All Forum Posts by: Dennis Soto

Than you @Bob Norton

@Tara Sullivan would you say obtaining your license did NOT help you with your investing?

Is that why you decided to be a full time realtor?

Do you think you would have been better off without the license or it just wasn’t everything you thought you were gaining?

@David M. Thank you for your detailed response. I feel like I already had an idea this would be the case but your insight has confirmed it for me. Since you offered I will definitely reach out with further questions before I rule out the potential move.

@Chow Ahmed that’s my thought as well. However, I’ve heard the RE fees can get rather expensive and one might be better off utilizing a good agent willing to help. 

@Joe P. I’m quite sure I would require the sponsorship of a broker, which is why I posed the question about additional cost involved in maintaining the license. I’ve also heard of some type of RE commission you have to pay dues to. In any event, thanks for the referral. Hopefully Tara has some insight for us both. 

@Dave Foster thank you for that information. I wasn’t and am not exactly sure how the 1031 exchange works I just know of it and what it’s used for. That’s actually why I’m looking for a good CPA that can guide me through making these types of decisions.

Hello All,

I am looking to jumpstart a (NJ) RE business (flipping/buy & holds) and was wondering whether I would benefit more from obtaining my RE license or finding a good agent? My main concern is that if I'm flipping a couple of houses a year, I will potentially be spending a lot of my profits on agent commissions. Where if I act as my own agent I could find and list my own properties and save on that end. Can anyone please help me weigh out the pros and cons?

What are the fees associated with maintaining a (NJ) RE license once you have it?

Hello all, 

I am in the process of selling an investment property and I'm trying to avoid getting slammed on the income taxes. Does anyone have any recommendations for a good CPA in the Middlesex/Union/Somerset County area who is knowledgeable with 1031 exchanges and any other tax loopholes that may be available? Please elaborate on why you feel this CPA would be qualified (past experiences). Any advice or insight on things that have worked for you in the past would be greatly appreciated as well. 

Thank you all in advance.

@David Nelsen- I would first recommend splitting the hot water heaters (especially if traditional tank heater). You have no control over what time of day your tenants will shower (empty the tank) and if too close together, someone will be complaining they have no hot water. As for the AC & Furnace I would suggest buying a thermostat lock box; buy a smart thermostat that can switch from heat to cool on its own; set it and forget it. Without splitting the units you will probably still get complaints about about the temperature. If you are honest upfront with the tenants you might suppress some of that noise since they've been fairly warned. However, until you find the right tenant willing to adjust and accept the situation, this could lead to a high turnaround rate on the units. Depending on the cost of vacancy and your current financial situation, it might be best to spend the money upfront and just split the units.

@Mark Pags I agree with @Joe P., you mentioned the house requires cosmetic work in the kitchen, bathrooms, and flooring. If your paying $420 for the property, even if you sold it for $460 between taxes, closing, and agent fees, you would be coming out-of-pocket for the rehab.