All Forum Posts by: Dan Chandler

Just beware of HOA fees, if there are any. I bought a condo years back with the intention of renting it out when I was ready to move on to a house. But the climbing HOA fees made it impossible. They stay low as long as everyone is paying them, but if you get in a development where people are not paying the HOA fees will skyrocket. We bought a condo out in Jackson in 2007 and the HOA was $120, it is now more than double that. The condo is long gone but I have a friend who still owns a condo there and said the fees are getting out of control. Unfortunately there is nothing you can do and there is no way of controlling them, it can turn a good deal into a very bad one within a few short years. I'm not sure what the fees, if any, are on coop's but beware because it is simply out of your control.

Good luck in your search!!

Hi Vlad,

Welcome to BP!!  I'm sure your math skills will be very hand, most of investing is all about the numbers.  Perhaps you can double check my math on some deals and give me your expert opinion before I put a bid in.  

Best of luck to you!

Regards,

Dan

I would look for properties that have been on the market for a while, calculate a price that works for you, and then make an offer.  A good deal could be hiding in plain site.  The list price might not make any sense to you, but if you make an offer for a number that does then it could turn into something that is worth pursuing.  If they haven't received an offers they might just be happy that they are getting one and take it, even if it is far below what they are asking.  Ignore the list price and make an offer based on a price that works for you.  

Good luck!

I am looking into buy-and-hold single family properties.  Some of the properties have garages so when I'm doing my calculations I was wondering how much, if anything, should I calculate as an up-charge for allowing tenants use of the garage?

@Leeor Shimron Great, good luck!

Welcome Leeor!  Does SIG manage any projects in Ocean County?

Thanks Al!!  

Kevin, do you know anyone who uses EKM Metering?  I've never heard of it but it looks really interesting.

I'm looking into a duplex right now but there is a giant red flag with the utilities...

The tenants pay the gas but the landlord is responsible for water, sewer and electric.  They have added solar panels on the back of the roof to help but everything I've read has been to stay away from a property that doesn't have separate metering.  So I have 2 questions...

1.  Should I abandon this property just based on this fact alone? 

2.  If I stick it out and the numbers make sense, does anyone know how much it would cost for me to have this converted to separate metering?

I'm open to all stories and advice... The good, the bad, and the ugly.

Thanks everyone!!  Great feedback and very informative, I greatly appreciate all it!!

I am filing with the state to form an LLC in which to purchase homes and rent them out. There are a lot of questions about sales tax. Do I pay sales tax on the rent that I will be collecting? And if I do, is it just for the total amount that I collect or just the profit? Ex. I charge $1600 a month in rent but after expenses only pocket $200. Would I pay sales tax on the $1600 total or the $200 profit? Thanks!