All Forum Posts by: Michael Hartman

Have you thought about getting rid of the disposal and possibly the dishwasher? Less plumbing headaches, no vacancy and you won't have to screen a new tenant. Just throwing it out there. 

@Watson Hilairethanks for the advice. When you say income should be 3x the rent, is that gross or net income?

I have never thought about section 8 @Aron Cohenare your properties sec 8? If so, how has your experience been?

I am seriously considering renting out my rowhome in the lower Mayfair/Tacony area and need some help. What kind of vacancy should I expect? Anyone have any good recommendations for property management? The property itself is 1200sf 3/1, and I was thinking $1000 per month rent is reasonable... Thoughts? Many more questions to follow, just figured I'd get the ball rolling. Thanks to everyone on advance!

Hey Jim welcome to the site! That house seemed like a great start, although extensive renovations are needed. I think in the future I may look for something a little less labor intensive. Just found a $35k 2bed in Westville. Doesn't hurt to look at it right?....lol.

Well turns out the property was "pending sale" before I even looked it it! Guess the listing agent forgot to mention that. Oh well on to the next one!!

Thanks for the encouragement @Michael Woodward! I think I will order that book tonight. I have heard of it before, but I think you just sold me. Good looking out!

Not sure on a time frame for renovation yet, will know for sure Monday. The neighborhood is solid, great schools and very family friendly. Comps in the area are tough because this is a single family turned duplex, but I believe similar style and square footage houses are around $175k.

I personally don't have the time to do a whole renovation, I was more hoping to have the GC get the apartment renovated right away and go from there. A tenant in place would cover a good chunk of the holding costs. I would then like to have the gc get the rest of the house in reasonable mechanical condition so that I can move in and take care of the cosmetics and maybe sub out some of the heavier kitchen and bath work.

Hey @Barbara G. the house was built in 1930. My plan was to live in one side and rent the other for $1k. Renovation funds would come from the 203k loan.

Hey @Jim Stoffey this house is on Edgewood? Not sure if this is the same house, but the roof has seen better days. If the numbers work, my plans were definitely 203k all the way so I'll keep your loan officer in mind! @James Masotti I believe you have to live in the house for a year on a 203k, which is what I plan on doing. Hopefully I'll see you guys at the next meeting.

I'm pretty much a professional lurker on this site by now, so to counter that I've taken some action. I recently joined the South Jersey REIA and attended a meeting for newbie investors. What a great experience! It's one thing to putt around on these forums (not knocking it BTW!), but to get out and meet investors face to face and listen to what they have to say really hit home for me.

So after the meeting, my real estate wheels really started turning. After looking at a listing on Zillow my girlfriend sent me, I decided to look around for some "lower priced" options. I think I found the one. It's a foreclosed 1800 sqft duplex built in 1930 that's been empty for at least two years. Price is $50k. Jackpot! (Lol) my cousin is a realtor, so I asked him if we could take a look at it.... What a dump! Nearly everything in this place needs work or replacement, but somehow I see potential. 

So I got in touch with a family friend general contractor and just told him it needs a ton of work, potential gutting. We are all heading over Monday to get an idea of renovation costs. Thinking about trying for a 203k loan for financing.....

Any guidance about what I should do from here? Questions I need to ask the contractor, or just general due diligence? Any input would be appreciated, thanks to everyone in advance!