All Forum Posts by: Eric Waldron

Hi Bigger Pockets Community,

I’m in the process of renting out my two bay garage here in Warren County NJ. I previously had it rented to a deadbeat who stopped paying and I ended up having to evict him. For current prospective tenants I’m asking for 1 month security deposit, background check and for them to have renters insurance. Am I asking for too much for what amounts to a $375/month rental?

I currently own a 2 unit multifamily as a house hack. Our mortgage is $1550 per month and we bring in $2050 for the other unit plus and extra $350 a month for rented garage space. My wife and I want to move to a SFR and my question is when should I do it? Houses in NJ are quite expensive however there's a 4BR/1BA up the street from our house selling for 285K. With 15% down our mortgage would be $2300 a month and we'd still cash flow from our rentals down the street as our current unit would probably rent for $2000 a month and I could probably get another $150 a month for the other garage bay. So my options are to keep our cash flow as it is currently which is about $850 a month or move up the street and make around $700 a month but now my units are all being fully paid for by tenants.

My buddy just sold his 3br/1.5ba condo in Blackwood NJ for 245k when just two years ago they bought it for 150k. I live in North Jersey in Phillipsburg and it’s the same deal up here for homes under 300k.