All Forum Posts by: Carlos C.

Looking to add a bathroom or two to my home for that ARV and increased rent appeal. Anyone in the area with good recommendations? Ideally full service contractors who will also go through the process of pulling permits.

Hey Sac Investors,

I was wondering if anyone focuses on listing their property on Airbnb rather than traditional year long leases and if you could share your experience with this medium. A few questions I have:

1. How far in advance do you get bookings for your listing?

2. Number of Short term vs long (>30 days) reservations? 

3. Downtown/midtown vs TahoePark/Tallac Village etc

4. General tips/advice/lessons?

Hello fellow hudson county real investors,

I am wondering if anybody has worked with groups that fit the trifecta in the Hudson County area: High Quality, Efficient, and Economically Advantageous. 

I'm looking for:

1. Licensed General Contractors: for apartment remodeling/renovating and basement finishing, as well as for patio projects.

2. Licensed Electricians: to ensure my buildings are up to code, energy efficient, and sub-metered and to work with GCs on projects

3. Licensed Plumbers: to ensure buildings are up to code, efficient, sub-metered, and to work with GCs on projects (adding bathrooms, central AC/Heating, etc.)

Currently looking for estimates on projects and if anyone has teams that have been an absolute pleasure to work with please send their info my way. And if there are any notorious groups that one should avoid at all costs also please let me know. 

Thanks everyone!

I'm going to try a conservative 2,500 up to 5,000 cash for keys offer and see if that works as I think I could make the returns work after rehabbing. Appreciate everyone's input.

This is also what I found through my own investigations and was hoping a lawyer would help me draft up an agreement so that if a tenant did accept it then I wouldn't have to pay them until I could verify that the property itself has been completely vacated but they immediately advised against it and that they would not do such a thing.

Anyone in NJ used an FHA to househack a multifamily home? Plan is to buy a multifamily unit and live in one unit and rent out the rest. However, the property we are looking at has tenants in the other units and we have been told that they intend to remain in the property. We don't really want to move into the property with other people in it since we would like to remodel and renovate all of the units before renting them out and as well just to improve the overall look of the house to be more in line with our tastes. Has anyone done this in NJ where it is a very pro-tenant state? My attorney also told me that cash for keys is technically illegal here in NJ so she advises against it but knows that its done under the table by others as a "moving fee".

So my business partner and I are looking to invest along the Hudson county boulevard east area and are having trouble finding comparable rents. We're looking at multifamily home options, planning to remodel the units into more modern apartments, and rent out some units for long term tenants and the rest on Airbnb (unfurnished vs. furnished options). 
We are trying to figure out how to charge rent and as of right now our plan is to charge one unit the cost of our monthly mortgage payments (2.5-3.5k), the rest of the units the same amount and have the airbnb option to make more income. We are planning to install submeters so that each unit will be responsible for paying their electricity, water, heat, and sewage. Anyway, that's our rough plan and was hoping to get any insight or advice on the matter. 

Hello,

I am currently going through several google searches on what laws a landlord in NJ should be aware of before/while buying a rental property. Is there a specific website or source that other landlords from the NJ area use? I'm planning to read all I can as often as I can so that I can tailor my rehabs and lease agreements. Appreciate any help!

@Katie Phillips Yes this will be my first house hack. I'm currently planning to rent in the nearby area until I can find a home to buy that will fit my math. The math requires that I be able to pay my monthly expenses for the home even if I have 0 tenants but the goal is to not have to pay for the house and have some cash flow to save for future REIs.

In a similar vein, I am looking to househack a SFH in the sacramento area but am having trouble seeing how much rent would be in the areas I'm looking. I'm looking to buy a home in the tahoe park, oak park, north oak park area (close to UC Davis Medical center essentially). I'm looking at homes between 300-550k and the estimated mortgages are something I can comfortably pay on my own, but I'm looking at 3-5 bedroom homes. Surrounding areas seem to be going for about 1800-2100 for 2bed/1bath with some including utilities and others not. I'm hoping to be able to charge a flat rate of rent per room and cover all utilities and so far my estimates fall within 1000-1600 per month depending on the number of bedrooms the home has. Does this sound absurd? I feel like these prices are a steal in NYC but probably not so much in Sacramento area.