All Forum Posts by: Chris Spespy

Does anyone here invest outside of Philadelphia and willing to share your experience/advise? I am just starting out. What areas do you search in/stay away from? Do you know any RE agent/investor that you would recommend?

Thanks in advance.

Hi all,

I'm about to put an offer on a property in Haddon township, NJ. Unfortunately, one of the unit turns out to be an illegal unit. The unit has been there for over 20 years. My question is, is it worth getting a legal permit for it or just run it on the down low? Is there a penalty for running an illegal unit?

@Shannan Bowen what do you mean by it's on their radar? If the offer wasn't accepted, isn't that the end of the road?

@Ray Peslar hi Ray, how did you help them exactly? With finding deals? Id love to partner up.

@Ryan Hill No, not at all. I want to find a good deal but don't have a lot of network so I thought foreclosures maybe the way to go. I have a few friends who bought foreclosures and recommended it but they're all out of state. I would appreciate inputs.

Can anyone recommend a RE agent who's comfortable with buying foreclosure property? Mine looks down on it and told me to avoid it. I simply disagree.

@Joey Copper your statement oy works for large scale investors and those with large cash flow. What about investors whose spouse run the property(ies) so they can enjoy the tax deduction from being a "RE professional"?

Has anyone with a Full time job ever did a rehab for your first investment property? Good or bad idea? I really don't know much about how a house is built but am willing to learn. I also don't have a lot of time to dedicate to it since I have a FT job. Is rehabbing something that I can delegate easily to contractors if I find ones with good reviews on Angie's list?

I found a house that basically needs to be taken to studs and rebuilt. The house has never been updated since 1980 and has not been taken care of. There's clearly a leak from the chimney so the walls and roof will need to be ripped out, roof replaced, all rooms updated. Location is amazing and I will have to problem finding tenants. I'm very tempted to put in an offer but am not this is the right move considering my lack of experience and time.

Anyone who can relate to me have any advice? Thank you!

@Dillon Y. I would love to renovate but I have a full time job and don't have a lot of time to devote to RE renovation. Also, updating/renovating means tying up more of my cash into RE on top of the 25% DP for investment property.

Let me know if my thought is faulty or if you have any input. I just don't have a lot of experience with home ownership and this would be my first investment property (I do have a primary home already).

@Dillon Y. Thank you Dillon, that was very helpful. Is there an area in South Jersey that you think have a lot of potential to be cash flowing?