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All Forum Posts by: Jake Drappi

Jake Drappi has started 32 posts and replied 108 times.

Post: Gave my notice - Leaving security for happiness

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Brian Ellis congrats! And good luck!

Post: Rookie investors - should we be on the sidelines for the moment?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Craig Anderson Thanks for your response.  Of course, if a great deal comes across my way, I will jump on it.

Post: Rookie investors - should we be on the sidelines for the moment?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Jennifer A Barry Thank you for your response.  And yes, especially as I plan on house hacking, I can cover the mortgage if needed.  I plan on holding properties for the long term, which seems like it will make any investment less risky if the goal is to hold onto it 30+ years.

Post: Rookie investors - should we be on the sidelines for the moment?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

also would like to note, I am looking for duplexes / triplexes only.  No single family.

Post: Rookie investors - should we be on the sidelines for the moment?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

Hello BP community, 

I am new to REI, and have been reading and listening consistently for the past 7 months (spent our quarantine time well). I am in an expensive market, which is also blazing hot it seems at the moment. Every house has multiple offers, some cash, some site unseen, some have all three. It also seems that houses are selling for ridiculous prices (I haven't seen many places selling under 400K that I would consider). My question to the community is it not a good time to get into REI without experience? I know that is a very vague question, but I would like to see what kind of different points of view I can drum up here. I have the capital to buy my first one and house hack, which makes me feel much more secure for my first one, but is the market to hot / unpredictable to take my first leap?

Any and all opinions are welcomed!

Post: Is it a pig in lipstick?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Mike D'Arrigo thank you for your response, I didn’t think about the maintenance costs that I would need to cover too. I will look into that, thanks!

Post: Is it a pig in lipstick?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Kevin Zolea

Kevin - thank you for your response. I see that you’re in NJ - I would like to connect and see if we can network in the future. Let me know if you’re available for a call this week.

Post: Is it a pig in lipstick?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

@Will Fraser

Will - thank you for your response, I will definitely be getting an inspection on this before closing!

Post: Is it a pig in lipstick?

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

I am currently looking at a turn key property for my first deal.  It was a recently flipped house, and it is calming for my wife that our first property (which is going to be a house hack) would potentially be fully renovated.  However, the house is heated by an above ground oil tank.  Are above ground oil tanks, or oil tanks in general, a deal breaker for anyone?  Also, what techniques would you use to see if the flip was actually done properly and professionally and that corners were not cut that can be costly in the future?  I would like to hear any stories in which these were factored in and how it played out, along with some suggestions on what to keep an eye out for concerning corners being cut.

Thanks!

Post: What did I just witness?!

Jake DrappiPosted
  • New to Real Estate
  • Brick, NJ
  • Posts 115
  • Votes 39

Hello all,

Today, I went to see a duplex today, and what I witnessed was....horrible to say the least. The agent was a friend of the owners, so they had ample information about the property and the tenants. The family in the first unit were pleasant, and expressed that they’ve been in the unit for a long time and wished to stay. The downstairs family, on the other hand, was a disaster. The agent was honest before we walked in and told us that the tenant was being evicted prior to Covid, which was put on hold. The tenant has not paid rent in more than 7 months and won’t leave. When we walked in, the boyfriend was holding a large dog that was going nuts, I’m assuming to intimidate potential buyers. They had all the lights off and had blankets covering all of the bed rooms. The boyfriend was also stalking us and rushing us out of the unit, as if we weren’t supposed to be there. THEN THE GIRLFRIEND SHOWS UP, who is the one on the lease. She immediately cursed me and the agent off, and then got into her car back into her car, rolled down the window, and continued to yell at us as she sped out of the driving, kindly giving us the finger as she drove away. Apparently, the owner had to get attorneys involved just for this lady to let potential buyers into the unit, and then when we got there, she did everything possible to scare us away. He is selling the place because he had lost too much money on this property because of her, and is not sure if when he sells, if this lady will still be in the property or not, so I am very doubtful that he will be able to sell it. I am a rookie investor and have not had any of these experiences, but my question is how often do these situations happen and what steps have you taken to correct the issue?