Are there any good web site for people thinking of becoming a landlord?

Asked by W, Toms River, NJ Tue Sep 30, 2008

I'm thinking of purchasing a condo now that the prices have gone down and the rates are manageable (I’m currently renting). However, my job is always in jeopardy (this has kept me from buying for the last 5 years!), and if I have to move to find work, I'd like to hold on the condo, renting it out, until the prices go back up. No one I know has done this before, and I'm looking for advice. How risky is it to be an off site landlord? How does one learn the legal ins-and-outs? The only property management cos. I’ve seen do only multi-unit buildings, so I’d like to do this without a manager. Are there any good websites with tips? Anyone have advice? Warnings? Thanks!

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6
Anthony Baro…, Agent, Toms River, NJ
Wed Feb 13, 2013
Ok so its 5 years later...are you ready to buy? Good thing you waited since both prices and rates have dropped

Fiona Barone-Realtor
RE/MAX At Barnegat Bay & RE/MAX International Inc.
1130 Hooper Ave, Toms River NJ 08753
Office # 732-914-0074
Cell # 732-674-1590
International calls please dial 001-732-674-2904
http://www.fbarone.remax-nj.com
0 votes
Joe Bourland, Agent, Avondale, AZ
Tue Sep 30, 2008
Of course read through Trulia.com for advice. After that look at http://www.landlord.com. They have a comprehensive site to assist you.

Make sure to look at all the pros and cons of not hiring a local property manager. As an example, in my home state of Arizona, it is required to have a local representative to serve notices.
Web Reference:  http://www.joearizona.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Sep 30, 2008
You mention off site, if you are within driving distance than you can manage your own property however if you are not within an easy dribve, you would want to consider professional management. Being a landlord can be the best or the worst experience ever. you want to make sure the property is up to code, make sure you get a good tenant, make sure you have a good lease that protects you and make sure your property is managed accordingly. The true way to get knowledge is through experience, web sites may offer some tips but the whole key is checking out your tenant thoroughly so that you get a good one. good luck
Web Reference:  http://www.ScottSellsNH.com
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Tue Sep 30, 2008
Contact the Department of Community Affairs or go to their website for the NJ Truth In Renting booklet. As already stated, NJ is tough on landlords, but if you are responsible and do your homework it's a great investment.
Why not ask your landlord for a little background on what's involved? Or if you'd like to talk to some people who've done just what you're contemplating, let me know.

Laura Giannotta
Keller Williams Atlantic
Manahawkin, NJ
609-384-6121
Laura-G@KW.com
0 votes
Marc J Willi…, Agent, Whiting, NJ
Tue Sep 30, 2008
Being a landlord is a wonderful position. Helping people get their feet on the ground. Most folks are good people, find a good attorney who can move fast in case you have an issue. Get the correct insurance coverage, see a broker. But i am not sure of what web site would help. The state of NJ has a Truth in Renting book, i can send it or they will.
What helped me was a joining the Marine Corp, but i think that's the last resort. good luck. Marc Williams 732-778-9933 is my cell number.
0 votes
Marc Paolella, Agent, Succasunna, NJ
Tue Sep 30, 2008
It is VERY risky to be an off-site landlord. New Jersey law drastically favors tenants and treats landlords like dirt. If you get a bad tenant, it will take you months and months and months to evict them if they choose not to leave.

Also if repairs need to be done and you are far away, you will be at the mercy of contractors who will have to coordinate those repairs with tenants who may or may not be available to stay home for the repairs. If they lose a day of work, it will come off the rent, in addition to the cost of the repair. And there WILL be repairs, even in a condo.

Furthermore, prices have not bottomed. So there is market risk as well.

I wouldn't do it.

-Marc
Web Reference:  http://www.marcpaolella.com
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