All Forum Posts by: Adam Eckhoff

Good Afternoon BP's,

Two-bedroom, Single-family house, listed for $110,000 (rounded), with an estimated mortgage of $680 (rounded). According to Huduser, a Section 8, two-bedroom unit would rent for $1,250 (rounded). QUESTION 1: Would you consider this a good investment; purchasing a renovated SFH, section 8 it, and utilize a management company? QUESTION 2: What are some basic "ideas/thoughts" that i should consider?

https://www.realtor.com/realestateandhomes-detail/5310-Norle...

Thanks,

Adam. 

Hi Jeremy,

How could you tell this was a "deal", even though it was listed on the open-market via MLS?

What the ARV?

How did you calculate the renovations, did you have a friendly contractor lined up?

Thanks,

Adam.

Good Afternoon BP's,

I'm about to throw a hypothetical scenario at you guys, and please let me know what you think. 

Let's say I come across a property in Atlantic City, NJ with good bones (roof, plumbing, windows, electric, etc..), or even Turnkey! Now, let's say its a three-bedroom SFH which would sell for $150,000 to $200,000. Assuming it's Section 8 approved, why would it not be a good idea to slap a Section 8 tenant in there and collect positive cash flow? Assuming my mortgage payment is around $1,000 to $1,500 per month, and i would receive $2,200 per month from Uncle Sam, why would i not do this?? (ASSUMING, the tenant is screened properly). 

Conversely, my wife is very hesitant to join me on my real estate journey ever since she saw news about squatters. How would i handle her doubts about squatting rights?

 I would love too, lets definitely set something up. I'll send you a DM.

Hi Jonathan Greene - I live in New Jersey and would like to eventually get into BRRRR. Since you are also from NJ, do you recommend any local meet-up groups that i should attend? I'm trying to build my team while i study more into REI.

Thanks,

Adam. 

Good Afternoon BP Community,

Quick questions regarding starting out in my real estate investing journey. After everything I read, it seems like it all comes down to "having a team", "if the numbers are right", and "finding a discounted property".

Investing technique: Preferably BRRRR Method. 

My questions are: How do I find a trust worthy team, broker, contractor, etc..? How does one find a "discounted property". Do I befriend brokers or wholesalers, and just WAIT until they tell me about the discounted property? How do i estimate renovation costs? I have sooo many questions. 

Thanks,

Adam. 

 Thank you, do you use a contractor or do all the renovations yourself? How many months does the property stay vacant until you can get tenants into all the units? 

Thank you for the insight. So would this fall in the category of BRRRR?

Good Afternoon BiggerPocket Members,

I'm just going to run a quick scenario for you guys, and let me know what you think. 

I currently have saved a lump sum of money... As of now its growing in an Index Fund; however, that's super boring, but SAFE. Conversely, I want to take that money and drop it on a Single-Family Dwelling in New Jersey (where I currently live) and then rent it out. 

Scenario 1: I purchase a three-bed, single-story, single-family dwelling for $200,000 to $300,000, have it financed so the mortgage would be around $1,700 to $2,400 (making up numbers here), and rent it around $2,800 to $3,000 per month. I would manage the property.

WHAT am i not thinking of, or considering? Is it the amount of fit-up it would need to become "tenant ready", is it "how long does it take to get a tenant in place"? Why cant I just pull the trigger, slap a tenant in there, and collect $$$ per month? Do i need to find a discounted property?

Thanks,

Adam (future investor). 

 Thank you for the feedback. I'm also from NJ. How would you begin if you were in my shoes?

Thanks.