All Forum Posts by: John Duncan

@Rob Gillespie very good point! I have discovered an alternative to treat asphalt shingles to help us on the selling end in the future. Which would require a fraction of the cost of a new roof and make the organic growth disappear

$14k Gone.

Right when we thought everything was going smoothly and we were in the process of closing, an inspection report came back with findings of Moss, Black Mold, some Lichen, and gleocapsamagma on the roof. I work for a couple great real estate investors in New Jersey, as a gopher, learning.

The potential buyers came back with a counter offer of $18,000 less than previously offered due to the inspection report of the roof. After some back and forth, at the end of the day, my boss and the buyer settled on $14,000 to cover the cost of a “New Roof”.

Has this ever happened to anyone?

@Andrew B.

Thanks! The town is Paterson NJ, it’s a Single Family home. In the east side near the cross streets of 21st Ave and Market St

@Michael Nauman

Hey Mike! Glad to hear! I have used BiggerPockets source for meetups! Here is the link to help find one near you!

https://www.biggerpockets.com/forums/521-events-and-happenings

Utilize Google forms as a landlord for tenants to fill out maintenance requests! This will help avoid any back and forth texting and is easy for the tenant to use.

Here is an example if you would like to see.

https://docs.google.com/forms/d/11m4CqKvKJKPzj42ejO-LvDg9DQ5GrSp2eqVf8XQL7GY

In the process of acquiring my first rental property! There is rehab that needs to be done like new flooring and walls, updating the bathroom and adding a shower, and updating the kitchen.

Does anyone have a great recommendation for investor friendly contractors or handymen who are economically great as well?

Thank you!

My Uncle has come forth with a proposal to finance my first rental property.

The property is a single family 5BR 1.5 bath 2,025SqFt with driveway parking located in Paterson New Jersey. This property was actually my grandparents and now it is in the process of being emptied out to prepare for sale.

My uncle, the executor, plan is to rehab the house so it meets the FHA's regulation standards for anyone who would potentially be buying the home in were to happen in the future. Example: If I needed to move out of state.

I am all for this plan because it will be paid for by the estate. Many walls and ceilings will be refinished and painted and some other small problems will be fixed as well.

My question is: Is anyone familiar with the FHA requirements for the conditions of a SFR before sale? Or would anyone be able to point me in the right direction to speak to someone in the NJ area?

This is my first step that needs to be completed in the process. This way before rehab starts my uncle is able to know exactly what will need to be fixed.

I understand that if he would be privately lending to me the house could be sold as is. He will not finance for this property unless it is "FHA Ready" so at any point during the next 25 years I am able to sell it quicker if I had to.

@Jeffrey Masessa

Hi Jeff,

I’m 22 years old and on my way of finishing up college within 1.5 years. If college is your choice, and since you’re not fond of it, I would consider a local school where you can commute and work/ learn RE. I initially began my college out of state where expenses were a lot higher than they are now where I commute and stay at home.

My good friend had also went to college and after 2.5 years decided to invest in a duplex. Finances aside/ college or not, always learn and network with others in your area.

College is not for everyone, but if a decision is made to pursue full time work you are able to make more money and learn more about RE. A trade would be a cool option to pick up to start learning building construction and networking with other contractors.

Think about the pros and cons of each decision and picture yourself in 5-7 years of where you want to be. Work your tail off be your best.

Focus. Commitment. Effort

Good luck

John

I am a new to the game real estate investor and came a across an opportunity to purchase 3 vacant lots in Wayne NJ. I am getting a lot of different answers as to how much construction can roughly cost. On a brand new more modern home how much should I budget for construction costs?

Hi everyone,

I have the opportunity of acquiring a three story single family residence in New Jersey that is completely mortgage free. This past week my grandfather, a WWII veteran, past away at the age of 96. The profit between the potential sale will be passed down, but I have the ambition of keeping this property while still benefiting the people whom it is supposed to be passed down to.

My Texas Uncle is now the executor of the property and my Mother and Ohio Uncle will be splitting the estate 50/50. They plan on selling the home within one year in order to facilitate the clean out of the property.

My goal is to convince my Ohio/Texas Uncles and mother to keep the property and have me attain it in some sort of way while still being able to give my mother and Ohio uncle 50% of the money they would have made if they sold it on the market. I want to take action with this property and make it a buy a hold rental.

Am I able to have a cosigner on a Refinance?

Right now I have minimal Funds of around $10,000. I had the Idea of refinancing the property into my name somehow maybe with a co-signer if possible. Then use a % of the refinanced money to go ahead and perform a rehab and create a two family house. The % of money of the refinance value that was not used in rehab costs would be split up to my mother and Ohio Uncle. After the rehab was complete I would start paying my mother and Ohio uncle monthly until they reach the amount they would have made if they just sold it now.

Example: House worth 200K

Money to Ohio uncle and Mother is sold right now: $100,000 each

Refinanced LTV: 75-80%

Refinanced cash: 150,000 (75% LTV)

Rehab cost: $50,000

Money from Refinancing that would go to Ohio Uncle and Mother: $50,000 each

Then set up an agreement with my Ohio uncle and mother on how they would get paid until 100k is met.

I understand I wouldn’t break even for a while.

Feedback is appreciated!