All Forum Posts by: Adam Anderson

I see your concern and actually never thought about a Tennant changing the key, if they did you'd just have to call a locksmith but my guess is there would be bigger problems to deal with if the tenant is locking you out! I've used them for years and love them 

Welcome! Is your construction business and flips centered in the Tampa Area too? 

welcome! I would recommend listening as many of the podcasts as you can.  I listen to one each week while in in the car. You'll get real tips and success stories from other investors. I agree you will learn a lot by analyzing properties, have you used www.gsmls.com? This is the NJ MLS site. It's more accurate than the ones you mentioned. You might also search Zillow and Craig's list. You might find buy and hold or potentially flips, the NJ market is pretty competitive though.

What most interested you? Are you interested in properties to hold or are you looking to make a quick profit?

Another option no one mention would be to buy a REIT or a REIT mutual fund. That would probably be the easiest and most liquid way to invest in real estate with a smaller amount of money.

Great Advice here, your banker doesn't know what he's talking about. I make capital contribution to my LLC all the time. There's no need to make it a loan.

James is right, the competition is fearce right now which is driving the purchase prices up and returns down. Most are cash buyers too. You will have to be more creative than searching MLS. Check out the pod casts on BP. This weeks was about finding deals, it was pretty good.

I have a friend who just moved to West NY and loves it, it's a less expensive potentially future Jersey City.  I checked it out briefly and found more reasonable prices, that could be a good option. I just sold a house last month to a couple who sold their 2 family home in edge water to an investor, it was a $550k cash purchase.

I've realized there are better opportunities out of state and am buying a 4 unit building in NC as we speak.  My next addition will Likey be in the Tampa area. 

There are defiantly areas near you where you will find multi family properties.  I know some investors that own a few in Bayonne & Kearney and have been pretty happy.  Clifton has a good rental market too.  There you will find older homes that have been converted to 2 family homes....better yet maybe you can find a home that needs some work and convert it yourself!  You will find the best prices properties in Patterson, East Orange, and parts of Newark but I personally don't have interest in those areas.

Love that you are starting young! I bought my first rental when I was 23.

Welcome!  I'm in Northern NJ and can give you feedback if you start looking there

Adam

I used a franchise company called "Mr Ugly" to refinish a cast iron/ porcelain tub last year.  it was brown and they refinished it white.  There are several do it yourself kits but its pretty nasty stuff to work with and I wouldn't recommend doing it yourself. The tech wore a full body suite and respirator and it took 2-3 days for the fumes to dissipate when he was done.  They also refinish fiberglass tubs and kitchen counters. You might want to look up the local franchise before you replace just to compare the cost.  If its  within a couple hundred $ I would just replace it. 

Good luck

Adam

welcome! You will find all kinds of beneficial info on the site and everyone is very helpful.  The Podcasts are very informative. Be sure to add some more details on your profile so members can see your goals etc.