All Forum Posts by: Fran Rivera

@Ibrahim Hughes - Thx for the input. Is it common to invest 100k in property in the Vailsburg section of newark?

Seems like it would take almost 10 years to get your money back. I am thinking the rents would be $1200 per unit on a 2bed 1 bath. 

I am a total newbie, so please correct me if I am wrong.

 @Dennis M. - good point about the damage, but I haven’t seen how bad it is yet. I’ll have to get some estimates and the look into the insurance on the property and what the cost would be 

@Syed H. that’s helpful and I’d rather over estimate now to be safe

Any ideas what would be a good purchase price for this to be a good deal?

Thanks for the info!

@Dan Barli - I have not spoken to a realtor to get a CMA. I will look into that. I will find out if they are delinquent, but I think they are or close to being delinquent on the payments. They are definitely looking to get out of the property.

@Tim McKelvey - I will adjust. Good catch! How do I figure the CAPEX and the insurance?

@Mike Kostner - Upper Vailsburg section of Newark

Hello,

I am working on my first deal to get a 2 family home in Newark from a friend of a friend. I am just analyzing the deal to see if it makes sense. I live in NJ and I am familiar with the area. 

Zillow estimate = $250k

Rents = ~1200 per unit = 2400

Owner owes bank about $150k - Can i negotiate with the bank? Offer say $100k

Needs alot of work. Flood damage and furnace is not working.

I still need to see the place, but before that I want to see if it even make sense.

Here is what I came up with, just guesses for now. Please let me know if I am missing something

Thanks!