All Forum Posts by: David Chwaszczewski

Thanks for the recommendation.  Will look into it.

@Jassem A. We have slab homes here with old asbestos tiles we don't want to pull up.  We use embossing leveler then we apply.  If you have a plywood subfloor you will have to use luan and feather the seams to get a good bond.  If you are going over OSB then i would recommend a floating floor system that locks like Allure flooring.  Any questions PM me.

@Lindsay Conway I uses vinyl peel and stick flooring that looks like hard wood.  Buy extra and stick in the attic for future use.  It will cost more, but cheaper and easier to maintain.  If a tenant spills something on the floor they wipe up and if its damaged just peel up the bad and replace.  Cant do that with carpet and every time you have a vacancy you will have to get cleaned.  That adds up fast if you do that on 1 year leases.

@Account Closed I didn't put any money to buy my first deal (except the 1K i had to come out of pocket during rehab). I was able to get a deal from a mailer that the LTV was low enough that my private lender was ok with what i was asking him to lend. House was in good shape, owner needed to move and i offers a quick closing. This is my best deal so far. The others i did I just looked to borrow enough to purchase and renovate so i could get my capital back out and repeat process. I am looking for monthly cashflow in the end and not banking on appreciation in the long run.

First step is the hardest!  Congrats!

@Account Closed Bough my first rental 0 down. I bought a property for 23K from marketing mailers sent out, borrowed 30K private money at high interest . After closing costs i had about 5K for remodel work. Went over 1K so that is what i put into it. I rented the unit for $800 a month and ARV on refi 6 months later was 70K. I took cash out refi (75% LTV) at 54K, paid the 30K back and bought another property.

I own 3 units and closing 2 more next month.  I have 6 more lined up after that.  Goal is to get  5 - 10 a year.

@Bill J. I am using landlord station currently.  It works fine for up to 100 units.  You can get payments online and can track repair requests.  Also has online storage and ability do have docs signed electronically.  I like that i can customize the rental application.  Only gripe now is that i have to pay for the screenings and order instead of sending to the tenant and have them pay for it.  I just use another background screening company to do this.

@Gena B. 6:30 start.  Come early to eat and network.

If you live in NJ and you have properties in NJ then that is where you should open your llc.  Don't over complicate things getting started.  If you have a out of state llc you sill have to pay taxes in the state the properties are located.  When you have multiple properties and looking for tax breaks/asset protection then you should look into other options.