All Forum Posts by: Vincent P.

To follow up, I'm aware that with a capital improvement you can charge the tenants for it. But, is there a way to bring the whole building up to market? Someone mentioned if you improve the property more than 40-50% of the assessed value, it can be done. But can't find any confirmation. Thanks!

Hi BP! I am an investor with some properties in Monmouth county, where there is no rent control. I recently looked at a property in Woodbridge, where there is an annual 5% cap on rents. The rents in this unit are WAY under current market rents. Is there any way to bring these up to market rents? 

I am not a lawyer, but the eviction process for non payment of rent in NJ is pretty straightforward. You do not need to file a notice to quit, just an eviction. Your tenant could pay before court. What you should do is file a Notice to Cease for late payment of rent. After a notice to cease you can file a Notice to Quit and eviction if they pay rent late two more times. I would get in the habit of filing a Notice to Cease to at lease get it on file with all tenants.

I hear Mike Pugliese in Red Bank is very good.

Hello BP- and happy new year.

I just purchased a new multi family property in NJ a week ago. I need some advice.

Here is the issue, one tenant lives(hold over from prior landlord) in this unit with her husband and three kids.  I could tell from the first day something was off. I was out the house early a few day and different adult men were leaving, maybe family not sure.  Then the tenant who looked and smelled high on something, comes down and starts interogating me with wierd questions. I stated camly i am the landlord and ended the conversation.  I come home and google their names and find out they have been arrested multiple times on felony charges for fraud.  I just asked all tenants in the units for their full names ages( I need to register as a new landlord with the town) and a copy of one adult drivers license(i ask all tenants for this). They are giving me a hard time and dont want to provide it.

They are on a month to month lease with the prior owner with nothing in writing. How to i proceed to legally remove them if warranted? NJ is tough with some laws.

Thank you and Happy New Year.

Much appreciated. My concern was the % rise in Nj real estate taxes vs the ability to raise rents to offset it.

Thank you

Hello BP- in the past year i have aquired a 2 family and am in contract on a 4-5 family, both in NJ. My question for investors in high real estate tax states such as New York, New Jersey, are you concerned what your real estate taxes will look like in 5-10 years? We have average RE tax increases of 8-10% per year and there is no way to offset that with increase in rents. In addition, higher costs of living will continue to drive the population to lower tax states.This is really starting to make me consider investing out of state.

Looking for some investor input.

Thank you

Do not make a rushed decision. I do not have experience with Shore vacation rentals, but though between flood insurance, cleaning crew, upkeep it would be hard to make money. There are opportunities in central Jersey with good cash on cash returns(10-15%) you just have to find them.

Best of luck

 Thanks Robert- this is very helpful.

Hello BP- kind of an interesting situation. I am looking at a foreclosure being offered by the bank. Its a semi attached single family home in NJ. The thing is there is a master deed showing as a condo. The agent said there is no HOA or dues. The street is a small cul de sac, trying to find out how many other homes are also condos. Has anyone ever heard of this before? Could someone reinstate the HOA? Any input is appreciated. I will add more as i find out. Thank you