All Forum Posts by: Andrew Kuiken

Hello,

Looking for any recommendations for small multi family PM company in Wayne / Paramus area

Thanks!

Strange. Tenant saying it’s leaking in room when it rains. The unit above is ok so I’m thinking it’s not coming from the roof. Maybe I just need a siding guy to look at everything

Hi Everyone

Just purchased a new property that is a 3 unit complex. Next door is a 2 level complex with a slate roof and no gutter system. The houses are very close together. When it rains the runoff from the neighbors roof i believe is hitting my building and causing water to intrude into the siding. I think some of the siding may have also been damaged by snow or ice sliding down the others roof and probably into the side of my building. Not sure what I can do but seems I need some way to block the water from their roof or change my vinyl siding to something else. Does anyone have any ideas or experience with something like this?

Andrew

Thanks everyone for responses. Definetly has helped me adjust my approach. 

Hello BP!

I have spent the last few months analyzing many deals that I'm getting from MLS. In the Northern NJ area, it seems that many deals after accounting for taxes, capex, mortgage, etc all have almost no cashflow based on the expected rentals and the costs of the house.

I think I had a realization the other day that I may just need to start putting in offers at a price that makes sense, but here where prices are significantly higher than other parts of the country, looking to cut off 100-300k off the asking price to make something cashflow doesn't seem like it would fly.  

Anyone have any advice that can help me to change my approach to finding the deals?

Andrew

Hello Bigger Pockets! My wife and I are taking the step to buy our first rental. We've looked at several 2 family properties here in northern NJ, most of which are built in 1900-1930s. I feel like most of these units are in dire need of basic updating which I feel comfortable with. However, I've also spent a lot of time educating myself on older electrical systems and older types of plumbing such as galvanized pipe. A lot of these units may have updated electrical panels and some piping replaced with copper or pvc for drains but I still notice quite a bit of older wiring and piping mixed with newer stuff. I myself enjoy rehabbing properties to look nice and would consider myself liking to rent to mid to high middle class tenants that probably would take better care of the property, would desire these kind of updates. But in general I think what drives me most to this category is I enjoy making a rental unit that is modern, clean and would be enjoyable for myself (even if it has vinyl plank flooring). Now, I guess my biggest fear or what bothers me the most about these potential houses is that most of these core things have not been completely gutted and updated in near 100 years and the sellers are asking prices which don't make sense to me if I were to consider gutting the property to completely redo electrical and plumbing. I suppose I just want to have a property that I know is updated and shouldn't have major issues for many years since it is all done. Does anyone have any comment or wisdom they could lend me on these issues. I feel that it is a little irrational but I'm sure many have had experience with these feelings. Thanks!