All Forum Posts by: Anthony Wilson

@Mike Teri @Shawn Mcenteer thank you both for your input as it is very helpful. I actually started looking in the Union County area. Definitely appreciate hearing the information on the property types & train access. Really hoping to stay in a budget if ~$600k. Thanks again for your help 🙏🏿😃

@Andrew Syrios @Julio Gonzalez thank you both very much. Happy to be here & learn

@Drew Sygit it has been a very challenging journey with that property. Hopeful that the performance will turn around by Q4 of this year.

Hello all,

Native Detroiter who is now living in Jersey City. I purchased a 4 unit property 18 months ago in the detroit area. I am now looking to purchase a 2-4 unit property as a primary residence in NNJ. Hoping to meet like minded people in the area to build a network with. 

Recently moved back to the NYC area. Am looking to buy a duplex, as a primary residence in the next 6-12 months. I would like to be as close to NYC as possible but want to stay within a tight budget. Currently renting in Jersey City (which is an expensive area). Any suggestions in North New Jersey for duplexes in an area that has good potential for equity potential & cash flow. Plan to live in the duplex for 1-2 years before finding another multi family. 

Thank you all for the replies. Great feedback. 

@Jaron Walling thank you for the information. I plan on keeping it at least 5 years. The biggest hurdle is the amount of time the unit is vacant in between tenants. Is spending an extra $5k on the renovation upfront worth it too make the unit easier to turn in the future? 

Also, is there an industry rule when it comes to remodel? I've heard that you should be able to recover your money from the increased rents in 3-5 years. But just heard that. Is that an industry standard?

Hello everyone,

I recently acquired a quadplex in the metro Detroit area which is my home town but I currently reside in the DC market. Since purchasing, I have placed two tenants in the building & inherited one tenant. Two of the units have very awkward layouts/floorplans. I recently place a tenant in one of the awkward units but for $125 less a month in rent than what I was seeking plus it took 2.5 months to find the tenant. In that unit, all we did was paint, new fixtures, deep cleaning, etc which was about $4500 in cost. There is one last vacancy left in the quadplex & it is in need of a renovation (it is in much worse shape than the unit that was just rented). I am strongly considering removing a load bearing wall to give the unit much better functionality & (hopefully) have an easier vacancy period in the future. But that remodel would cost about $13,500. However, the layout would be more attractive to tenants & (per my property manager) I should see an increase in rent by about $300 per month.

My question is, is there a calculator for how much in renovation a unit is worth? I'm currently torn with whether I should do the minimum to fix the place up ($7000) or if I should make the investment & get the hirer rents in return ($13,500).

Looking forward to hearing from you all!

Regards,

Anthony Wilson

Hello all,

I am in the process of closing on my first multi family deal. It's a quadraplex. Would be great to build a network of other multi family investors.