All Forum Posts by: Austin Keelen

Jeff, thanks for the heads up. I've been researching the short sale process and it does not look enjoyable. It was actually recommended that I use a lawyer to communicate with the bank. Your tips are welcomed knowledge though.

That's actually great advice that I didn't think of, thank you.

I'll be viewing my first home tomorrow, ever. My wife and I are planning on house hacking so this will also be our primary residence. 

1 building has 2 units. Both 2 bed 1 bath.

1 smaller home as a 1 bed 1 bath.

Home is a short sale.

We will be viewing the residence with the "Owner", their agent, our agent and my father who is a licensed contractor of 30+ years.

Any advice on what to look for or what to ask? Anything anyone missed and only noticed after they moved in? Thanks for the help.

Thanks guys, the Podcast has been a permanent part of my morning commute.

Hey Everyone,

I realize I've been posting questions all over BP the last few weeks but have yet to introduce myself. I recently finished my enlistment with the Navy and have moved back to my home state of New Jersey. My wife and I are currently looking for our 1st home and buying a multi-family with a VA backed loan seems like a great start. We've done tons of reading and research but the best way to gain experience is through action, so we're eager to jump in.

We plan on house hacking and my goal is to pay as little as possible after expenses. After doing analysis on dozens of homes we find the pickings to be slim in NJ (property tax is a cash flow destroyer) but we will continue to look. I plan on going to meetings soon to network and hear what others have to say about the area. I look forward to learning from you all.

P.S Anyone know of any great meetings in the central new jersey area?

Found the answer to my question. At least for NJ.

Preliminary and Final taxes

The first half taxes (Preliminary) of any year are based on half of the previous years' taxes. When the bill for the second half taxes (Final) is rendered, the tax rate has been established and the total years' tax fixed. The estimated (Preliminary) amount is deducted and the remainder becomes your second half taxes. N.J.S.A. 54:4-64.

Thanks for taking a look Rosston =)

My wife and I have located a duplex we're interested in buying I've ran the numbers and in my head they make sense but its always good to have other pairs of eyes look them over.

I'm using a VA loan with no VA fee (disability) and I'm not required to put any of my own money down.

-Down payment: $0

-Closing costs: $8,000

-Repairs: $3,000 (just to be safe)

-Cash Flow while we occupy 1 unit: - $358 (after vac,repair,pm,capex,PITI)

-Cash Flow when we move out: $250

------We plan on staying in the unit for at least 2 years (moving is exhausting). ------

-Total cash in the property after 2 years: $19,592 (Closing cost+Repairs+Left over PITI)

-1st year annual NOI (after we move out) : $3,000

-1st year Cash on Cash return (after we move out): 15%

$250 cash flow and 15% return seem like great numbers to me, especially since I don't have to put a large chunk of cash down all at once. Do these numbers make sense to everyone else? Thanks for looking!

So I've been reviewing detailed property tax info and I came across a document that is sometimes included on the website I use. It lists addresses, land price, improvements and the total property tax on the far right for the year prior. But under the 2015 tax is a smaller amount labeled as "2016 1st".

My question is, is 2016 1st going to be the total increase for 2016? Will the first property listed below be paying $3633.45 in 2016, vice $2422.30 in 2015?

Thank you for any help.

Hi Barbara,

I'm also just starting out, over the last few months I came to realize how many different types of real estate investing (Wholesaling, Buy & Hold, Flipping Etc.) there really are. I'd say to do some research on the different types of investing and see which one will work for you with your current financial status. 

The Book on Investing in Real Estate with No (and Low) Money Down - is a great place to start.

The webinars on BP are also very informative, and of course never be afraid to ask questions and seek information, especially when you figure out what type of investor you want to be.