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Tax Laws may change with a new administration. People are selling capital assets in order to take advantage of the current lower taxes. Hence you are seeing buildings for sale.
It's all business. Don't get too friendly with your tenants. They are customers, not family (and don't EVER rent to family).
What town/county are you thinking about? Standard of living? Middle of the road is best....high and low extremes bring their own issues...especially the high end, and especially when you live right there.
That's crazy! I must be the best kind of tenant in the world. Whenever I've ever had issues in apartment units I've lived in, I've always fixed them myself unless it's something major like electrical. Mainly, because I know I'd fix it better and faster than my landlord would. I have very high standards when it comes to where I live and its condition. For example, it bothers me when fellow tenants don't put the trash bins back in their proper spot, rather than wherever they feel like placing it on that day. It makes sense that I go premium, as you suggest. This was very helpful. Thank you.
As a landlord myself I always upgrade, fix my homes so they will attract the best tenants, I charge higher rent but you get an immaculate home that looks new for each tenant, my tenants take care of the home, I won’t rent to anyone with less than a 700:credit score. Don’t feel sorry for anyone, don’t let their sad sack stories get you to waiver on your standards, they must have a job 3 times the rent no exceptions, I only allow small pets but they are homes not a 4 plex ..if this is the case I would allow no pets.
Now? In New Jersey? Have you been watching the news?
I would sit on my money for a bit. Many many landlords are liquidating right now because of rent forgiveness laws. The market is still high. Come back in a few months and see if you can't get a better investment.
Now? In New Jersey? Have you been watching the news?
I would sit on my money for a bit. Many many landlords are liquidating right now because of rent forgiveness laws. The market is still high. Come back in a few months and see if you can't get a better investment.
Yes, in New Jersey. I'm asking because if it's so bad then why are all the multifamily properties that hit the market here being immediately snapped up? People are still renting and, more importantly, paying their rents in this area. I understand that there are communities that have been hit hard and those landlords are struggling, but that's not the case statewide. Each community is different.
I don't know if the saying is true, or not, but I've always heard the best time to buy real estate is when you can. Not sitting around waiting for the perfect time and opportunity, because that rarely exists. But I appreciate the response because I do want to hear all sides and weigh my options. I'm not looking to go into anything blindly but don't want to sit around waiting because of unknowns either.
Before you invest, study the local landlord tenant laws very carefully. New Jersey is a tough place to be a landlord.
Don't expect your tenants to be your friends, If you are nice to them, they aren't necessarily nice back. When you are nice they usually see you as someone who is easy to take advantage of.
Yes, in New Jersey. I'm asking because if it's so bad then why are all the multifamily properties that hit the market here being immediately snapped up? People are still renting and, more importantly, paying their rents in this area. I understand that there are communities that have been hit hard and those landlords are struggling, but that's not the case statewide. Each community is different.
I don't know if the saying is true, or not, but I've always heard the best time to buy real estate is when you can. Not sitting around waiting for the perfect time and opportunity, because that rarely exists. But I appreciate the response because I do want to hear all sides and weigh my options. I'm not looking to go into anything blindly but don't want to sit around waiting because of unknowns either.
Have YOU ever heard the expression..."there's a sucker born every minute"?
Far be it from me to rain on your parade but any seasoned landlord will tell you its not the key to quick riches. One bad or savvy and litigious tenant can end your dream of the pot of gold at the end of the rainbow. People are buying property left and right because rates are low. Not because its a great idea or prices are reasonable or its the best time.
Most landlords I know are drastically reducing their portfolios in favor or liquidity or different investments. Thats why you see things on the market. Im not going to say that I regret the bidding war over my last property because it lined my pockets. But the person who bought it is greener than freshly cut Bermuda grass. You go on and make your money...if you can. There is a reason for the mass exodus of independent landlords right now. But of course you know better. That's why you are asking a bunch of internet strangers fir advice, right?
But of course you know better. That's why you are asking a bunch of internet strangers fir advice, right?
Excuse me? And name calling too, very mature of you. I don't recall saying I know better. I even said that I appreciated your input. You can move along now.
Excuse me? And name calling too, very mature of you. I don't recall saying I know better. I even said that I appreciated your input. You can move along now.
If you're this rattled when someone questions a very questionable investment plan you are in no way cut out to deal with tenant shenanigans. Rethink your idea.
Interest rates will jump now that the election has been called. New covid shutdowns are looming along with new stimulus and tenant protection when businesses hanging by a thread lay off staff. Look around you. Save your money a little longer.
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