All Forum Posts by: David King

Is there something going on in Gloucester City? 

I had a lender tell me that they didn't like the "character of the neighborhood" (I didn't get it and they didn't explain) and then this home that I had been watching doesn't sell or rent.  https://www.zillow.com/homes/212-Orange-St-Gloucester-City,-NJ,-08030_rb/38245565_zpid/ 

@Robert Leonard

That WiseREI site is very interesting, thanks for suggesting it!

@Robert Leonard

Yea he did. But what you’re showing me with that graphic is something that I have heard about but had yet to find a portal with information that I thought reliable.

Thanks!

@Jaysen Medhurst I will take that on for action, thanks ofr pointing that out. I never looked at the numbers in a way that increases their pay for leasing to less than stellar tenants. 

I planned on offering prosepective residents options like Starbucks for the leases- 36 mos/$1275, 24 mos/$1325, 12mos/$1375. My thinking is prospective residents would take the cheaper over the shorter. 

That could 1-spread out turnovers unless evicted or 2- increase our cashflow for the shorter term. I think I heard that here somewhere.  

@Jaysen Medhurst

I guess better said, the 12.5% is part tenant replacement costs and expense coverage between tenants. 

Thanks for checking it out Jaysen, I am going to rerun using your input- 

-The PM I use in VA charges a month and half rent to place a tenant, 12.5% equals to that for the calculator.

-Capex is low, I agree. I expect to replace the roof and HVAC going in.

-A PM I know there says his going rate is 8 plus the 1.5x rent to place a tenant.

-This plan is for a commercial refi. I spoke to a nice gentleman at Haddon Savings and he quoted me that.   

View report

*This link comes directly from our calculators, based on information input by the member who posted.

How did you decide on Memphis Janelle? And how easy has it been to work from over here?

Thanks Janelle!