Talking to People

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Over the past few weeks I’ve made a concerted effort to try and talk with people in the Real Estate business instead of just reading posts and material on Investing. In doing so I can feel myself moving to the next step, at least mentally.

Last Friday I stopped by my friend’s Parents house to say hello because I haven’t seen them in a few months. His mom is an appraiser and runs her own business. What I didn’t know is that she is also a broker and would be happy to hold my license (for a fee, but that is only fair) if I were to ever get it. I’m definitely leaning that way because I am already getting impatient with waiting on Realtors to send me listings. To keep myself sane I’m gonna have to be able to do that myself. Mrs Z, also said that I could come by her office anytime I wanted and use the MLS there. YES!

The one thing that does come with talking to people is the ney-saying. I’m learning to block all that out, but I wish my wife wasn’t there to hear it sometimes. The last thing I need is for my wife to get REALLY scared about investing.

As for the rest of the weekend goes I didn’t get much accomplished because of my brothers Engagement dinner on Saturday and my friends Carl and Tracy’s wedding on Sunday. Both were a lot of fun, and it was great to be around family and friends all weekend celebrating. I’m truly happy for both couples!

Those obligations meant I only managed to go to two open houses this weekend, both actually condos. Surprising though there were very few open houses this weekend and none close by.

Rent Control Crap!

The more I learn about the rent control in Morristown, the less I’m wanting to invest there. It really puts a cap on potential earnings for landlords. This is the law in Motown

Morristown has Rent Control. Landlords are not allowed to raise rent
without first contacting the Rent Leveling Office, then on approval giving
tenant 60 days notice.

Barbara “The Realtor”

Barbara sent me four listings last friday that I took a look at this weekend. This was my take on them.

Parsippany Rd Homes (2 for $500k)

I am not a fan of the location. That is a very busy part of Parsippany rd with Rt 10 being right there, the post office and Billy’s Red Room. One question I have, and maybe you know, how hard is it to combine two lots? In any event I’ll pass on this, as all the homes I’ve seen that are in similar locations sit on the market for a long time and I can’t take that chance right now.

18 Harrison St and 18 Cutler St

These multi’s where ok, definately in need of some work which isn’t a bad thing. I heard over the weekend that Morristown is rent controlled (surprised I didn’t know this before, I guess I just never asked). So I have to do some research on that to see what the extent of the rent control is and how it would affect a future landlord.

Now, for anyone reading this would you make offers on any of these?

Scott Costello
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