NJ Investment Properties 101, Part 2: You ARE Your Network

Experienced NJ landlords find their investment properties in a variety of ways. Some look for foreclosures, whereby making friends with clerks at the city hall or bank employees who know which properties are about to be sold. Some run advertisements in local newspapers. Others work with a NJ Realtor who keeps their eyes wide open for possible purchases.

Several NJ landlords recommend joining a local landlord or property owner’s association to make contacts. Still, others take an additional step and join local chambers of commerce and clubs such as Kiwanis, Moose, and Elks Lodge.

You can also approach landlors directly to see if they’re willing to sell. Have your NJ Realtor call the listing agents in the rental ads in the classifieds, cruise the neighborhoods looking for “for rent” signs, or talk to landlords you know personally. If you are currently a tennant and have a good relationship with your landlord, ask him or her for advice. Ask them how they got started and what he or she has done to assist in ensuring a lucrative business. 

More often than not, they will tell you that location plays a big part. Other items to include in your conversation are how to set the rental rate, how to raise rent, and establish a security deposit. Security deposits can act as a firewall to some of your less desireable tennants. Ask about plans in the event of late rent and emergencies. You never know what interesting nuggets of information you’ll find underneath those rocks that are never turned over!

For more information about multi family units along the Jersey Shore, contact Dan Kurland at dkurland@weichert.com or (732) 233-6969

To check out other articles in the NJ Investment Properties 101 series, click on the link below! 

NJ Investment Properties 101, Part 1: Know Your Time