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All Forum Posts by: Jim Vanhorn

Jim Vanhorn has started 8 posts and replied 55 times.

Post: Tenant has COVID but the heat is broken.

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Peter Anderson do we know its not just the battery on the t stat?

Personally i would.mask up and head on in with batteries and a screwdriver. Tenant can stay in another room the entire time.

Post: BRRRR METHOD With 3 loans ??!

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Reginald Hyacinthe i bought a property cash by taking out 2 sofi personal loans. No leins and i just did a cash out refi once i had a tenant in place. Paid off the sofi loans with the cash out.

Post: My tennants want to buy my rental home

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Angel Moreno have them get pre approved for a fha 203k loan. Then have your attorney or total agency draw up a sales contract. Get a 1k deposit with the signed contract to ensure they are serious and this will cover you for expences in case they can't close. In the meantime rent is still due on the first until closing.

Post: Funky Loan Quote. First time rental property buyer.

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Christian Kim I have purchased 4 houses in the last 3 yrs and I do not think I have ever paid any transfer taxes. Also the last house i bought was 350k and the seller paid transfer taxes were $2800. $4k seems like a lot for the buyer to pay on a 200k house. I would see if that can be pushed onto the seller.

Post: Any advice on updating this bathroom?

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Michael P. One Thing I remember seeing in the forums is not to install above toilet storage. It invites the possibility of objects falling into the toilet and causing plumbing issues.

Post: What computer should I invest in?

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Ashton Karp I have purchased 4 laptops off ebay. I like used lenovo thinkpads. there's tons of sellers of these. you should be able to find a nice I5 or I7 with 8 or 12gb memory, a solid state drive not HHD drive and windows 10 OS for about $300 - $500.

Post: What To Do if Tenant Wants To Buy Your Rental?

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Billy Zhao I am in the same situation and have decided to sell. I'm under contract with my tenant. for me my cash flow was a little better and the area prices are easily at the top of market. plus with selling to an existing tenant there's no additional money needed to be spent on make ready, the tenant will likely take everything as is since they are used to any defects already. and no realtor needed so no commission off the purchase price. just be sure to sell at market price, no discount to get these benefits.

also another added bonus of selling now is the township inspectors are not coming into homes due to Covid. (im in NJ, might be different for you) so no BS fixes needed to pass inspection. this saves additional time and money.

Post: Financing for Renovation part of BRRRR

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Bhanu Kuna you have your answer. Sofi personal loan! I have done that twice. no fees and if you renovate and refi quickly the interest paid will be minimal. IMHO almost all other options will cost you more in fees.

Post: Selling a rental to the tenant

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

I have a tenant in one of my rentals that wants to buy the house. She says she's preapproved and I know from when I qualified her she had decent credit. She's been a great tanat and with the current real state market I feel like it's a good opportunity to sell now. What would the process be for her to submit me a purchase contract and and closing on that. could I just download a purchase contract off the Internet have her fill it out and bring it to a real estate attorney Or closing agency?

Post: Tenant not paying rent during COVID in NJ

Jim VanhornPosted
  • Investor
  • Roebling, NJ
  • Posts 55
  • Votes 39

@Neil Nagaria I am in a similar situation. I was told $400 to file the eviction by a south jersey attorney. but I was also told the courts are going to allow the tenant to stay 2 months after the case. so let's say case goes in front of a judge in July, and you win.. the courts will not remove this non paying tenant till September. this applies to burlington county but I assume its statewide.