All Forum Posts by: Account Closed

Hi Julie, I'm in the same exact situation as you: 3 bedroom 2-family with a finished basement and backyard in the heights. Excellent tenants as well. I'd see what the going rent in your area is using craigslist or rentometer dot com and get as close to that as possible, with a possible discount for being good long-term tenants. If you are already close to going rent, perhaps a 5% increase split over the 2 years.

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The Bayonne area is fiery hot right now as well. I've put 2 bids in the past month. Both had 10+ offers the first day and closed for cash above asking.

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Mine was on the MLS. 70% MLS so far.

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Originally posted by @Vik Nirwal:

Hi @Jordan Gregg , thank you for the reply.

I appreciate inputs from folks like you to help me steer in the right direction.

So here is my calculation. As I mentioned in last post, I am a first time investor so I maybe making some assumptions:

Purchase Price = 800K, Down Payment =180K , Mortgage = 620K @ 4% interest rate, Property taxes = around 16K but you get 5 year abatement on new construction so we can figure 12K for first 5 years. I would budget about 200 per month for home owners insurance and water bill + 200 for incidental expenses/ regular upkeep.

So with that, my monthly payment comes to about 4400 per month.

This is a 2 family with one unit being a 4 bedroom duplex and other is a 3 bedroom .

If I am not living in the house and rent both - I think I can get 2200-2400 for 3 bedroom and 2400-2600 for the 4 bedroom ( I could be wrong but this is what the going rent in JC these days looking at craigslist ) , so net rental income = 5000

Monthly cashflow = 5000 - 4400 = 600 per month or 7.2K per year which is a return of about 4% . Not great but when you consider that your are paying off your mortgage and building equity - its not that bad either ?

After 5 years , when the taxes go back to full 16K, profit will be halved but still positive assuming I can keep it rented.

I am looking to buy and hold as I think the market is at an all time high at the moment and I do not expect more appreciation specially with rising interest rates .

Thoughts ? Do you agree with the above math ?

Hi Vik, according to your math, not a good buy. Difficult to get the 1% rule with MLS listing. That 600/month will quickly evaporate with your first pest control and plumbing call. I've been looking at neighboring towns such as Union city and Bayonne.

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Jersey City, New Jersey

Hi @Troy Barker, where will you live if you rent out your home? 2 others have mentioned using the equity in your current home, and I would suggest the same as well. It may be time to cash out with a mortgage.

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@Mike Mankowski Hi Mike, I am interested in house-hacking in jersey city as well. I'm currently in a house-hack but am looking to upgrade my primary. I do not need to sell to buy this second house-hack.

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@Sunny Suh Hey, how's it going? Very curious as to your progress.

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Originally posted by @Jay Hinrichs:

@Account Closed whats up with it???? as I told you when you contacted me is its sitting on Turnkeyreivew site its free and anyone can down load it or upload it whatever .. @Mendy Harlig thankyou for helping him...

Thanks both for the help and the content, downloading it now. As for the original problem...I'm unsure. I signed up for the email contact list and never received it, checked spam and whitelisted the site. You may want to look into that, if it's important to you. Regardless, thanks again.

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Thanks for the info, any more info on these turnkey invest companies is always welcomed. Did you have any damage with the superstorm?

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Jacksonville, Florida

Originally posted by @Shai Neubauer:

Originally posted by @Jay Hinrichs:

@Dyanne C.

I wrote a little E book on the Do's and Don'ts of out of state investing.. happy to send it along if you like.. it will give you the questions to ask and the items to Check off your list , so you can make an educated and prudent buy decision

Hey Jay just catchign up with this thread now. Would it be possible to send this ebook my way as well?

I've tried getting the ebook from him as well. Haven't had any luck, even tried to contact him. Not sure what's going on with that.

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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 53 times.

Post: Raising rent for a two year lease in Jersey City Heights

Post: Getting apartment in Bayonne NJ

Post: POLL: Was Your FIRST Investment an MLS or Off-Market Deal?

Post: Still time to buy multi family in JC ?

Post: New member from Colorado

Post: Targeting Craigslist 'for rent' adds to find deals

Post: Diary of my first step: Jersey City NJ Multi-Family- No experience, no idea what i'm doing, no regrets

Post: Does Anyone Own ALL turnkey??

Post: JWB Real Estate Capital

Post: Does Anyone Own ALL turnkey??