All Forum Posts by: Joe Sadusky

that sounds like an awesome plan! 

I sent you a message to discuss things further. 

Hey @Zeb Lopata welcome to BP!

I am a local real estate agent and investor in South and Central Jersey. 

I can definitely help steer you in the right direction as far as money to set aside for closing costs and I also work with some great lenders that I could refer you to. 

What specific towns are you looking to invest in?  Do you already have a particular property in mind? 

We can go over the numbers together and see what makes most sense for you. 

Feel free to send me a message on here.

Best of luck!

@Makoto Hawkins I agree that it makes sense to look at the cash flow calculations with all units rented and with you living in one of the units. You're correct when figuring that even a little or negative cash flow when you are occupying the property still makes for a good deal. Think about it this way- you still need to live somewhere. And living in the property may be significantly cheaper then you living on your own in a SFH or even renting an apartment.

Its all about perspective and what makes sense to you. Do you plan on living in one of the units long-term or short-term?  

Best of luck

@Devante Charles congrats on getting into real estate at such a young age!

Bigger Pockets is a great resource for information and also networking with other local investors. 

I suggest finding a local meetup in your town and start exposing yourself to some other like-minded people. 

I'm an investor in South Jersey- so your're a little bit out of my network. But feel free to reach out with any general questions that you may have. 

Best of luck! 

@Bradley Rieger

I have a lender that I want to refer you to.

I’m a local investor and real estate agent in the south jersey area, specifically Burlington county.

If your DTI is ok, you have options.

I had a similar issue right out of college.

Shoot me a message and I can send you over my lenders contact info.

@Anthony Galante

Did you use a nj statewide lease template ?

Depending on if you made any changes to your lease, your tenant will be liable for the entire 1 year lease and would be in breach of contract if they break the lease early. They would also be jeopardizing their security deposit.

congrats @Chris J. on taking the necessary steps to get into the game!

I agree 100% that its important to do your research.  The best way to learn is to get in the mix. Rely on your information you learned as a guide, but remember that each deal brings on its own unique circumstances that may not have been predicted.  I highly suggest scrolling through the BP forums with questions that you may run into along the way. Chances are someone had a similar experience or someone else would be willing to give their input to help. 

Best of luck! 

@Samuel Cardenas congratulations on securing your first real estate investment!

Do you have equity in the property? 

I suggest looking into the possibility of doing a cash out refinance to pull some money out to use towards another investment. You will want to make sure that you will still cash flow nicely once the refi is complete. 

I am also able to use 75% of my collected rental incomes to count towards my income with my DTI ratios.

Get with a knowledgeable lender in your area and run these scenarios by them. 

I personally think it would be most advantageous for you to do a refi, rent out both units in your current duplex and do a lower owner occupant down payment on another property.

Best of luck! 

@Kelly Moreland we use the app "Venmo" to collect rent payments. 

I really like it because you can send rent requests and late rent reminders.  The app is hooked up to a checking account. It also provides a clean paper trail when it comes to your management and rent collection history. 

Best of Luck! 

@Logan Miller We use google voice and haven't had any issues. 

I like google voice because we can have multiple phones signed up and receive incoming calls simultaneously.