Q. A rented townhouse in the same complex was recently put on the market for 365K, the rent for that unit was $2100/month. My math says there is no way the place was making money, further proving to me that it is smarter to rent in NJ because of the high prices and taxes. Does anyone actually own and rent property in New Jersey and make a profit? How??
A. This depends on where the property is located. New Jersey is a long state that runs from being across the river from NY in the North down to Delaware in the south. On it's west it has Philadelphia and of course the east is the Atlantic Ocean.
There are varied economies that border NJ enough to influence it's own economy and will affect home prices. For example, in South Jersey homes are very reasonably priced. You can easily get a place that has at least a 1/4 acre of land with 3 bedrooms and 1+ baths for around $200k. If you travel deeper into the state you can get much more for less.
This is a far cry from some of the areas in the north that border NY. Home prices there are reflective of the economy of NY as many people work in NY and travel to NJ to live. In NY it is common place to purchase a property with the expectation of losing money on the rent each month. It's the way the local economy works.
Lastly, you are wise to check out the rental prices against the purchase prices to see what is a better option. Which is smarter, however, depends on your thinking. I would never rent a property from anyone else unless it was absolutely the only way I could survive. Renting only builds up equity for someone else. Why would I want to do that? I prefer to build up my own equity.
There are varied economies that border NJ enough to influence it's own economy and will affect home prices. For example, in South Jersey homes are very reasonably priced. You can easily get a place that has at least a 1/4 acre of land with 3 bedrooms and 1+ baths for around $200k. If you travel deeper into the state you can get much more for less.
This is a far cry from some of the areas in the north that border NY. Home prices there are reflective of the economy of NY as many people work in NY and travel to NJ to live. In NY it is common place to purchase a property with the expectation of losing money on the rent each month. It's the way the local economy works.
Lastly, you are wise to check out the rental prices against the purchase prices to see what is a better option. Which is smarter, however, depends on your thinking. I would never rent a property from anyone else unless it was absolutely the only way I could survive. Renting only builds up equity for someone else. Why would I want to do that? I prefer to build up my own equity.
What Kind Of Lawyer can I ask advise of for renting property?
Q. I would like to rent property and want to talk to a lawyer first, but don't know what type of lawyers specialize in renting property.
Thank You
Thank You
A. Are you wanting to rent a property as your primary residence? You would need a real estate attorney, that specialize in rental properties.
Are you wanting to purchase property then renting them to someone else?
If you are wanting to purchase a property and rent it to others, an attorney might not be the person you are seeking. You might want to find the local Apartment House Association. joining this association would give you on going trends of the local real estate market. They also have forms that might be of use to you such as rental agreements, eviction notices, a way to obtain credit checks and other things you would need to be a successful landlord. In some cases they might provide vanilla legal advice.
An attorney would not be able to assist you with those items. He would consult with you, send you to what ever agency that would do the job. You would now have to pay the attorney as well as for the agency that would actually be doing or providing the services.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Are you wanting to purchase property then renting them to someone else?
If you are wanting to purchase a property and rent it to others, an attorney might not be the person you are seeking. You might want to find the local Apartment House Association. joining this association would give you on going trends of the local real estate market. They also have forms that might be of use to you such as rental agreements, eviction notices, a way to obtain credit checks and other things you would need to be a successful landlord. In some cases they might provide vanilla legal advice.
An attorney would not be able to assist you with those items. He would consult with you, send you to what ever agency that would do the job. You would now have to pay the attorney as well as for the agency that would actually be doing or providing the services.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Is there a website where I can look to see if a landlord has a license to rent?
Q. I live in Minnesota where landlords are required to be licensed to rent property. I am interested in looking to see if my landlord is actually licensed. Does anyone know of a website where I can look this up? If not, is there a number or address I can write to for the information? Thanks!
A. Philadelphia has the same requirement. There if you want to check you call the Licensing and Inspection Division. If he has no license he can not collect rent so they take it very seriously.
How does a stripper verify her income when trying to rent a house?
Q. Because she is a dancer, all her income comes from tips. She wouldnt recieve a pay stub... What does she need to verify her income when applying to rent property?
A. Ask the manager to write a letter, verifying that she is an independent contractor and makes X amount per week.
Bank statements to prove deposits. This alone doesn't work with most landlords.
Offer to pay three months advanced rent.
Tell the landlord she is a bartender or waitress, and works solely off of tips.
Have someone trustworthy co-sign the lease.
If the above doesn't work, find privately owned property to rent. The owner may be much more flexible, and bank statements would probably be accepted.
Also, if she is not accurately reporting her income, keep in mind that leasing will create a paper trail that her taxes may not be able to support.
Bank statements to prove deposits. This alone doesn't work with most landlords.
Offer to pay three months advanced rent.
Tell the landlord she is a bartender or waitress, and works solely off of tips.
Have someone trustworthy co-sign the lease.
If the above doesn't work, find privately owned property to rent. The owner may be much more flexible, and bank statements would probably be accepted.
Also, if she is not accurately reporting her income, keep in mind that leasing will create a paper trail that her taxes may not be able to support.
Powered by Yahoo! Answers
No comments:
Post a Comment