All Forum Posts by: Kevin Izquierdo

I just saw a Single Family property in my town with a For Sale By Owner sign on the yard. I'd like to get some insight as to what would be some good questions to ask besides the generic questions.

or are generic questions the way to go? 

Any help is appreciated

@Joseph Kaiser Thank you for responding !

Very good question about how big the units are. I checked the MLS listing that was sent to me but unfortunately there is no SQ FT listed.

I do know that:

unit 1: 3 rooms, 1 bed, 1 bath

unit 2: 3 rooms, 1 bed, 1 bath

unit 3: 2 rooms, 1 bed, 1 bath

Yea, i purposely left out repairs because I dont exactly know how to calculate them. I imagine if I do include them, the cash flow would return to negative. With all these questions that are being brought to my attention, I'm starting to believe the same thing: the cash flow is pretty low for the amount of work Im putting into it.

Are you looking to purchase a property as well?

Thanks for the feedback

@Jaysen Medhurst thanks so much for the feedback!

Glad you rose the questions of Lawncare, snow removal, etc.. Ill be sure to ask my agent about those as well. 

I doubt flood insurance is required, but its definitely something I have to research along with the taxes.

I opted out in filling out the appreciation information because thats something that I dont know anything about. Yet another question to bring up :)

I plan on making repairs to the units to raise rent. 

the rents were: $1,225 / $750 / $550  and I raised the numbers to what I thought wouldnt be too much and I would at least come out with some positive cash flow (or at least break even).

Also, these raised rent numbers are not backed by any knowledge or research, I was plugging in numbers to see what it would take to make this property cash flow positive.

I plan on doing the repairs myself but I'm not quite sure how much all of the repairs would cost either.

Nonetheless, thank you very much for responding. From just your response youve helped me think of a lot of necessary questions to ask my agent. I appreciate it :)

Good morning BP Community. I live in Union County NJ, I'm looking into purchasing my first property and I was looking for some feedback on how I inputted these numbers.

I'm familiar with what the terms mean, but the things that I don't fully grasp are the actual numbers.

Any feedback is appreciated :)

https://www.biggerpockets.com/calculators/shared/3...

@Karen O., thank you for replying. very insightful answers :)

@Rich Hupper It would be owner occupied in a 2 (hoping for 3) unit MFH

As a new investor living and looking to invest in NJ, where do I get certain numbers for the Deal analysis? I seem to be guessing these numbers.

-Loan Interest Rate

-Years amortized

-Cap Ex

-Vacancy

-Sewer, Garbage

Any help is appreciated :)

i understand the concept of having tenants pay: security deposit, first month's rent and a holding fee, Which is definitely something I'll have to think twice about adding to my applications, since That would disqualify a lot of tenants because that's a large sum of money.

but I'm having trouble grasping the concept of giving the tenant control.

 I definitely see your point on the Deposit to Hold. May I ask, do you hold a property for potential tenants? If so, for how long?

From reading Brandon Turner's Book on Managing Rental Properties, on his Deposit to Hold Agreement sheet, he writes, "Other Move in Funds must be paid in amount of: $__".

What are other move in funds?

gotcha! thank you! why dont you do a deposit to hold?