All Forum Posts by: David Martinez

@Brandon Ribeiro I feel when you are making any investment it is very risky if you are using all of your cash savings. I know reading about real estate, and everyone’s success stories really makes a person want to jump right in (I get excited too, haha). I like to make sure I have living expenses for at least 6 months before I put any of my money elsewhere. It is very stressful making an investment without any reserves, and any road block could really set you way back. Also, you should utilize the rental calculators on this site. It really helps you become attune to the true expenses of rental properties. Setting aside money for your piti, and also vacancy, property management, maintenance, and capital expenditures is a great formula for success.

Thank you for starting this meet up! I’d love to come to the next one on November 14th! I may be a little late to it if that is all right, I’d be coming right from my real estate class to get my license in NJ. 

@Muhammad Thomas Welcome to BP! I’m looking in the same area (Port Jervis, Montague, Middletown). Good luck!

I have thought about getting my real estate license for quite a while now. I was hesitant to go for it as it is a big change in my life. After putting a lot of thought into it, I have decided to cut my hours down at my W2 job and take the leap! I will be taking my classes in November and selling under a local broker. If any other agents have some general advice for a new agent starting out or marketing/lead tips, I am all ears!!

@Adam Anderson Thank you! I’ve sent you a message.

Hey everyone, I have an accepted offer on a duplex in Montague NJ. I will be going with a 203k loan and was wondering if anyone in here had any suggestions for a good GC in the Sussex County NJ area. Thank you!

Hey everybody, I just had an offer accepted on 2 duplexes on the same lot. I have a question if anyone has dealt with this situation before. It is listed as one section lot and block, says 2 homes on one tax record but only one tax bill. I was wondering if there is a way for me to pay homeowners insurance as if it is 1 four family home, rather than 2 separate homes. Anyone that has experience with this situation, your help is much appreciated.

Fannie Mae has a loan called “Fannie Mae HomeStyle loan”, that lets you finance the home and the renovations with only 5% down on a primary home, and let’s you finance up to 50% of the homes value for renovations. I would look into that as an option for your primary home.

Why don’t you see what he would sell all 8 for as a portfolio. Maybe if he sees the value in selling all 8 at once instead of separately, he would be more likely to lower prices as a package. He gets the time and convenience and you get extra equity.

Definitely always great to hedge your bets with multiple streams of income. You should pm me your contact info, I would definitely like to talk further on your contracting experience and also real estate plans. Thanks for reaching out.