All Forum Posts by: Jason Cornwell

@Mark Lladas hey looking to do the same thing. I also live in NJ, it would be great to get a group set up or at least share notes on who is on your teams.

Hey All,

I am thinking about partnering with two friends on a property that has 7 units. The CoC works out to 22% but the out of pocket payment is more than I currently have so thought to bring in some friends also looking to invest. My main question is do you think this is a bad decision?

Thanks for the replies, the bit about it being a short sale does make some sense as well. I guess if I am looking to buy and rent it out it doesn't matter a ton to me how long it takes but it could be a lot of back and forth.

Hey All,

    I am only just learning and decided to go onto Realtor.com and analyze some properties. My initial thought is that I would analyze a few that caught my eye and all of them would be bad or maybe 1 in 10 would be viable. The odd thing is, all of the first three I looked at, I decided they were good deals, this makes me think I am analyzing incorrectly. Can someone point out where my line of thinking is incorrect?

Address: 258 Duer St

Link: 

https://www.realtor.com/realestateandhomes-detail/258-Duer-St_North-Plainfield_NJ_07060_M63441-92548

Purchase Price: $270,000

Cost to fix up: I'm not sure, the kitchen in one looks nice at least, assume 20,000-40,000

Rent Price: I looked on rentometer and it says for a 3x2 in this city it would be around $2,200 so $4,400 total

Mortgage: estimating around 1800 with 20% down, an extra point for the rate and the full taxes

This would be a cashflow of 2600 (Is this real?) and a cash on cash of +35%

What am I missing?