All Forum Posts by: Erik Pedersen

Ummm I highly doubt that lol.

Only way that would work is if the tenant paid your prop taxes.  I would just include taxes with the rent you charge and keep paying taxes as you always do.

Hey @Candi Rivera I started the same way by reading Rich Dad.

I have 3 multi families that I rent out currently, one of them is in newark and wholesaled 1 property in Newark a couple years ago.

Let me know if you have questions we can connect!

Hey James, had that exact plan and went through with it in Bayonne!  Its the best way to start although I didnt do 203k loan.  

Do your due dilligence, make the numbers work, live in the basement and rent free, work hard and itll pay off.  If you have questions you can ask me Im local to your area and can help if you need.  Let meknow.

Dont give them a deposit if your contract is not in order and youll have fear of losing it.  Have all of your escape clauses in there.

I took RDPD advanced training by splitting it with someone who I met at our table at the 3 day seminar.  We were strangers at the time, but she is now my partner and have bought a multi family together, and going to buy more in the future.

Split the trainings so it wasnt THAT expensive,  It is a lot but I thought the info they give is very good. Got our mentor for a weekend, he introduced me to my realtor who gave me the idea of what i could do - buy a multi with an fha loan, rent out the units and live in one for cashflow.  I dove in and never looked back. I did a wholesale deal, and bought another multi family with a different partner and have lots of interest from renters to live there.

Its all about how you personally go out and apply the knowledge and find deals.  I talked to people that have taken the classes and havent done a single thing and dont understand how or why.  I think its all about what you make of the education.

Hi @Barbora Oborna !

Your plan is similar to the one I took and I am right around the corner.  I bought a multi in Bayonne, live in the basement where my tenants pay my mortgage and then some =)

Jersey City has some good affordable 2 or 3 fams, also consider Bayonne if youre in that area.

Buying a multi in newark make sure you know the neighborhood well.  There are some nice places but also very rough ones.  Youre going to want to look at north newark forrest hill area.

Good luck!

Mailings to absentee owner houses in the zip codes you are targeting are what I have found to get the phone ringing.  

Yellowletterscomplete.com  listsource.com

There's a ton of info on here about mailings.  SO Get the phone ringing and follow up.  Good luck!

70% rule on listed houses? How much work/rehab do they need if theyre listed?  Come in a bit higher you'll still cashflow nicely OBVIOUSLY after running all the numbers and due diligence. 

Its hard to lowball listed houses that tend to be not really motivated sellers.

Im interested @Darren Sager

I have a 2 fam in Newark.

I have my current house in Hudson county and should be closing on another house soon in the same area -- so keep me in mind for another 2 hudson county properties.

Thanks

Sounds like a gut rehab + heating and water tank replacing + you'll have flooding issues for the duration of holding the house.  Id look elsewhere.....