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All Forum Posts by: Jim Lamp'l

Jim Lamp'l has started 3 posts and replied 24 times.

Post: Is BRRRR overhyped in the current market?

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

It's all about the Purchase Price... Period !!!  

If you buy right, and you should ... because you've analyzed so many different deals, you have searched for markets that outperform others, understand the current rental absorption rates, the current vacancy rates, current as well as future ( 12-15 mths. extrapolation, interpolation...) homebuyer's options in your rental price range,and definitely know the SFH prices extremely well. You should be familiar with a distance of 1/2 - 1 mile out, depending on your market, and the past 6 months of closed sales for properties that are a close match to yours, in the defined areas.

The deals are there. Just a bit trickier to uncover. They are out there. Do your due diligence, the rewards will surely follow! Good Luck!

Post: Do lawn-care/snow removal myself or hire out?

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

Hi there, I just wanted to say that your back ( lifting blowers in and out of trucks, the correct mixing of 2 stroke fuel mixtures, wet snow shoveling and such , or hooking and unhooking your plow(s) while lying on your back in ice cold snow, or perhaps repairing hydraulic leaks from the main reservoir, or the multiple hydraulic hoses...) leaves little to be desired after you bust your a** after you have slipped and fell numerous times. And believe me, it does and will happen. In my past life I ran a crew of 9 trucks for our commercial accounts, along with the 5 men shoveling crew appointed to each truck.

 Now...lets take a look at the slip and fall lawsuits you will no doubt will receive.  It would behoove you to hire a L/S company who is properly insured, 1/3 mil. aggerate. (min.) and to have you named as additional inured. Then call the insurance company to make sure their policy is in force, that you truly are named on policy, and last but most importantly, get 3 quotes during JULY or AUGUST. At this point they are not booked. Make sure you tell them you are getting 3 different quotes, do not let them know who they are bidding against, but let them know it will be an apples to apples comparison. tell them you need prices for 1-3", 3-6" 6-10"& 12+ rates. 

 You also want an hourly  rate for a skid loader (bobcat), and operator of such if separately billed. ( for properties with large amounts of tight parking areas). 

Then you will need a price for spreading salt, or sand when temperatures are subzero or the melted snow refreezes at night. These two items are sold by the ton. Again Prices up front. Plow guys love the unprepared business or property! ($$$)

 Do not hire Joe P/U Truck for this! Cover your butt. Be able to show the courts you have done all and everything the "common man" could concerning this "Act of God". Again make your tenants aware of their responsibilities at the end of summer. Send it certified, and explain what happens during a snow event. Reiterate parking with tenants. And oh yes guys and gals, make sure your contractors know not to pile snow uphill where they will keep salting, or have to sand until warmer weather. And lastly, don't plow in my dumpsters!!! No access= health issues & a visit from health dept. at a tenants call.

Always put the onus on a licensed professional with insurance. Doing the above will keep you from a joint lawsuit.

I hope this helps. Don't do it yourself. Think of your bank account and your back.

Good luck to all of you!

Post: I lose $20k/year - help me w/ my strategy!

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

Never accept negitive cashflow . There are too many investment vehicles out there. If you are taking $ from your stock/bond portfolio to pay for a loss in your R/E portfolio, what is going to happen if the market corrects soon? Just my 2 cents...

Post: Contractor requesting 50% Upfront

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

1/3 down is pretty much standard. If you can, put everything on C.Cards, buy the material yourself, pay in stages, and a write a deterrence clause imposing a penality of 500.00 per day if not completed on time. Works well. Best to use referenced contractors. Go to a local REIA and talk to rehab groups that are local to you. Good luck and sorry you had a bad experience.

Post: First BRRRR (from auction) finally in the books!

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

sweet!

Post: What is your system for collecting rent?

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

Fortunately, I work for a flipper who makes a nice living. I have worked under him for 2 years now, and have tried/ succeeded in removing the more volatile holdings in the old rent roll.  I live in NJ and most of the tenants either pay with money orders or cash, or a check sent to the office PO box, and yes sometimes I have to go to a bad area to get cash. Just part of the business I guess...

I am blessed to have work!!!

Post: moving to the dam neck area

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

Thank you so much for the information!. My son is stationed at Dam Neck, and my daughter and son in law are going to that command from Pearl in about a year. We are going to pull $ out of this home in  NJ, and the current plan is to move to the area, keep the jersey house as a rental, maybe house hack a duplex or 1 yr. brrrr. I am familiar with Oceana NAS, we did cadet training there years ago. Any info on neighborhoods you could steer me away from would be a great help.

Happy New Year!

Jim Lamp'l

Post: Real Estate Agent in the VA Beach Area

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

@Amberle Farthing

Hi there . I am relocating to the area, and would like to talk va r/e law , best vs. worst areas etc. could you help me?

Thank you

Jim L

Post: Real Estate Agent in the VA Beach Area

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

@Shawn H.

Could you please send me your realtors contact info? I am relocating to the area from Jersey.

Thank you!

Jim L

Post: Looking for a Real Estate Agent In Virginia Beach Area

Jim Lamp'lPosted
  • Investor
  • Waterford Works, NJ
  • Posts 24
  • Votes 14

@Jim L

Single family residential please