All Forum Posts by: George W.

Well i think the root of the problem is that from the time you're a kid you're told you won't be successful in life you dont go to a good college. So most people end up going and don't know what they want to do in life yet. They graduate and change their minds making their degree worthless. Personally I think if you don't know what you want to do, save the money maybe try a career in the military or a trade. Personally I didn't waste any money on college. Went straight into the trade and loved it. Went through a plumbing apprenticeship. By the time any of my friends graduated college I had more cash saved up then they spent on college and was a top plumber at work with the ability to start my own business shortly after. I know trades aren't for everyone but maybe more corporations should have on the job training and focus more on hiring people who aren't just degrees. 

Not sure what you're employment situation is, but learn a trade like plumbing, HVAC or electric. They're solid jobs that earn good money and there's a abudance of of jobs. Also it compliments owning rental properties (if that's something you want to get into). Doing residential service work you'll most likely end up working for a lot of real estate investors and learn alot indirectly.

Clean the air conditioner condenser outside. Make sure door handles can't hit sheetrock when opening if so install stoppers. Check that windows open properly 

When you say HVAC system do you mean just the furnace or the evaporator and condenser too? Three tons may be under or oversized depending on duct size and tonnage refers to air conditioning not heating. So assuming you want to do the air conditioning yourself. That being said do you have a epa certification? Because you're not supposed to be able to buy/handle freon without one. Next does the area you live in allow home owners to preform work themselves? Also would you even have the proper tools to install the unit? 

Okay so what about closing costs? And brokers fees etc when you sell again in 2 years. That could easily be 20k total plus with losing $200 a month tack on another $4800. If it's vaccant just two months that 4800 turns into 9,800 lost cash flow for a grand total of $30k in expenses with the closings in two years. Even if it sold for 10% more in two years that would only be 10k of profit. If it doesn't appraise for more in two years you can get stuck with a property that loses money every single month. I think thats very risky. 

I'm still a little green on real estate too. But if the tax, hoa, p&I are $2,700 and the rent is $2,500. That's a loss of $200/month and then your just hoping that it will appreciate 10% in 2 years? A $200/mo loss over 24months is a total loss of $4800 and that's if it's fully occupied the entire time which might not be the case. If it goes vaccant for any time at all your just losing more money. I also wouldn't say that its flipping the property, you're more speculating that it'll be worth more in the future than now. Personally I don't think it's the best idea in the world if there is not any cash flow. 

I travel all over nj with work regularly. All of those towns are not the greatest. I tend to avoid that entire area up there. The last time I had to drive through Irvington, every other house was either boarded up, burned down or had groups of people on the porch and they didn't seem very inviting and I was concerned about even stopping at red lights for fear of being car jacked or robbed. East orange is probably the next worst out of those cities, if you start heading away from the parkway and towards the north or towards Seton Hall I think it gets a bit better. I think out of all those arees Elizabeth is the most stable of those 3. I'm sure all three of those cities have small pockets where it's better that I havent been to yet. But from a personal standpoint, I'd avoid that area as an investment unless I knew things were changing in the cities as a whole. Otherwise the prices of buildings there looks extremely inticing compared to the rest of nj.

Uber sounds like a great idea for people who want to work on their own schedule. I've always wondered if you're in a more rural area, if the Uber rate is any different or its less competitive. Never really looked into it though honestly because I want something more passive where I can pay a worker to do things.

Ive considered hauling with my truck in the past. I know a guy who does it and he has dump trailers that he rents to contractors for $150/week then he charges a fee to bring it to a landfill according to weight and distance. He has alot of trailers and its a nice form of passive income.

So I'm a journeyman plumber about to take the master plumbers exam. Ive been wanting to invest in RE more but have been having a difficult time finding anything I can afford in my state. I was considering buying outta state because I have money saved up. My accountant told me to not buy any properties for now and to start a business to make more $ a year then buy. The problem is I already work alot and it would be tough for me to manage a business especially if it isn't fairly passive. Would like to make another 2k a month before I invest. That way I have a good saftey net and can live comfortably while investing. I was considering starting a home improvement/handyman co because I have tons of experience in the industry but without hiring someone to work for me it's alot of extra exhausting work. I had a few ideas for companies that I could easily do part time.

-plumbing & home improvement
-cabinet & vanity building
-buying and selling used cars
-renting out construction equipment I own
-my father wants to do photography on the side but doesn't want to start a business. So maybe start and run the business end? Stock photos?
-junk removal/scrap metal
-material re-furburishing
-taxi co? Could be very passive if I found a driver.

Anyone else doing things like this on the side? Any advice? Or should I just try and stick to RE and house hack?

What area in central NJ?