All Forum Posts by: Daniel Gonzalez

@Shannon Richardson looks like a solid 3 family. Going off the video the stains on the ceiling are in the 1st unit, I doubt it's a roof leak, it could be from the plumbing from the 2nd unit. If that area of the house has its own roof then there could be a leak. Definitely worth checking that out. Concerning the heating and cooling, it looks like you might have a combo of radiant heat and AC via the vents on the floor as seen in the video. That AC unit in the 3rd unit looks like it's in an attic. That might explain why there is no ductwork for the AC. 

Overall it looks like it is mostly cosmetic work. Remove radiator add baseboard, or add forced hot air to the system, new floors/refinish. new kitchen and bathroom. Paint. hopefully it isnt too expensive for you. 

I had this happen with the property I recently closed on. The tenants had another 4 months on their lease so I extended close as long as possible and asked the seller to serve them notice to move 60 days before their lease expired. Luckily they agreed and moved out earlier than expected so I didn't need to offer them cash for keys. That would have been my next step. 

I did consult with my lawyer on all of this so I knew I was on proper legal footing before making any moves. I suggest you do the same. NJ is very tenant friendly. 

@Husayn Stroud Anytime. Keep reading and asking questions. I guarantee you will find out something new every day. Once you narrow down your markets, I suggest networking with investors in that area and connecting with a local realtor too. It could help you learn the market better and it'll push properties your way. Not the only way to find properties but one of the easiest. 

@Husayn Stroud Welcome to BP Husayn. Are you prepared to manage from afar? Take into account property management when running numbers. You might not be willing to go fix a toilet in Delaware if you live in NYC. Not saying you can't self manage and handle all of that from NYC, I just know people who invest at a distance always have a property manager. 

NJ has some decent markets where the cost of entry isn't astronomical. If you don't plan to live in the property you might be open to areas where a house hacker might not be. That could be your advantage over them. Keep learning, running numbers, looking for deals, and saving. 

Don't be afraid to ask questions and good luck. 

@Jameliah Cunningham In that case, a roommate might not be needed. I thought you would be doing this on your own. You already have a built-in roommate. I see the enthusiasm and it's great. As I've said take time and learn. Also, don't neglect your finances. Unless you have a bag full of money you will probably be getting a loan. Are you in a good position to qualify, have good credit, know different lending options, etc. 

@Lee Burns There are a lot of towns in NJ that will have you in the city within 45 minutes via train. Narrow down those towns, what's important to you in the area (since you'll be househacking) and start your search there.  Regarding lenders, you can go to a bank, look up mortgage bankers, or if you want private money ask friends and family. Private money from a stranger will be tough to get if you don't have a track record/relationship with that lender. I'm not saying it's impossible, it might just involve you partnering on a deal or some other set up. 

@Soo Y. Your profits are looking really thin. One thing goes wrong and you'll be losing money. Doing a rehab like the one you mentioned requires a lot of permits. The town could take weeks to process your permits, then you need to have your inspections and get the CO. I'm sure you'll also need an architect and engineer for the scope of work you have planned. All this just adds to the cost and timeline. I hope you factored that into your evaluations. 

Have you looked into different options? Can you subdivide the land and build two homes to sell?

@Marvin Tomlinson You don't need to go to Philly to make positive cash flow. Nothing against Philly but do you have any systems in place to manage at a distance? I'm sure an hour north or west from where you are you'll be able to find cash flowing properties. What's your plan? Strictly buy and hold, househack, flips, etc. Some strategies work better in certain markets, so tailor your strategy to your market.  

@Jameliah Cunningham Welcome to BP and congrats on graduating. NJ has some high taxes and home prices for sure but the rents you receive can make it worthwhile. Like @Shawn M. mentioned don't rush into it. I started searching for an investment property while I still had a year on my lease when I was renting in Hoboken. Take the time to learn about different areas and what type of strategy you want to employ. It will take some time to find a deal that makes sense. Just because 1 person thinks it's a good deal doesn't mean it's right for you and your situation. 

How serious are you about house hacking? You could easily get a duplex and rent out a unit and then have a roommate rent out part of your unit. At this point, you would probably be living for free if not really close to it. 

It's awesome to see how enthusiastic you are about REI but take this year to make a plan and learn everything you can and keep asking questions.

@Kenneth Robinson I recently closed on a duplex in Essex County. @Vaughn Smith was my agent and he was great. He is an investor himself in Essex County, so he knows the markets very well. If you're serious I'd reach out to him. 

Best of luck. 

@Jonathan Valdes that price sounds a bit high. I used David G. Grossman from Premium Home Inspections Inc out of Colonia, NJ and James L. Sanford Clearview Home Inspection Service out of Woodbridge, NJ. Both of them were reasonable with their pricing and were able to do an inspection in a short notice. If I recall I gave them a call about 3-5 days before I needed the inspection. The reason for my short notice was due to the tenant being difficult. If you were able to move your inspection I'd give those two guys a call. 

Good luck, hope your inspection goes well.