All Forum Posts by: Christopher Veljkovic

@Darling M.. What I did was take a map of the railway/bus lines and did my research from there. 5 of those areas you listed were on my list, however, when I began bidding on homes I soon found out how much money people are willing to buy small multi-families way above asking price.  It was a bit discouraging but I trekked on and found a reasonable spot 40 minutes by car to GWB and 50 minutes to grand central by rail. 
Good luck. 

@Peter Zeoli welcome!  Jersey it tough but doable. It took me 9 months to find a 2 family in Morris county. It is a fixer upper that happen to be a off market deal. I’m 1 year and 3 months into this project but I can see the light at the end of this tunnel.  This project will either be a live in flip, 1031 exchange, or if the rental rates justify  it will be a buy and hold.  Not sure yet.

@Kevin Mantell just checked your website and it looks interesting .  I’m not in the market right now but hopefully within a year from now I’ll be looking, predominately in Morris county. 

@Natalie Schanne  your event came through my keyword alerts. 

Unfortunately I cannot attend tonight but I would like to make it to the next event. Please add me your list.  

@Ryan Laue congrats on your first renovation!  I too am in the middle of renovating my first small multi/house hack in Morris county!  And like you, I am a very hungry. I can’t wait to finish up this rehab and acquire my next piece of property. 

What is that exactly you are looking for? Money? Ideas? Leads? Because I am always looking for Money and Leads. Just it's so hard to find deals in north NJ. My goal is to BRRRR as much as possible but it looks like to the best way to do that is intiate a house flip and consider the option when changing the financing towards the end of the rehab. Unless your all cash.

If you start up a REA I’ll show up.  

BTW I am no expert in this but I am hungry. So if there is anything we can do to help each other. LMK.  I’m in the area. 

Good luck in your endeavors!  

@Costa Deir There are a few reasons why I want to refi to a conventional loan, the first one you've mentioned. FHA allows me to purchase another home and keep a lot of my money in the bank for possible future investment. The low money down and the ability to utilize a 203 B or K, that program is pretty nice.

The second reason is to eliminate the MIP of $/225 month. As long as I can keep the closing cost low, then it would be worth. Waiting for 80% of the principal to eliminate the MIP is wasteful and not smart money thinking.

Great question @Josh Lyons!  Personally I did the Home Depot rental truck for awhile and I  found that to be a inconvenience but it was definitely cheaper in the long run to go that route. If you calculate the maintenance, gas, and everything else that goes into the purchase of a truck, it is actually a useless expense.  But I still bought a used Toyota Tundra because I like trucks!!

@Costa Deir your right about the cash flow. There isn't much there. But I believe if the market here stays consistent my ARV should be $425-$445.

After I refinance out of this FHA , and if I plan to still live here, I'm hoping to keep my contribution to the mortgage at the most $1k and the tenant will pay the rest. Which is my situation now.

@Kerry Baird thanks for the input. Time to become a good landlord is key. The rehab portion is easy for me but learning to be a landlord is a new endeavor. 

Although rehabbing sometime could be a challenge as well, because I don’t want to over do the rehab like this is going to be my forever home. Just gotta keep telling my wife that!  J/j!  Thanks again

@Thomas D. thanks!  My wife and I came from the nyc inwood area, so we wanted something in the middle. Not to much urban and not to much rural.  Also I used the Morris train line station and used the train stops for possible prospects!  The other portion was the demographics in the area which helped out. 

Hello BP Family! JUST WANTED TO SHARE MY EXPERIENCE SO FAR on my 2nd purchase but 1st small multi. It has been awhile since I have posted anything or asked any questions on the forums. I have been preoccupied and extremely motivated with my First duplex live in flip or BRRRR, not sure yet. The home is on a cul de sac, side by side duplex. I think the neighborhood is a strong B- in a working class area. Nice Main Street walk about, and commuter friendly town. Very diverse ethnic community as well. The renter has a 2.5 bedroom, 1 3/4 bath, updated kitchen and bathroom when I purchased the home. The house sits on about 1/2 acre. I also acquired the tenant which was extremely stressful in the beginning but happens to be the best tenant ever (fingers crossed). The basement houses seperate washer and driers. My family and I are living in a 3 bedroom, 1 3/4 bath, descent floor plan, but totally outdated. Which is why I’m so preoccupied. However, at this moment I am doing the siding on a 38 sq home, by myself, trying to button up the home before winter. City water and sewage, which I pay for both units, seperate gas and electric. There is a unutilized 3rd floor, which I plan to seperate to both units eventually. Hopefuly it will increase the rent by $200 at least. I recently changed both water heater at $900. I have an updated on demand heating system and the tenant has old forced air but new central air. Quick overview: FHA/203K stream line LOAN at 4.25% purchased a duplex for $299k in Boonton NJ. 203k at $19,800 on chimney repair, roof, and misc PITI + MIP $2,771 Rent: 1,700 First water/sewage bill is $78 per quarter Estimated rehab cost is around$50k ish and I am hoping to do all the updates within the first year. Once I get all rehabbed the vacancy, cap ex, and repair will be about $500/month. I want to refi the finances. Then I’ll make the decision to stay, 1031, and/or hold and move onto the next. I believe the rent on the side my family and I are living in can get me $2,200. The conundrum is that I’m playing with speculations on the housing market. I know I acquired the home at a decent price but not the price that I feel will give me good cash flow or a good ROI. Not sure if I am calculating those numbers correctly but the rental comps are within that price range. Plus accounting for all the closing cost after the refi is such a blur to me at this point but I WILL STILL MOVE FORWARD. I am listening everyday to BP pod cast and reading the suggest books. My issue is that I need to get out and network myself with like minded people, find a mentor or maybe become a example for those who are just starting out like me. It’s hard with 2 kids, a wife, and a full time job. My Goal is to acquire 4 more properties. I need kids college funds and pay for my wife’s and I retirement. I find it to fascinating that people can scale a business as they do which is my next step in my real estate career. Thank you for all those that read this. Any inspiration is accepted. But what I’m looking for is CONTRASTIVE CRITICISM, so if you got it please reply! Thanks again! And for those who are starting. My advise is to JUST START!!