Its that time again...landlords in New Jersey have to make sure to cut a check to their tenants for the interest accrued in their security deposit.  This must be done by January 31st or upon the lease renewal, but most will do this in January.  Just a friendly reminder.  Landlords...visit this link to learn more about the law concerning security deposits and your responsibilities to the tenant. 

http://www.state.nj.us/dca/codes/lt/pdf/Secty_deposit_bultin.pdf

Bill Nelson 

Uncle Sam, Pres Bush...Congress,

Investors are here to help!!!  Yes, there are some bad apples in our bunch, but please, make the banks lend us money!!!  Investors are risk takers by definition, but we take the risk with plenty of research, planned exit strategy, and with the intent to pay the loan back so we can buy more properties.  I wish someone would reinforce this to the banks who feel that lending to investors is too risky.  I think its too risky to let the beautiful home in the premier community sit vacant and rot hoping someone might buy the property to live in it.  Fannie, Freddy, open up your doors and let the investor have more than four!  Perhaps we, REALTORs, should be holding signs and picketing the doors of Fannie/Freddy with sandwich boards and yells of "More than Four...More than Four".  What politicians fail to see is that the investor has the ability to make a postitve impact on this economy by buying up the properties with failed loans and offer them to, dare I say, the former owner for rent.  I'm not saying the former owner will have the opportunity to buy the home back, but at least they are happy with the neighborhood and it would keep the home from becoming a vacant eyesore and liability for the bank. 

I'll start the chant..."More than four...more than four..."

I recently had the "opportunity" to have a tenant leave one of my rentals.  We picked up the home in 2004 and put the tenant into the home within a month or two of the acquisition.  We had the luck of not having to do much to the home to get it rented, but realized that over time we'd have to invest a few dollars to improve it.  Now that the place was empty, we decided to make a few improvements.  The windows were the old aluminum frame sliders that last had a good seal and clear glass in the early 80's.  The front window was a 9 light window that had only two small panes that opened.  Like most people, we opted to replace the windows with vinyl replacements and as per the contractor's suggestion, replaced a few sliders with double hungs.  Bottom line, it was money well spent and the before and after pictures tell the story well.  Al (the contractor), I thank you for your hard work and attention to the details.

Before                                               After

I only have one question for those on the fence...What are you waiting for???  This past week, the interest rates have been in the mid 5%.  Couple these great rates with the amount of homes for sale who's prices are lower than what they have been in recent past, you have the making of an exceptional opportunity to own that home you have always wanted.  I recently came across a home in a well respected neighborhood in Washington Twp, NJ that is now a bank owned property.  It offers a great floor plan, full basement, 2 car garage, and in-ground pool.  This home a few years back would have sold for over $380,000 with ease, today its being offered for $285,000.  The rates a few years back when this home would have sold in the 380's, were in the mid 6% range.  This means that if you buy this home today with 10% down, you will be saving over $600 in your payment per month.  This calculates to a savings of $7200 per year + a discount on the purchase of about $95,000.  My suggestion, use the savings and buy an investment property.  There are many other homes that fit this category, so, I'll ask again, why are you sitting on the fence???