I am very interested in buying a 7 units residential unit in North Bergen NJ, the owner of the property is 2 brothers and have 2 kids (now a...

Question

I am very interested in buying a 7 units residential unit in North Bergen NJ, the owner of the property is 2 brothers and have 2 kids (now adults) who live in the property occuping 4 units ( the owners are willing to vacate and fix in the rent control records as 4 units owner occupier). Than 3 units are rented and have the records in the rent control very low even lower than they are current charging. My question is if I get this building would I be able to raise the rents to a current market price or what is the best approach to legally understand my dutties and my rights as a new owner.

THank you

Answer

this is NOT a simple problem, and you can NOT get a quick answer over the internet. Here is why:

You are spending several hundred thousand dollars on buying this building. You are risking all of that money and your credit too (if you take a mortgage). You must, MUST be sure that you will be able to get the rent income that you need, before you buy the building.

No lawyer is going to be able to give you an answer you can rely on until the lawyer researches this and makes sure you are getting what you think you are getting, and makes sure you can rent out the apartments for the rents you want.

Please call me, I will work hard to get you the answers you need. I have been doing this for many years.

Robert Davies, Attorney

201 820 3460

Answer

Mr. Davies is absolutely correct. The rent return is not the only question you need to address. I'm sure he will alert you to all of the other due diligence you need to include in any contract to purchase.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.