All Forum Posts by: Andy Rousch

I'll be there! currently live in Mt. Arlington, NJ. Two single family rentals one in Andover, NJ one long distance in Missouri. I work for a lender and am a licensed agent (just re-activated from referral but have mostly been using it to let myself in foreclosures) 

Excited to network and be surrounded by like-minded people 

you can still have an easy trasaction just have a lawyer and title company do the transaction it would be around 2k most likely, depending. I'm not familiar with 301, but you could 1031 exchange eventually! either way, I'd say go for it! 

you can possibly find a car wash franchise too which will give you a proven system. Depending on the royalties and fees, sometimes it's worth it to learn and get all the tools needed, or you may of course want to learn as you go. Just figured I would throw that out there!

Hey Dov, It depends on what areas of NJ. You can go farther west or north and find some decent deals, but the city areas like everything else are flying off the market. Are you willing to go farther away from the metro areas? and have you tried options other than the mls? I have one rental in NJ and one long-distance out west and am undecided where to aim next 

I know an awesome investor-friendly realtor in FL if you need one. He has long-term and an air BnB down there and crushes it with his Air BnB. Feel free to send a dm, and ill connect you with him. I am following these Florida posts because I'm tempted to get an air BnB in Florida myself to get away from NJ winters

Has he lived there two out of the last five years? might be smart to buy it and have hi hold the mortgage rather than gift it so you wont have to pay taxes down the line on capital gains from 0 dollars to whatever it is worth in the future. Only if he's lived in it of course. anyway, looks like it hits the one percent rule!

@Kyle Marsh I agree with @Account Closed. Definitely if make the purchase if it makes sense. You will be able to get into a college rental at a low FHA 3.5% down cost. I would also check with property managers but in two years it may be different managers. I have a rental in a college town as well and the following tips have helped me:

Make sure that renters that are living with you (if you are renting by the room, etc) you have the parents sign the lease and run their credit, just like you would if they were the actual tenant event though their kids will be the tenants

Make sure you are ok with a decent amount of damage to the house since college kids (including myself when I was that age) can sometimes have big parties and accidentally make a mess. The upside is you don't need to have a perfectly nice rehabbed property with granite countertops etc. and if it's going to be multiple students in the house you will get a bigger rent amount than if it was just a single-family. 

If you have the opportunity I would go for it, you'll learn a ton while being in school and leave college with equity and an investment under your belt. Worst case scenario you just sell it 

@Carlo Dacanay I have a rental in a college market and as stated before is just have the parents co-sign. In my case it’s three parents co-signing for three students in the house. Just make sure everyone living there is in the lease agreement along with their parents/guardians co-sign

@Nathaniel Hernandez if you are familiar with the area, the numbers work, you do your due diligence, and your ambitious about your“why” which is to help improve sections of the city that have been forgotten about, than I’d say go for it!

@Maya Gorski I work with a great national lender but not sure on their minimums, I will ask him tomorrow as he has both private and conventional loan products.