All Forum Posts by: Johnathan Boyle

@Natalie C. That is not uncommon, my parent's unfortunately had to have a short sale a few years back and they didn't pay for over a decade. The house was so under water you can buy it 3x over lol. Regardless, I would get in contact with the owner and ask if they are looking to sell. The pandemic unfortunately has given sellers in preforeclosure little to no motivation for the most part. But good luck and you definitely want a good short sale guy to handle it if it is your first one. Just remember, legally speaking, it will need to be listed a certain amount of days and all other offers must be presented to the agent and the seller. Now, the owner typically decides what is the best offer but remember that. 

@Jan Pauley I would let you know that you will definitely be paying a premium in those areas. Fix and flips in those areas are hard to come by. Also, how would you be financing it? That is definitely a consideration. Also, you may want to think about safety level. Close to those areas are fairly safe BUT even just outside of those areas, it can change completely. 

@Samuel Reiser welcome to biggerpockets. If you have any questions, feel free to reach out. Glad to be of assistance. I’m an investor in the area and have 17 doors already and buying 17 more by end of March. 

@Hui Song Reach out to Teddy Slacks at Simple Tank Solutions. They do a guaranteed estimate on the remediation cost if there is a leak. Also, when doing the soil test, they have another guarantee you can pay for which basically says, if we say there's no leak and there is, they will do it for no cost. He's my go to for this type of stuff. 

Hey Everyone, 

Recently bought a 4 unit in town and looking to get it ready for mid to end of this summer for airbnb/vrbo. There are tenants at the moment. (Yes I know covid we can't really move them through courts etc) However, We are looking for a property management company who may help with getting them out (cash for keys or any other possible route and then managing the airbnb aspect of the property. The management MUST speak SPANISH as all tenants don't speak English. It is light renovations needed on all the units and we have a GC in mind so we are prepared for that as well. We would do it ourselves but it is far from where we are located in Northern NJ and trying to be as hands-off as possible. Any help would be appreciated. 

@Jeffrey Ascough I would say it depends. Comps are important to look at. Sometimes repainting the place and doing minor touchups could help the appraisal dramatically. That's basically what we did for a property we have listed and under contract right now. 

@Kyle Mccaw many are getting crushed. Luckily my tenants all paid except 1 and he’s paying weekly. But yeah. I see that and eviction is fairly quick here if I need to get my property back from someone who’s not paying.

@Abhishek Kapoor I love the area. Very landlord friendly. Foreclosure is a lot faster here. Potential for growth in the cities year over year with good chance of appreciating. Most single family homes can be rentals as worst case scenario if my flip isn’t going well or I like a specific home. Overall, seems very promising. Oh and the price points are much lower than my home state of NJ

Who here invests in Dallas / Fort Worth? I’m here a few days and I love the area so far. I want to meet up with people and see how I can potentially do business with people: I actively fix and flip in NJ and hold 12 units. I’m looking to expand here.

@Megan Brooks

Irvington has been great. I got in with a VA loan at around $170k. So in total put down around $10k with closing costs etc. I was the realtor so I got a commission off it. My first tenant was good until she wasn't which I evicted her fairly quickly and now I have a great tenant paying $1900 for a 4 bed 2 bath home. She complains about many little things but it's because it's an old house. I recently moved to belleville and I use the other portion for my parents so the property sustains itself and I don't have to charge my parents. Only thing is the second you purchase the property, the taxes will go up based on what your assessment was before to what your purchase price is now. But overall, my appreciation has been good. I'd say my property is worth around $280k now give or take.