All Forum Posts by: Daryl Martin

Thank you for the advice and the link! I will definitely look into the state and city guidelines.

Hello Bigger Pockets Family! My girlfriend and I are in the process of closing on our first rental property in Newark NJ. It is a 3 family house with all 3 units occupied.  3-3-1. We are looking to come in right away, improve on the property and maximize our profit by increasing the rents. Due to the state of the market and the increase on the interest rates the margins are just not where they were when we first started shopping. The unit that is listed as a one bedroom is currently being used as a two. We know that if we add a closet to the other room we will be able to list it as a 2 and there for increase the rent. We also  want to increase the other units because they are considerably below market value. The question is! How do we add the bedroom in order to increase the rent? If they sign a lease will we be able to increase the rent before the end of the lease, after adding the closet to convert it into a 2 bed unit? Any feed back will help. Thanks in advance 

Bp*

Hi how’s it going FB family! I’ve recently recommitted to wholesale real estate. So for One of my first steps I decided to go to my county’s probate office and pulled the probate. I forgot to bring a flash drive so I took pix of the screen, of the recently issued probates. Now that I’m home I’m realizing I do not know if these people have inherited a house or just a car. What steps do I take now to see if these leads are worth it? I know that this strategy works in my area because it happened to my mother and aunt last year. Any tips will be greatly appreciated. Thanks in advance!

@Daryl Martin

🤦🏾‍♂️ I was so eager to help out I didn’t proof read. lol sorry. Hopefully everyone understands. Any questions feel free to ask.

@Brendan Chetuck

Hi Brendan.

I’ve worked for one of the biggest electrical companies in New Jersey for a number of years now. And how we would typically price a job like that (assuming there is no sheet rock is in the way) would be $65 a piece(receptacles,switches,lights,or ceiling fans). NEC(National Electric Code) says there needs to be an Receptacle within 6ft from the door and no more than 12ft from each other. So if the room is 12x12 you’ll have about 4-5 receptacles plus and switch and a light. So $65x7(pieces)=455(recess lighting is a little more) keep in mind the kitchen needs 2 GFCI circuits and each receptacle on the counter top has to be with 2ft from the sink and with 3 ft from each other. There will be some additional circuits that will need to be dedicated and what ever additions you would like. For example a receptacle for a wall mounted tv. So don’t for get to factor that in. A 200 amp service upgrade( “the fuse breaker thing” lol) is usually anywhere between 2000-3000 which is more than enough power to carry the load of a single family house.

Any questions feel free to reach out

Daryl

Ok thanks a lot for the information from both you guys @Tyler Bushey , @Brian Ellis. I know I have to take the plunge to really learn. I just needed help with the first steps and you guys did just that. I will start looking for properties today to see whats in my price range and go from there. Thanks again

@Brian Ellis Thanks for your input. Im going to look and see if there are any meetup groups in my area coming up. I also listen to Audio books as well. I'm an electrician with demanding hours I find it easy to listen while I work. Can you suggest any books to download?

Hello Bp! I am looking to House hack a 4plex in the near future ( with in the next 6-9 months) and in need of some tips. I am currently in the process of taking steps towards my goal. For starters I've started Clearing my debt which isn't much. At the same time I've put in place a budget for my down payment and any other out of pocket expenses that will come along with my investment. Being that I will be a first time homeowner I'm looking to take advantage of an FHA loan. And most important I've made the decision to commit to doing everything it will take to reach my goal. I know in order to get the best possible out come from my investment will need to learn how to Analyze potential properties. Is there any specific books, webinars, Youtube tutorials etc. I should look into? Or any other helpful tips or process I am leaving out? Really looking to dive in head first but need a little help getting started.

Thanks in advance

Daryl