All Forum Posts by: Account Closed

Welcome to BP. NJ offers so many awesome R/E opportunities. Best of luck

This BP is awesome! House Boats really a post about house boats!

I just ran across a deal in NJ just yesterday. Guy has this awesome houseboat. It is a pontoon/catamaran like boat that has a 1 BR 1BA prefab like home built on it. 12' wide 40' long. Insulated and heated. Comes with an out board to putter along but the truth is I would keep it docked/moored and get a small B-Whaler to use for water sports (not sure if i can mention website of company that builds and sells them). It is like my cabins in PA. It even has a loft! Any way the guy owns the marina and adjacent shop and this boat is in pristine condition (BTW) the state sends around a pump out boat for FREE to remove waste the boat generates so it is not dumped in the BAY. (only in NJ rich get there pooped removed for free from there mega yachts and schlubs like I pay for it in my R/E taxes). Any way 50 K for the boat and all the high end furnishings. I can keep it there for free (except I pay electricity) for one year and then I am guaranteed to keep it there for $1500.00 a year for 4 additional years. Rents for 1 Br apts overlooking the water go for $6000.00 a month seasonally (4 months) then $1500.00 a month the rest of the time and round in this area not sure what ON the water is worth but I truly believe there is a market for this. He is also giving me 2 parking spaces, Free H20 hook up, a place to store and use a BBQ even though stove and oven inside unit with peninsula island, Vaulted 12 foot high living room with pull out additional queen size couch and flat screen tv, free wifi and satellite TV, Full size fridge and Microwave even alarge MBR closet that holds washer and dryer stackable(but the owner will let me use a new washer and dryer he has on land for free! in an outbuilding). This is like a bucket list thing. My significant other thought I was crazy but when he sat in the overstuffed high end recliner I saw his hair stand up as the goose bumps got larger and larger. We have some rentals and a mixed use property with our construction Biz in it. OKAY my question is does putting down $5000.00 then financing the rest $45,000.00 at 10% make sense? Would you do this deal? Do I live on it and rent my primary residence with positive cash flow of $1200.00 after paying everything to include setting aside a very substantial emergency fund? Again am I being emotional or am I just enjoying the fruits of my hard work?

Keep the FP as an ornamental piece for now (non functioning non working). Check insurance policy as I had to enclose entire FP opening of a non functioning fireplace or the insurance co was going to cancel my policy. Does the chimney you are referring to service other FP's, the furnace and or hot water heater? Are there multiple flues in it or since it has been terminated in the attic I am guessing the chimney services no other devices? Just food for thought, many old chimneys eat up a lot of square footage in upper rooms in older homes that lack closet and or bathroom space. If the chimney does not need to be used for venting any appliances and square footage can be better used taking it down might be a good plan in the future. Just my opinion.

Rich, I concur @Bill Gulley will offer you an answer or get you to someone that can. Is property in NJ? Sandy affected?

Best of luck

G

I am looking for good kitchen cabinet, granite top and window suppliers in NJ. I have used Home Surplus in Keyport for cabinets and doors but lately disappointed with price increases (all plywood,full raised wood front panels, no slam drawers and decent selection). Granite MSI in Edison is OK but install is an issue, Windows have been a crap shoot. My clients love the Andersen name plate so a good supplier with that brand would be awesome.

Nice #'s.

Matt I am with you. Part of my team is a guy whom does my trash. He was first used on big jobs but now on small ones. You would be surprised what a good junk/recycle can make on a clean out. He often does not charge me a dime and if I know there are valuables (copper, aluminum, brass, old appliances) I get a cut. Now he is even willing to p/up my trash (sheet rock, insulation, busted tile, busted cabinets) on even small reno projects for free or at a very low cost. Just my opinion.

Unique but great question. I can only speak from experience observed in NJ. If they can prove a Diagnosis of mental illness the courts are on their side and you are up the creek. I have seen a person in my neck of the woods over the last 30 years take advantage (including the family that does not want to take care of him) of unsuspecting landlords. Sadly this person is being outed (as well as the family) * side note (family of MD's and Esquire's) and the courts are not being as kind to him (them) but are still not favoring the landlords or the town he counter sue's for doing things like cutting the grass when he does not or even perform repairs on the home to remain in code with the town.... Bizarre but true. This is just my opinion that is all.

I agree with Mr.Babiak. NO WAY

Wow. this should remain an active post for "newbies". I have seen so many acquaintances make the same mistake. PLEASE NEWBIES LEARN FROM THIS. That is not meant to ridicule ADAM but help others like him before they get into this little jam. Before getting into being a landlord LEARN from BP and the many other resources out there before leaping with your eyes closed. Do your market research from how to buy, what to look for, the end plan, the costs, your risk tolerance, your funds and etc. This is not easy UNLESS you educate your self. PLAN backwards and frontwards. Create a complete flow chart. I still do this after 30 years.... and you will find every deal is NOT the same and you have to tweak things a little different for every deal. IF it was easy everyone would be doing this. All this said, I might try to offer some help although it is really starting from the middle as apposed to the front or back. Define whom is your target audience for the home. Market to those people accordingly, Craigs list, referral from R/E agent handling business relocation's and etc. Pre Qualify your clients. Maybe create a website with pics and details of the property so they see it and understand the area it is in. Explain on the website that there is an application fee and background check fee and why... "you want a quality tenant for a quality home" Then set up multiple appts at the same time as this limits having to make trips to the home and this will cause tenants to see the interest in this great property. Of course have applications on site and have them fill out there on-site or they risk loosing out to another prospect. Have a lot more to share as I am sure others do but I thought I would just offer my opinions. Best of Luck