Finding a reputable property management company in NJ for my home

[needhelpinnj]

Hello! What a great forum this is. I'm so grateful to find it. I've learned so much from reading the posts.

I filed Ch 7 yesterday and have decided to not affirm my house. I don't live there anymore and would like to rent it out. I'm having a hard time finding a property management company for a single-family home. Do you have any suggestions on how I could find one? Also, what should I look for in a company? How can I find out if it's a good one? I'm so new to renting my old place and I appreciate any comments/suggestions.

Thank you!

[tobee43]

well...yikes...the only thing i can tell you is our insurance company immediately dropped us in nj and we couldn't get insurance coverage and i was too worried about liability ...if a renter got hurt...so we left it...empty and that was almost 3 years ago and they still haven't foreclosed on the house.

now...here's what my daughter did...instead of renting it out she did a land contract and had someone wrap around her mortgage.....so it's like a "rent" option to buy....i would look into that as many people would love to buy now and can't get a mortgage...with a land contract they can assume your mortgage and you can contract i.e. you have 3 years to refin yourself etc.....

i would just begin calling around...but i know our Realtor....refused to get involved in a vacated home.

best of luck and let us know how you make out!

[needhelpinnj]

Interesting! I have already filed for BK and did not reaffirm the house. Would I be qualified for this option you mentioned? I still want a property management company to manage it though. I work full-time and have a 12-week old daughter. I don't want to manage the maintenance, etc.

[tobee43]

Interesting! I have already filed for BK and did not reaffirm the house. Would I be qualified for this option you mentioned? I still want a property management company to manage it though. I work full-time and have a 12-week old daughter. I don't want to manage the maintenance, etc.

call some brokers and see if they handle "LAND CONTRACTS".....is the house in foreclosure??? because then of course you can't sell with rent to buy...however, all i know is we couldn't get any homeowners insurance and it was too big of a risk...

example....if you rent it out and someone gets hurt and you already filed you bk....and you get sued...yikes...then what....???

with a land contract if you have a good broker they may work with their client and YOUR bank to see if they can assume the mortgage...but it takes work on your part to find someone that can do it....also maybe contact a real estate atty....they may be able to refer you to someone?

[needhelpinnj]

No, the house is not in foreclosure yet but it will be soon. I don't think that I am eligible for this option. When someone rents the house, I can't get renter's insurance to protect me from this?

[tobee43]

we couldn't and we had njm....and i called i think every insurance company in the state....and since the mortgage clearly states the property must be owner occupied...that is where they said we had a problem....but maybe you can find someone?