All Forum Posts by: Daniel Vandenbos

Hello!  I have several rentals in NJ and will be relocating to FL shortly.  I will continue to self manage the properties and my main question is about security deposits. Do the security deposits need to be held with a bank located in NJ?  I currently use a small local bank, would I need to use a National Bank that has locations in NJ?  The laws I found regarding this are slightly confusing. Thank you in advance!

I’m not sure if it relates. I had a tenant who flew helicopter tours in Manhattan and they essentially had a crash pad for pilots when they needed a local place to stay, I believe it was rented from the company and pilots could pay if they needed to use it. I would certainly do more homework but it seems feasible, maybe if you had an “in” with the right people.

Odds are any property built prior to 1978 will have lead paint.  In NJ we have to provide a lead paint disclosure form and information regarding lead paint.  Unless you plan on doing a full gut rehab, proper matinance of the property/paint is your best friend.  I tell my tenants if they notice any chipping paint to let me know.

@Angel Medrano welcome! Are you currently familiar with the area or looking to learn more about it? 08865 covers a pretty large area and there are various sections that are nicer than others that aren’t actually Phillipsburg. Tenant screening and strong screening criteria are very important, NJ is a tough state to pick and choose your tenants so you need to be very clear as to what you require and it also has to fit the section you’re trying to rent in. Feel free to ask any questions you might have or reach out to me, I’m always looking to connect, best luck!!!

@Matthew Amabile I’d love to connect and discuss this more with you. I’m in the P’Burg area and may be able to assist. I’ll shoot you a PM

Hey Sean, sent you a PM.  I looked into it a little bit and would be interested in exploring the idea more, good luck either way!

@Joseph Adelmann Thank you very much for all the info, fantastic response, I appreciate it!

@David Krulac Thank you very much! I agree with you on that plan of attack from everything I’ve seen.

Is that 100-200 after PM fees all that will be left with no other budgeting for Cap X etc?  If that's the case unless its a heavily appreciating market or you're upside down (which I assume you're not judging from your post).  I would personally unload it and try to put my money into something else where the numbers work better.  There are many variable to consider, I wouldn't recommend dumping money into it so it cash flows or carrying two mortgages just because you're able to.  However, everyone's situation is different.  Good luck!

Happy New Years!  So I began to start looking into Schuykill County properties.  Mainly in Pottsville, Schuykill Haven and Tamaqua.  I currently live approximately 60 miles east.  The obvious play would be for the low purchase price/cash flow.  I'v began to research the area and found limited info on here, looking to hear from people who invest in these areas.  My main concern would be vacancy rate, since I know there is still a good amount of vacant houses in some areas.  I visited Pottsville and I liked the feel and seems like a nice little town.  Also, I would plan to self manage and from looking on their site I believe if you reside more than 20 miles away you need to have a representative who is local.  

Sorry if this seems vague, my main concern would be what the vacancy rates look like.  Any further info or resources (meet ups, local investors who would mind chatting about this area).