All Forum Posts by: Account Closed

Thank you Giovanni,

"professionally managed" interesting term. Maybe a little subjectivity in that phrase. Anyway, I agree with you regarding the limited rental growth rate. I am in ways shocked but not surprised at how much these managed developments are able to charge (They are creative in there marketing I will tell you that). We are adjusting our niche product (and price point) to those that seek the benefits of pride & freedom in home "ownership" coupled with a greater potential financial upside possibility than the rental situation they are in. We design our homes to mitigate the confirmed issues we find in on-line reviews we monitor and interviews we perform of our potential clients most of whom had resided in the "professionally managed" conditions in the past.

This might sound weird but I just Rented a sfh 3/4br 2ba for $2200 to a professional that has a 3yr employment contract with a local medical center. I have had this property since 1999 and purchased it for 88k back then. This area of NJ is experiencing growth but not industrial or commercial growth just residential growth and actually there are apartments that just were completed that are renting 2 B-Rooms for 2100. That said the family we rented is a quality tenant IMO. That said in the town of my rental I can p/up 3br 1-1 3/4 baths for 150k that need 10k of work and get between 1800-2100 K easy and to be honest it is not the best neighborhood in my county. Is it possible we are in a rental bubble? Is one coming?. 30 yrs of doing this I just am getting a feeling like the same one in 2006. As a contractor I know a 2x4 costs me $2.47 these numbers just do not seem right. Your thoughts...

Patrick,

I agree with Darren on this one. Oil tanks in the ground can be a huge opportunity. If you get a good/great testing and remediation company on your team you can take advantage of the opportunities that abound. Sure therare some that you should stay away from BUT not all. Just my opinion...

"G"

MY GOODNESS. Send them here to NJ.... I do not mind banks sharing in my profits after all it is there money (per se) Great deal IMHO. but remember keep your numbers tight and always expect the worst... It was only 4-5-6 years ago the world nearly ended. Great product and best of luck !

Brianna, That is what I thought as it said in heading "Duplex" ok. Then fine print "only to be used for single unit of duplex, condo and etc. blah blah blah.

Ibrahim, Correct must be owner occupied. I went on the web and found the program. It is kind of ambiguous but it looks like mfh's are out also. Looks like sfh only (can be condo, single family, duplex, free standing and town home). If he can get into a light fixer upper sf free standing he can sit on it/ work on it then maybe sell. This might allow him to get into a nicer area than what he could have afforded with a small down payment. I am checking out properties that may include double lots that can be subdivided. Any other suggestions?

Scott, Great Points... In my experience you really pay for amenities. IMHO If you can find a desirable neighborhood that does not need them to attract quality tenants that absolutely suppresses potential special assessments (hence additioanl HOA fees) that might crop up. Thanks!

Ibrahim,

I am a tuff luv aunt though. That is why I want others here to chime in. The more eyes, ideas and thoughts provide real world education. Nothing wrong with that! He called and is coming over tonight to "talk" I would thoroughly enjoy sharing input from others here with him. Not just from "me". So I hope I can show him a ton of posts.... hint hint wink wink

Nephew was affected by Sandy Hurricane (he was a renter that lost everything). He applied for a relief grant of some sorts and was awarded a 50k forgivable loan (I think 4 or 5 years) to which he apparently can use for a down-payment on a owner occupied home if he stays in one of 9 counties in NJ. If he sells property with in 4 or 5 years he must re-pay the balance there of (pro rated equally over the 4 or 5 years). The 50k must be used for a down payment only (not including closing costs) and cannot be used for a 203k or like same programs. Basically a hud or conv mortgage only. He has a descent credit score but only makes 45k-50k. What are your suggestions? He loves R/E and is extremely handy... Apparently he qualifies with a number of lenders using this 50k for a down-payment for a 185,000 in total k purchase having to use the "adjusted spreads for the loan" as he has little debt. Yes I recommended Bigger Pockets but he has not stopped dancing/crying/dancing/crying/dancing since Friday when he got the confirmation. That said I am sure he will be here soon. Good young man that dealt with a tragedy like a Real Man. Just my opinion ( maybe from his favorite aunt).

Andrew S.

I do Flips and B/H/R Give me something I control and I believe I can manage it better than most (NOT ALL) or get someone affordable that can for me. To many un-educated ("but they mean well property board members"?) cooks spoil the broth. Just my opinion