All Forum Posts by: Alexander Flores

Most likely will be there depending on location, thanks!

@Joshua Houchins thanks for the reply and advice, at this point any advice is great.

This is my first crack at things, I know with NJ having such high property taxes, to get the percents on various formulas a lot of people get around the country is difficult.(At least from my research) Also all my calculations are estimated high for expenses and low for profits. Some houses of the same sq ft and bed/baths rent for 300-500 more a month than in my calculations.  Also my dad has been a mail carrier in that neighborhood for 5+ years and has only seen positive development. For the town it is in I would say it is a Class B house but for the general area it is a Class C. 

Hey all I am about a month into researching REI and BP. Found this house in NJ, about 5 minutes from where I live, so I know the area very well. Here are the numbers.

Listing Price: 90k, went down in price 35k yesterday.

4 Bedroom, 1 Bath

Maybe 1k in rennovations, all cosmetic. (paint, flooring, a few small wall patching, etc.) Plan to do reno myself with help of a friend or two. (We grew up working for a friends family contracting company)

Taxes: 4.5k

Estimating 10% vacancy and 10% maintenance

With a 5% 30 year loan estimate, looking at expenses of $1,100 a month. Rental comps in the area(could only find 3br) are $1400-1800 a month. Even if I can get a tenant for $1300 a month, 200 CF is not terrible I do not think. Also it would only be about 15k cash in hand with 10% down, closing costs and 2k for renovations.

Also I still live at home, my monthly income is 3k and monthly expenses is $700. 

Yeah I agree with everyone's comments and thanks for the great help. This isn't something I am going to dive into aimlessly.

Yeah it would be a good idea to start networking early. PM me if you want to start talking. Thanks.

Yeah I enrolled in a RE school to get my license that starts the end of this month.  Thanks for the advice. Both of the partners I was considering are both immediate family, but you both are right in that I want to learn more about it all before jumping in.

I am new to the whole REI world and am very excited to hit the ground running. I have a plan that I have drawn up as to how I want to go about my investing but am still hesitant on starting it up. I have 2 people who would be a partner of mine, to help me fund my first buys. I want to start off with buying and holding at first then maybe go into flipping homes once I get some cash flow and stability. But without any real guidance by any one in my social group that shares the investing idea. Sorry if this is a common and annoying post, just trying to reach out to like minded people. Thanks!

I am new to the whole REI world and am very excited to hit the ground running. I have a plan that I have drawn up as to how I want to go about my investing but am still hesitant on starting it up. I have 2 people who would be a partner of mine, to help me fund my first buys. I want to start off with buying and holding at first then maybe go into flipping homes once I get some cash flow and stability. But without any real guidance by any one in my social group that shares the investing idea. Sorry if this is a common and annoying post, just trying to reach out to like minded people. Thanks!

Hey all, I am a new member here and I am really interested in getting into real estate investing. I am from Central New Jersey. I am young, only 22 but I have a full time job as a teacher and I feel as if this is a perfect time to start something I have always had a desire to take on. Any help would be greatly appreciated! Thanks in advance!