them until they can pay. They are shocked and angry when they learn that's not the case, and the rental unit will reflect that when they finally leave.

A friend had an inexperienced attorney handle an eviction for them. It took nearly 4 months after they filed, which was already after a couple of months with no rent. It's critical to use an attorney who specializes in landlord/tenant law, not divorce, car accidents, or personal injury. That's the mistake I see with landlords - not filing an immediate Pay or Quit, and using a One Size Fits All attorney.

Would it be possible to pass on the name of your NJ attorney? Hopefully I will never need to use one but its best to be prepared. Thanks

Welcome Amul. There are lots of us from New Jersey on here. Everyone is extremely helpful and always willing to help out. Enjoy and see you around the site!