All Forum Posts by: Jon Lafferty

I am going to agree with most folks on here with an exception. There is a new medical school going in and there is great academic growth at Rutgers / Rowan. There may be an opportunity for someone who can find and market the right property to students. Would I invest there, no, not when there are other areas at the 50k price point that I feel offer a better value as a matter of fact Vineland / Millville can be one of those great value areas.

@Account Closed and @Aaron Montague thanks for your comments. I think you are both onto the same thing, the ARV may be somewhat unknown. I know someone who lives on the street in a similar duplex so I am feeling more confident on the rental comps. I am struggling to find a good ARV comp in the area for a mult family / duplex. The last sale was this duplex in 2008 for 120k. Makes this a little riskier to say the least. Aaron you are right that it will be a major disappointment if I cant get a nice chunk of cash out of this house after the rehab. That would shut any future investing down for a bit while I save up another chunk of cash.

Rental estimates are good and the rehab cost is a solid 'budgetary ' number This property is not in woodstown but a similar town with a great school system

Ok gang Here is a duplex deal I am analyzing . Hoping I can get some insight from you all. The main thing that caught my interest is the seller financing with sub-2 terms. Purchase price 65k Rehab cost 65 k ARV 190k Monthly rent 2100 Taxes 5500 annually The deal is that I will take over the previous owners payment @700 monthly. Typical sub-2. From there I would rehab and try to get it rented out at 1050 per unit per month. My goal is to cash out refi at 70% ltv @ 133k Thoughts?

Ok gang Here is a duplex deal I am analyzing . Hoping I can get some insight from you all. The main thing that caught my interest is the seller financing with sub-2 terms. Purchase price 65k Rehab cost 65 k ARV 190k Monthly rent 2100 Taxes 5500 annually The deal is that I will take over the previous owners payment @700 monthly. Typical sub-2. From there I would rehab and try to get it rented out at 1050 per unit per month. My goal is to cash out refi at 70% ltv @ 133k Thoughts?

Welcome aboard @Kurt Naletko

This site is a treasure trove of information as well as a great resource for networking. Make sure you checkout the podcast as well, they are fantastic for the commute :)

Where I live in NJ to get a CO a non grounded two prong is no issue, a non grounded three prong outlet requires a label on the outlet stating it is not grounded. I literally failed an inspection a few weeks ago for just this issue. Of course I will never show to a CO inspectiion without my labels from now on. $50 lesson learned

Wendell I am just catching up on your blog and wow what an inspiration. I really like how you are applying solid business principles and putting them into action. I only see good things ahead for your business.

This is very helpful of course as a new philly investor it also makes me second guess everything I do. Thanks for sharing!

@Alex Johncock great thread, lots of good advice here. So how is this deal progressing? Sounds like your doing a great job of vetting this deal.