All Forum Posts by: Giancarlo Rodrigues

 Is that true that you can live in a converted basement?  Because i have a 2 family and was thinking and living in the converted the basement for myself to rent out the other 2 units.

How many bedrooms?  I'm renovating my a 2 bedroom apartment in Rutherford and am trying figure out what to price it at when it goes on the market.

 It was

the first 2 in jan and feb.  I had the accepted offer on the house on may 2 and closed june 17.  Estate sale, on the market for 300+ days, 1st sale fell thru cause of covid, i pounced in the middle of the pandemic.

Bought for 427500, appraised for 480000, single family next door same exact house sold last yr for 580000.  After i renovate the 1970 design from both apartments, finish the basement, open the pool, and landscape the whole property im looking at a value somewhere in the 620 to 660 range.  (what my agent, the sellers agent and from what my new neighbors are hoping).

Like i said i got extremely lucky on this.

Its insane.  Before i got lucky on mine in Rutherford.  I lost a duplex (1 bed and 2 bed) for 30k over asking in Lodi and one in saddle brook (2 3-bedrooms) for 40k over asking.  Then like i said got lucky bought a duplex in rutherford for 73 under asking.

Civil Engineer here working as a field engineer.  Thought when i was going to school i would end up in land development but ended up going a completely different direction after i did my internship.  I guess i always had some kind of RE bug and am now rediscovering that.  Not complaining though when i run a job site I've learned to talk to people, i create estimates, i create schedules, run meetings, oversee the budget and have improved my biggest weakness in my communication skills.  Sounds like i just applied for a job but i'm glad that my life went this way and now i feel like as i move into the world as an investor (an extreme rookie, my only property is a house hack at the moment) my past will help me in my future.

I had the same debate with my house hack and decided to go with a unit that does has both heat and a/c.  Its all on electric and is paid for by the tenants and no expense to me to heat the place in the winter

Hey all,

My grandfather is leaving me and my father his 6 unit building in Loule (Unfortunately he is in a long term facility now being 92 will do that).  Me and my dad have been talking about purchasing the land next to his for sometime now and expanding the current building.  The land is currently owned by my cousin so the conversation to purchase will need to be dealt with care.  

The question i have is, is there a rental market in the area?  My grandfather got lucky and has 5 now 6 long term tenants but i don't know if that's the norm or he just extremely lucky.

@Bridger L Logan

I'm about to close on my 1st property tomorrow a 3 unit house.  Im looking at a 400$ cash flow after expenses including 10% capex, vacancy, and repairs.  I got lucky on it got it for 60k under appraised value and looking at raising the value another 60-80k after repair.  Its in one of the better towns in the area so the value should increase significantly after were done. The reno budget should be 75k but me and my dad (a licensed contractor) are doing a top to bottom renovation ourselves and looking at 30-35k reno cost (again lucky, my sister didn't like her kitchen on the brand new built in 2015 1.5 million dollar house so i salvaged and can use them in 2 units).  If i found this site before a week ago so i was deep into the purchase process, i don't know if i would have bought it, but i can live there for free with an extra 400 coming in so it is what it is.  

So i feel like i have options now which is a little more comforting.

@Michal Kolenda and @Bridger L Logan

I'm in literally the same boat.  I'm a civil engineer working as a field engineer for a state agency has made me sour on my profession.  I used to love my job and then i averaged 400 hrs of ot the last 2 yrs and lost relationships with significant others and it has effected my health considerably i gained a 50 lbs over the last 2 yrs due to odd sleeping hours and terrible eating habits.  I've been thinking what the next move is going to be for a few months now and don't know where to look to be honest.