From Realtytrac:
Markets with lowest returns on residential rental properties
Markets with the lowest potential annual gross rental yields for homes purchased in February 2015 were New York County/Manhattan, New York (2.34 percent), San Francisco County, California (3.20 percent), Kings County/Brooklyn, New York (3.63 percent), Marin County, California in the San Francisco metro area (3.84 percent), and Williamson County, Tennessee in the Nashville metro area (3.89 percent).
FRIST!
NJ’s Senate President faces recall effort in South Jersey.
http://www.nj.com/gloucester-county/index.ssf/2015/04/nj_lawmaker_to_gun_rights_group_seeking_recall_i_w.html
State Senate President Stephen Sweeney’s name will be on the ballot of a recall election if one New Jersey group gets its wish.
In a letter to the New Jersey Division of Elections, the group known as Recall Stephen Sweeney has filed a notice of intention to form a committee and recall the senator.
The group is made up of “individuals that are from New Jersey that reflect the values of many other New Jerseyans who are tired of Sweeney and his policies destroying our state,” according to Alexander Roubian, a spokesman for the organization.
The group sites a variety of reasons for wanting a recall vote including high taxes, high cost of living and a bad economy.
“New Jersey has had a mass exodus of businesses leaving,” Roubian said. “I look at my friends from high school and college and about 80 percent of them have left the state because they have better opportunities.”
The group’s website also states multiple references to gun rights including a bill that Sweeney has supported that will reduce the maximum capacity of ammunition magazines to 10 rounds.
In Sweeney’s eyes, this is the main issue the Recall group has with him and his administration, however he said he will not back down from these beliefs or his support for the bill.
“They are trying to make this about other things, like property taxes,” Sweeeney said. “They don’t agree with reducing the clip from 15 to 10 … It might be an inconvenience in some people’s eyes, but it saves lives.”
Sweeney attributes his feelings on the matter to conversations he has had with parents of children who were killed in the Sandy Hook Elementary School shooting in 2012.
In discussing the massacre, he learned that some children had the ability to escape the school when Adam Lanza had to stop and reload his weapon, he said.
“I think it’s ridiculous that this is such an issue. Reloading and unloading a clip is inconvenient, but people being killed is not an inconvenience, it’s a tragedy,” Sweeney added.
Recall Stephen Sweeney, however, contend that their petition and stance, while including Second Amendment issues, is not limited to them alone.
“That’s the perfect reflection of Stephen Sweeney not getting it,” Roubian said. “He’s quick to point the finger at other motives when he doesn’t realize the severities of what’s happening in this state.”
The group is currently awaiting approval from the state for its notice of intent and will then begin to file a petition to recall Sweeney. They will need about 34,808 signatures on the petition — but will aim for approximately 48,500 — in order to get a recall election approved.
Sweeney, while supportive of any resident’s right to disagree with his stances and opinions, as well as to file this petition, said he will continue to support the legislation he has supported.
“They have a right to do it, but I’m not going to be intimidated. I’m not going to be pushed. I’m not going to back down,” he said.
Any frequent commenter here who is Conservative or Libertarian should be on the ground in Sweeney’s district collecting signatures if you really mean what you say….
[3] D-FENS,
I would but it is really in my best interests if Sweeney stays. Hell, I wouldn’t mind seeing him elected governor. It would be a positive for my legal work and, with respect to residence and taxes, I am safely across the river where I can load my 30 round clips to my heart’s content and pay half in taxes what you all pay.
And don’t let your paranoia get in the way of asking a Liberal for help understanding any multisyllabic words on the petition.
multisyllabic = (of a word) Having more than one syllable.
syllable = a unit of organization for a sequence of speech sounds. For example, the word water is composed of two syllables: wa and ter.
water = a colorless, transparent, odorless, tasteless liquid that forms the seas, lakes, rivers, and rain and is the basis of the fluids of living organisms.
“Any frequent commenter here who is Conservative or Libertarian should be on the ground in Sweeney’s district collecting signatures if you really mean what you say….”
Really surprised to see Arlington, VA on that list. DC is recession-proof and the wage levels there are pretty good, and Arlington is a short metro-ride across the Potomac.
My only thought is that so much rental space has come on the market in the last decade, it is depressing prices and that the ROI is lower due to the cost.
[5] footrest,
Except that a liberal rarely goes to the commonly-accepted definition when his own better serves his purposes.
Grim,
Both of our units are now rented and our upstairs unit went without a single day lapse in rental income, which has been the case since 2004. Though our record would not have been broken if not for requiring 60 day notice on our month-to-month lease renewals. For those new to the rental hustle, make sure you do this. It’s especially helpful, as was the case this time around, when the tenants gave us notice on the 20th of February and then not making it terribly convenient for showings. These tenants have been out since the last week in March, but that does not really leave enough time to show for April 1st or even April 15th.
Some other observations this time around. Both of our former tenants bought houses prompting their departure. Both new tenants had a lot more debt (student loan and credit card) than former credit reports revealed. Everyone has pets these days!!!
I really think rentals are topping in our area. Be warned. Judging by the difficulty I am having to find painters/carpenters, people are still buying remodeling homes this Spring at a breakneck pace.
I know it’s all anecdotal, but I’ve been doing this for a while and usually recognize peaks and valleys in markets pretty well.
Rents cannot go to much higher around here, they are a function of wages and also with lot of new inventory popping up it’s likely there will be some stagnation in rents.
I guess if you thought of your house as an investment and didn’t save for a retirement, a reverse mortgage is something you would look into.
Window is rapidly closing to get hassle-free reverse mortgage
Interested in a reverse mortgage without a lot of hassles? Better get your application in fast. As of April 27, the federal government is imposing a series of extensive “financial assessment” tests that will make applying for a reverse mortgage tougher — much like applying for a standard home mortgage.
Reverse mortgages always have been different: They’re available only to seniors 62 and older whose homes have equity that they want to convert into cash. There are no repayments required until the borrower sells the house, moves out or dies. Loan recipients’ main responsibilities are to keep current on local property taxes, pay hazard insurance premiums and keep the place in reasonable condition.
All of which led to the dramatic changes coming April 27. Applicants are now going to need to demonstrate upfront that they have both the “willingness” and the “capacity” to meet their obligations. Reverse-mortgage lenders are going to pull borrowers’ credit reports from the national credit bureaus, just as they do with other mortgages.
Applicants are going to have to show that they paid their real estate taxes, homeowner association fees and other property-related charges on time for at least the past 24 months. They will be asked to produce documentation of their employment status (if they are still working), income and financial assets, and they will undergo a “residual income” analysis that examines all their monthly expenses and cash flow.
http://www.washingtonpost.com/blogs/where-we-live/wp/2015/04/09/window-is-rapidly-closing-to-get-hassle-free-reverse-mortgage/
Looks as if the ‘number’ is ticking up in terms of our looking criteria. $700 seems to be more the norm in the ‘blue ribbony’ towns. In terms of what we qualify for we could much higher. But I am uncertain about New Jersey’s prospects going forward. I am not sure I want to invest any more than I absolutely have to in this state. Thoughts ?
Here’s big word for the footstool: megalothymia. He’s well acquainted with the term whether he knows it or not.
Essex,
Plenty of homes in the 500 to 550 range if you are willing not to have the nicest house on the block. I always find it’s much cheaper to fix up an existing house to match your needs than it is to overpay for someone else’s needs even if its in move-in condition. Unless you are paying cash, you’ll be paying many times over in interest to the bank for that extra 150-200K of turnkey convenience. Plus, you can do it your way.
[12] moose,
I think footstool, irrelevant, small caliber and Rory Martin will have their choice of dysthimias after the election. Either way, the Age of Obama will be over and its just a function of seeing how much of his legacy gets rolled back by either a President Clinton or a President Bush.
13. Good point.
You sent Johnny off to Columbia to get an education and he turned into an ivy league dealer that wanted to be Stinger Bell. Have to give him credit for his entrepreneurial spirit.
Students fret over Venmo payments to alleged drug dealer
Columbia University students are bugging out over the arrest of a student on drug charges who they say accepted payment through the social payment application Venmo.
Why are they fretting? Venmo is the opposite of cash: every transaction is shared publicly by default. And the requesting party has to write a brief description of the transaction.
He had a rule, one student told Capital: “The description has to be funny.”
The alleged dealer is Michael Getzler, a sophomore English major. New York police arrested him yesterday.
Two days ago a student identifying himself as a drug dealer wrote an anonymous op-ed in the Columbia Daily Spectator, saying that he planned to quit dealing after the school’s annual concert this Saturday, Bacchanal.
“Weed, edibles, MDMA, coke—I have sold all of these over the past week, in staggering amounts,” the anonymous student wrote. “Several hundred students (and I would call that a conservative estimate) will be smoking my weed this Saturday. There will be more than 100 students rolling on MDMA, thanks to me alone.”
Getzler was widely rumored to be the anonymous author of the op-ed in comments on the Spectator website and on a private and anonymous digital message board at Columbia. Capital could not confirm that Getzler was the author; but the op-ed does open a window on the life of a campus drug dealer at Columbia.
http://www.capitalnewyork.com/article/city-hall/2015/04/8565469/students-fret-over-venmo-payments-alleged-drug-dealer
Car Show (JJ Edition):
http://youtu.be/jA2m6god9a8
New Providence? Any opinions?
Why so negative with the future of nj? Det was supposedly screwed beyond the point of return and they are making a comeback. Don’t buy into the bs that nj is done. It’s spit out by idiot Debbie downers who are obsessed with nj going down because of their hate of high taxes. Ignore these people.
Essex says:
April 10, 2015 at 10:24 am
Looks as if the ‘number’ is ticking up in terms of our looking criteria. $700 seems to be more the norm in the ‘blue ribbony’ towns. In terms of what we qualify for we could much higher. But I am uncertain about New Jersey’s prospects going forward. I am not sure I want to invest any more than I absolutely have to in this state. Thoughts ?
Lib makes some good points if you are handy. If you are not handy, just pay for the finished product. You are not losing money if you are buying a turn key, you might be saving yourself a major headache and time. Time is money, up to the individual how much that time is worth.
Same applies to people that think they are saving so much money buying a used car over a new car. They will never admit it, but they are gambling with their money. Sure, the car saves you money if you get a car that is working properly and taken care of, but what happens when you don’t? Getting burnt on a used car is not saving you money, you are being taken for a ride paying good money for someone’s garbage. So it depends on your perspective. If you have been burnt buying a used car, you will never go through the headache and heartbreak again. If you have never been burnt buying a used car, you think people that buy new cars are complete idiots and question their way of thinking.
Libturd in Union says:
April 10, 2015 at 10:39 am
Essex,
Plenty of homes in the 500 to 550 range if you are willing not to have the nicest house on the block. I always find it’s much cheaper to fix up an existing house to match your needs than it is to overpay for someone else’s needs even if its in move-in condition. Unless you are paying cash, you’ll be paying many times over in interest to the bank for that extra 150-200K of turnkey convenience. Plus, you can do it your way.
New Providence? Any opinions?
Almost lived there. Train times were the issue. Limited NJ Transit service. Nice town though with excellent schools supposedly. And lots of corporate ratables to help keep property taxes intact. Negative is traffic on Route 22 and 78, which you will have to take to get anywhere out of town. Noticed an increasing population of Indian’s last time through, so aspiration’s of little Johnny getting valedictorian can be squashed. But odds of good takeout curry have increased.
I’m sure the Great Recession has a lot to do with this. A lot of people in construction were weeded out from 2007-2012. There was no building going on and nobody doing renovations. So they have to train a lot of new guys in those fields. Construction is going to be a gold mine in north jersey in the next 20 years. So much that needs to be done. Just think of how many homes that are going to be a 100 years old and have been neglected in north jersey. NNj in 20 years will look nothing like today. Guaranteed.
“I really think rentals are topping in our area. Be warned. Judging by the difficulty I am having to find painters/carpenters, people are still buying remodeling homes this Spring at a breakneck pace.”
funny
Ottoman says:
April 10, 2015 at 8:41 am
And don’t let your paranoia get in the way of asking a Liberal for help understanding any multisyllabic words on the petition.
multisyllabic = (of a word) Having more than one syllable.
syllable = a unit of organization for a sequence of speech sounds. For example, the word water is composed of two syllables: wa and ter.
water = a colorless, transparent, odorless, tasteless liquid that forms the seas, lakes, rivers, and rain and is the basis of the fluids of living organisms.
“Any frequent commenter here who is Conservative or Libertarian should be on the ground in Sweeney’s district collecting signatures if you really mean what you say….”
As with most “reality” television, renovation doesn’t necessarily look like this.
When it comes to buying a turn key house versus a fixer upper, it is important to know yourself. How do you handle projects? Are you patient when unforeseen issues arise? Are you ok with living in a construction zone? If any of these questions cause considerable stress, it might be a better idea to buying a finished house to avoid headaches.
But if you’re willing to press on with a renovation, it can be an extremely rewarding process. A remodel means a fully customizable experience. You will get the home you want.
http://tendhome.com/2014/01/22/buying-a-new-house-turn-key-versus-renovation/
“What to expect
A fixer-upper can be a great way to get into a larger house, or a better neighborhood than you might be able to get into otherwise. Before you open the door and walk down the long and winding road of home renovations you’ll need to figure out a few things. You should take into consideration whether you will be planning to live on or off premises. It’s more economical to live on premises, but for those homes undergoing extensive remodels, this may be unpleasant or not even an option. But, if you do choose to live on the premises you will have to be prepared to live with dust – a lot of dust. Your home will be a construction zone for well up to a year or beyond.
Think about whether you’ll be doing most of the work yourselves or hiring experts (recommended. Highly recommended.) You will most likely be living out of suitcases and moving from room to room while work is in progress. You will have to live without a real or finished bathroom for some time. You will have to live without a real or finished kitchen for a significant amount of time. If you have children we strongly urge you to live off premises for health and safety reasons. If your renovations are minor, new kitchen cabinets and appliances, ripping out wallpaper, shag carpeting, tile or installing hardwood floors, and plan on fixing up your home slowly, over the period of a year or two or even longer, then you’ll be able to stay at home but you’ll need to be organized and plan well to accommodate loss of use of certain rooms.”
Read more: http://freshome.com/2013/11/14/shouldnt-buy-fixer-upper/#ixzz3WvzF0tcM
Follow us: @freshome on Twitter | freshome on Facebook
“Meredith Heron of Meredith Heron Design recently talked about renovations on her website and knowing that I was about to write an article myself offered to share her thoughts on renovations, from a designer’s perspective. She was happy to have me share her thoughts with you.
When renovating your home pack EVERYTHING up or hire people to do so. Put your items into pods or climate controlled storage units. “And for heaven’s sake. MOVE OUT yourself.
Do not time renovations to be completed on or near a major event or holiday such as Thanksgiving, Christmas or someone’s Birthday. Chances are it won’t be done by the said date.
Don’t try to cut corners by saving a few dollars. In the end you won’t want to have had to endure hell and then regret your choices.
You will need a designer. You will need professionals.
Problems will arise. Be prepared to roll with the punches.
“This is a team effort. Be a team player.”
“Problems are opportunities to re-examine your decisions and choices up until this point. Often they are opportunities. Seize them.”
Don’t choose your renovation time to go on a cleanse, give up drinking or go on your diet. You will need all your vices to see you through. Heron does, however, advise taking up yoga or meditation!”
Read more: http://freshome.com/2013/11/14/shouldnt-buy-fixer-upper/#ixzz3WvyaQ0vb
Follow us: @freshome on Twitter | freshome on Facebook
What is it about Columbia?
http://www.philly.com/philly/news/local/NJ_teacher_suspended_for_having_class_write_get-well_cards_to_Mumia.html?hc_location=ufi
[26] redux
That’s right up there with this little gem:
https://www.youtube.com/watch?v=FO3NBqT3LBc
Knew I was forgetting something: Hey Lib, you’d you like CP beating Man City this week?
@billmaher:
Obama in Panama for the Summit of the Americas – or as they call it on Fox, “The War on Isthmus”
New Study: Shorter people more at risk for heart disease.
Sorry Anon.
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
April 10, 2015 at 8:44 am
[5] footrest,
“…when his own better serves his purposes.”
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
April 10, 2015 at 8:40 am
[3] D-FENS,
I would but it is really in my best interests if Sweeney stays. Hell, I wouldn’t mind seeing him elected governor. It would be a positive for my legal work
[31] Joyce,
Theres a point there, I’m sure of it. Not just a tortured juxtaposition to try to justify, well, something . . .
[5] footrest
Something was bugging me about [5] and it finally occurred to me: multisyllabic is for those who can’t be polysyllabic.
This is St. Augustine, Fl. People complain that nj is overpriced, but look how much this goes for out there. It’s 3300 sq ft and asking 600,000.
See what I found on #Zillow!
http://www.zillow.com/homedetails/47761075_zpid
34- taxes are 5,000. So is the 10,000 you save in property taxes really worth it? You are telling me that you will only make 10,000 less in st. Augustine fl compared to metro Nyc, highly doubt it. So who gives a crap about the tax savings when you are losing out big time in income. Like I said previously, if you suck at life and have no skills, def leave jersey and go to Florida. Much better to work at Walmart and live in Florida than it is to work at Walmart and live in jersey. If you have skills, please do yourself and your family the favor of staying in jersey. You are chasing a pipe dream that your life will be improved dramatically because you are saving 10,000 a year in tax savings. You are not looking at the big picture and what is that? Your opportunity to make money is drastically reduced in these locations. So who cares if the cost of living is cheaper.
Helpful information. Fortunate me I found your website accidentally, and I’m surprised why this twist of fate did not took place in advance! I bookmarked it.
Interesting economic theories
https://www.youtube.com/watch?v=YnyDRwSqp2E
Hello, you used to write great, but the last few posts have been kinda boring?K I miss your great writings. Past several posts are just a bit out of track! come on!