All Forum Posts by: Adam Anderson

Can’t you take soil samples first to confirm oil leaked? Was the tank in use? If nor; It’s possible the tank had been abandoned prior to the holes. I would also get some more estimates. I can give you a name in Newton

We did not....yet. I found the cost to be to high to make sense especially since we would need a GC to mange it (we directly manage our local construction projects)

Does anyone in northwest NJ stage their flips prior to listing? Wondering if this has been beneficial and if you have a recommendation for a reputable stager. I’ve never done it before, but considering staging 2 flips in Sparta NJ, Sussex county....especially since they will be listed in the slower winter months 

@Jess White there’s nothing better than cash but it’s just not possible for me to collect cash every month. Some of my tenants use Cozy which i encourage on an auto payment. it automaticly adds a late fee if they are late, I make it available for everyone but not everyone uses it. Some have used Venmo, but most make deposits at my bank into the respective properties account.

@Jessica Roland We do this quite a bit and I’m actually finding it’s easier now to find longer term financing then it was  few years ago. I recommend Starting with the local small banks. Get your personal finances organized into a folder with your tax return and a personal income statement and balance sheet. Also include the BP calculator printouts on your current properties as well as the property you’re refinancing.

If you can’t find a small local bank there are many stated income or no doc lenders out there and many here on BP. The rates will be a little higher but they won’t care much about your income. LendingOne is pretty good at this 

Are you factoring in any vacancy or capex? These can suck up a full year of cash flow or more and should be planded for. if you can truly continue achieving these returns why stop?  I’m personally realizing similar but usually slightly lower returns in NJ but only on value add properties that require some renovations 

@Collin Schwartz congratulations on this big win for you and your family! Your post is inspiring!  How many more units will you add to your portfolio?

@Jill F. Multiple applications is a good problem to have! I would want to better understand the situation around the “eviction” on tenant 1and have a detailed conversation with the past 2 landlords. All things equal if lean towards the grandma, probably more stable and there’s a better chance she won’t leave for a while.

@David Martinez I can help you with this, feel free to reach out privately if you’re still looking 

Hi @Kathryn S.

I can help you with this; feel free to reach out privately by phone or email. We do a lot of this

Adam