My first Investment property

[Majour Bey]

Hey guys, I just wanted to share my most recent success. My father owned a beautiful 2 family residence in Morristown, NJ and over time stopped tending to it, and allowed rents to go uncollected and the bank to begin foreclosure. After I got licensed as an LO, I was able to evaluate numbers and make an educated decision and stop the foreclosure and take over the property. He has agreed to write a quit claim deed and expressed his support for me taking initiative and getting into real estate. After I refinance both mortgages into one, I will owe about 188k and the house is worth north of 400k. I have no experience with estimating repair costs - both units need kitchen renovation, bathrooms, carpets and roofs. But the ARV margin gives me confidence. Both units are already rented and all parties have agreed to move forward and begin paying rent as of March. I'm scheduled to go get leases signed on Wednesday. My only delimma is a slight language barrier, the tenants primarily speaking Spanish, and me intuition telling me they are not being upfront with how many people are living in this property. In my head, I don't really care how many people live there as long as the rent is paid on time. However, I don't want to leave my self vulnerable to legal action due to violations I am ignorant about in that regard. Looking for any feedback/insight in regards to that. But overall, excited to get my feet wet and share this with the BP community.