All Forum Posts by: Gabby McNabb

So Im looking to invest in a 2 - 4 family im Essex County NJ. With all the research Ive done regarding this area, I cant locate ANY information pertaining to the new water bill.

Since I've only been a renter, I don't have the slightest idea of how much a water bill would be. Especially for a 2 - 4 unit home. How do I get a realistic estimate of what this new bill would be?

I've tried to google key phrases but I've had no luck: "average water bill for multiple fam", "itemized water bill", landlord water bill. Ive even went to youtube.

Please advise or give real examples of what to expect....Thanks in advance!

@Paul Welden

Hi Paul,

Thank you so much for this information.

This is my first time hearing about this resource so Im excited to start doing research!

Thank you again

@Dan Heuschele

Dan

Thank you for your detailed response. This would definitely be a buy and hold rental property. My intention is to house hack, however I dont want to sacrifice my well being living in a bad area.

I agree with you this isnt the best option for me and I need to look in better areas.

Thank you again!

@Mindy Jensen

Hi Mindy

My reserves would practically be depleted.

Im assuming thats a recipe for a disaster so its better for me to go with the 203K loan.

@Stone Saathoff

Hi Stone,

I havent done much research on hard money lending ,but this another good idea to add. I will begin to look into this as well.

Thank you

@Jesse Byrer

Hi Jesse

Thank you for providing these details. My follow up question is, how do I find a reputable contractor that is familiar with this 203K loan product? My first thought was to utilize Instagram because people are showing actual pictures of their work. Unfortunately, its been much harder to find these contractors on IG.

@Lien Vuong

Hi Lien,

Thats something I failed to factor in this equation "leverage". It is much smarter to save my reserves. I will definitely keep that in mind. Thank you

@Jaron Walling

Hi Jaron,

Im in the east coast in New Jersey which is relatively very expensive being next door to NYC. Yes, this would definitely be in a D class area. The environment is very rough, but there seems to be more deals there since people don't want to take a chance there.

@Greg Dickerson

Very valid points, thank you for your advice.

So im currently in the market to purchase my first rental property. Initially I planned to purchase a multifamily home through FHA 203K to rehab home and build equity in home while providing low downpayment of 3.5%

Now im considering purchasing super cheap fixer up, less than 30k, and rehab the home overtime.

**Full disclosure I have 40k saved up. Not a whole bunch but I work, save what I can, and never ask for a hand out.

If I go this route and just buy the cheap property for 30k how can find funding for the remodeling? Any and all suggestions are welcome. Or should I still with FHA and keep my money in my pocket?