All Forum Posts by: Edmond J Daugherty

Thanks! I was just curious what they figured out if anything

What did you end up doing? I'm considering bringing my friend in with a % of profit. Thinking it's only fair for the work involved (especially if managing rehab)

What did you figure out? 

What did you figure out? I have the same question, haven't found much about this yet.

Was hoping to see some replies on this one. I'm thinking through the same questions trying to figure out who my boots on the ground person would be?!

Those are all valid questions I'm asking. Does anyone know why inventory has been so low for so long? Or is this a regional phenomenon?

Thanks for the insight! Seems like crazy times ahead

Hi guys,

Not trying to wear a tin hat, just have legitimate concerns and am curious if I can get insight from people more experienced than me when it comes to the current market and what may be ahead. What we're looking at:

I live in NJ and do not like the property tax situation... been looking in PA for 6 months but obviously it's crazy everywhere so sellers concessions weren't being considered (we sold our home Oct 2020 😁)

Percieved positives:

-Strong demand

-Low inventory (why has it been that way for years?)

-Increasing prices

-Low interest rates bringing higher than normal demand

-First time home buyer incentives

-In my neck of the woods a lot of people have fled NY but the bidding has been ridiculous too. (Not paying $35k over appraisal value...great for sellers)

Perceived negatives:

-Lots of people using the loan forbearance program

-Housing becoming unaffordable for first time home buyers

-When interest rates rise again prices will drop (Is there a certain percentage that starts to slow demand "normally?")

-With increased housing prices property taxes will follow

I'm sure I'm missing some things on each side of the pros/cons spectrum. Is anyone concerned about buying a house and having it drop 20% shortly after then the lender asking for catch up payments? I'm definitely interested in buying a project house but everything seems to be ridiculously overvalued in my small estimation. Can this continue for years?  I have savings but just don't want to vastly overpay for something if I don't have to

Thanks for any insight!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Boonton.

Purchase price: $350,000
Cash invested: $45,000

A mother daughter we have progressively improved

What made you interested in investing in this type of deal?

Affordability (help paying the mortgage)

How did you find this deal and how did you negotiate it?

Real estate agent, last minute deal and only got $5k off (we had to move out of our apartment we were in a crunch)

How did you finance this deal?

VA loan

Lessons learned? Challenges?

So many.

-Make solid contracts with contractors and hold them to it!

-If you really want it to be an investment property, don't live there.

-Sometimes you have to get something that is overpriced in your eyes because the market values it where it does