All Forum Posts by: Joe Capobianco

Recently my father in law (Kyle) came to me about a flip that he did with his business partner(john)about 6 years ago and they are losing money every month renting and john just wants out. John offered me to write a check $15k to take over his half on the house. Now this is where I am confused. Kyle said John is selling us the house for whatever the amount is they have left on the loan ($250k) and we will start with a new 30 yr mortgage and continue to rent out. Would we be able to refinance the home for the $250k loan and just switch mine and John on the mortgage or do we have to go through with him selling it to me and Kyle? Also, if we have to go through with John selling it to us do I need more for closing costs on home and another down payment and other payments in buying a home? Very confused and if this doesn't make any sense please tell me.

Originally posted by @Aly W.:

Greetings from Central NJ, @Dawn Fu ! My husband and I own a couple of rentals in Trenton. Not sure if that's an area you're considering, it's quite challenging.

 hey aly, if you dont mind me asking what made you and your husband invest in trenton as apposed more local. like around keansburg, or union beach area? im asking because im currently looking at homes in that area and want to hear opinions from others about it.

I think it depends the part of the country you live. If you have chance of pipes freezing i say stick with copper but if you live in the warmer states that never see snow i would recommend pex. you cant thaw out pex tubing when frozen. i also dont believe in the shark bites or the fitting that clamp from pex to copper. seen them leaking and rather stick to a torch with some solder. 

I am seeking advise from local new jersey investors preferably in central jersey and who have invested in homes along the coast. I've been looking at homes from south amboy- atlantic highlands area figuring out were would be the best area to start. I'm very curious to know how it is investing in areas like keansburg, middletown, and cliffwood beach. lower end homes <120k. i do know these types of homes don't attract the greatest of tenants and that's why i'm making this post now.

have you had trouble finding renters for these homes?

have you had trouble keeping renters?

do you do the bare minimum to these lower grade homes to just make it livable or do you stick to completely renovating?

you guys ever have a tenant like this one?!

http://www.worldstarhiphop.com/videos/video.php?v=wshhI3O1BSp9t152nXH3

Justin Fraser

@justin Fraser I'm new to investing and trying to soak in as much info as possible. I'm probably gonna start in a couple years to save my money but I want to learn from other jersey investors because I'm scared this state isn't good for rei but hopefully you guys can prove me wrong.

Hey Justin Fraser I'm also in middlesex, nj and glad to see someone local. Keep posting I want to read about ur success with rei in our area.

When looking for the homes you bought did you look for homes that needed to be fixed up or did you look for move in ready homes? I was thinking about foreclosed homes but I'm intimidated by them because I feel like the past owner destroyed the home and I was only looking for a home that might have little damage. For example like new bathroom or kitchen or some exterior work and would love to avoid unnoticed leaks and mold. That's just a fear of mine and I was wondering if anyone experienced any of this. Or are my thoughts not very realistic situations.

Thank you every one this was very helpful. Can't wait to start